The Neshoba Democrat., 1921-12-22
I. lCont tinued from page p

4 amounts OF deposits. The amount
shown by the book today as a deposit
may OF course be the proceeds OF
note and may ali be borrowed capital.
Still, under the laws of Mississippi, it
+ would be taxable, and this particular
man declines to have his operating
capital In Mississippi bank, because
some day he is looking for the state
! to bring into public view the deposits
I Of every bank and to levy against ey-
cry depositor the customary back tax
Z assessment.
y, While this condition is prevailing In
( Mississippi, the state of Louisiana in
u Its recent constitutional convention
~ specifically exempted from all taxation
money placed on deposit in Louisiana
banks. | might mention another case
now pending where the state in attack
ing the sale Of lands granted to it by
Congress for the benfeit of state educar
tional institutions. The land was sol1
many years ago, and the state has
-lbeen receiving taxes from its owners
sever since, but it would now cancel
1.-THE title, retain the taxes, and leave
fhe investor his losses as a. memory.
Fire Insurance Suits.
do not pretend to speak of the
fmerits of the recent fire insurance
Ncase. do not know what the merits
iare. But out of that litigation somc
Ydistressing facts have become clear.
The average citizen of the state knows
3little about the insurance companies
carrying his risks at this time If he
has been fortunate enough to get ,any
secure insurance at all, and he is pay
tng foE his insurance fully as much II
= hot more than he paid before the suit
Il was begun. Not only that, but a great
many policies are being placed with
E@the same insurance companies that
4 have left this state and at greater
premiums than existed before they LETT
this state, and If loss occurs the in.
sured cannot recover or bring his case
in the courts of his own state but must
8go to other states where the insurance
accompanies can be brought into court.
We know that the Supreme Court of
the United States has held that the
companies may be regulated by law.
Isl We know that our Legislature If there
has been an evil that was being prac-
IA ticed by the insurance companies.
Il could have provided laws regulating
these companies and -Fouchsafed to
Esthe public insurance at reasonable
rates, but this was not done and today,
as a result of this policy of the state,
4 we are experiencing greater difficulty
in securing insurance than we ever
had before; we are paying more for
1T, and 1t is being placed in companies
about which we know little or nothing.
M Not long ago one of the vice-presi-
uents OF one Of the largest banks in
New. York said to nae that the state of
Mississippi could never expect to in
%e astenutside capital or secure an In
nstrial development by the aid of out.
lde capital so long as it found pleas
IRE in the boast that the Illinois Cen
$ral Railroad Company had built the
Beautiful and costly new capitol It
may be said as fact that the business
world which knows Mississippi and
mississippi conditions is afraid of the
1ntegrity OF the state and fears for the
insecurity of an investment loca d
within the state. So long as this con.
Y dition prevails we will continue to be
n where we now are-at the foot of the
III list in manufacturing enterprises
newer OF wood and drawer of water.
creating raw products only and seeing
them carried to other states for manu-
Rcture and seeing developed In other
ates the tremendous wealth and the
population OF which a friendly and IA
orable policy might have creataI
Rere. Five years ago a banquet was
iyen in my town at which one of the
speakers was the editor of one of the
leading daily papers of the South's
reatest city. Speaking of Mississippi
md its advantages, he closed with this
tatement: Litigation is your great
ppular pastime, your kingly sport,
pa your state reserves for itself
ace at the head of the list"
II we cannot reverse this order and
we cannot extend to a man simply
cordial greeting, we shall commence
to see, as census after census unfolds
the truth, the continuation of tha
sgic story written during the past
t4n years.