Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1921-01-13
President-elect Harding is due II


President-elect Harding is due the
thanks Of the country for his gooi
sense in putting n crimp in the plans
which were under way for his inaug.
uration next March to be attended
by an unprecedented expenditure OF
money. Thus are the Washington
crap shooters, card sharks, blind IT,
gers and hotel proprietors deprived
of the harvest pf gold they had ex-
pccteG to reap.
There seems to be prevalent in somo
sections of the State an idea that
bonded Indebtedness should take the
place OF direct taxation in financing
house OF representatives in his ad-
dress ut the opening session OF the
Legislature Tuesday said that in his
opinion It was unconstitutional for
the State government to divert reve-
,nues derived from direct taxes to
permanent improvements - public
buildings. He said money for such
purposes should be provided by bond
Issues. At indignation meetings re-
Gently in several counties in the
State speakers have favored issuing
bonds to pay costs of local govern
ment, to be attended with reduction
of the tax levy. Money secured by
the Bale Of bonds does come easier.
1t is more quickly raised than by the
collection OF taxes and taxpayers do
not feel SO heavily the tax burden.
There Is respite In the payment OF
taxes, but it is only respite. The
bonds must be retired at some time
In the futuEe-they cannot run on
forever. Against the time when they
shall fall due provision must be made
Tor final payment. And the interest
dividend to holders of the bonds
must be paid continually. The taxes
must be collected to provide sink
Ing fund or amortization payments
and the interest. II bounds be con-
tinually issued, from year to year. a
time would come when the securities
would be unsaloble at profitable
rate. This method OF finance should
be reserved, SO far as possible, as an
emergency measure. 1t should be re-
sorted to only when a comparatively
large and definite amount of money
Is needed for q specific purpose. II
money be provided for a number OF
purposese and in large quantities.
there will be an undue tendency to
extravaganza and laxity OF disburse-
ment.
Governor Cooper Wednesday de-
hvered his annual address to the
General Assembly. II there was in
his recommendation an insistcnt de-
moBd for retronchn,ent and u conse-
quent lowering Of the tax burdens
we were unable to observe II. But
no one familiar with the governors
idea that taxation makes for prosper
ity viii be disappointed.
Insistent demand for lower taxes
has made a hard problem for tho
General Assembly this year. The
claim OF the various departments
and institutions of the State govern
ment have grown from year to year,
even faster than has been the taxble
increase in the value Of property
Previous sessions Of the Legislature
have committed the State to policy
OF Improvement and expansion in
keeping with the general progress
n policy Its friends claim II would
be unwise to discontinue now even
in the face OF adverse conditions. The
constant drain of the purse in pay
ment OF the federal luxury tax has
probably been largely responsible for
the growing antipathy to all taxes.
So long as the war kept before the
people there was cooperation, but
now that the demand. IL present. is
no longer apparent, irratibility and
dissatisfaction. have naturally follow.
ed. A number of remedies have been
suggested by various authorities.
These range from a plan to discon-
tinue entirely for year or two all
but. the most necessary functions of
government to tho suggestion that
all property be returned for taxation
at It's true value rather than on a
percentage basis os at present. taxing
OF incomes and inherftancos. Increase