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Florence Morning News Newspaper Archives Mar 17 1940, Page 4

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Florence Morning News (Newspaper) - March 17, 1940, Florence, South CarolinaPage four morning news sunday morning March 17, 1040 Brand and published every morning by the fu5r Enoe printing co inc. Entered As second Vij class Moll matter at Florence South Carolina b. Parnell Mason c. Brt Jnson a subscription ratb8 payable in a by mall by Carrier year Rono week -30 rates will apply to nil subscriptions Over -50 _ Miles Distant. Cards of thanks tributes of respect resolutions me Jan orals 1 wiry and obituaries Are not Publlslu-1 0.1 such Are Chni Rcd for at Fate of 1 1-2 rents per minimum re Nike 75 cents. In Lionel advertising i.oren7.en and Thompson i Incabo new York and a Iudita pull leased wire Ercles of this Assoc tales press which exclusively entitled to use for of All f news dispatches credited to h or not otherwise Are Detec this . K the intangibles tax a guest editorial by Spectator Many progressive citizens Are advocating the repeal of the tax on intangibles. Sena Tor Means of Charleston and chairman Cai Houtie Thomas Are sponsoring Bills to repeal. I will concede that we have the Best Law on intangibles that i know of. No one need make the Point that our Law is less Burden some than that of Virginia or other states 1 concede that but the very first purpose of a tax is to produce Revenue. Of course there Are taxes for regulation such As our liquor taxes but the tax on intangibles was imposed for the purpose of raising Money for the state. That tax produced last year than a one Mill tax on property would produce. This tax was imposed in 1933, when our Law makers responded so magnificently in the Calls for Relief by cutting the state appropriation fifty per cent. It was argued that real estate was overburdened with taxes and that there was a Large Field for reve nue that had not been explored. Those of us who advocate the repeal of this statute Are moved by the Assurance of men of tin highest character and the widest experience that the lax on intangibles defeats the Pur pose of the general Assembly since it keeps out Many wealthy men whose taxes if paid to this state More Revenue than the present Law brings in. To that extent the matter of repeal is a question of simple arithmetic. Can we produce More Revenue by repealing the statute than by re Taining it that is the question. 1 submit that in that question hangs the whole mat Ter. What Are the intangibles moneys Cre dits Bank deposits corporate stocks and Bonds. The general Assembly has amended the original statute so that an income from in tangibles of less than shall not be taxed separately. Recently in a Public meeting figures were Given to show How the tax operates one Man in Spartanburg paid on a salary of a year but a lady in that county with an income of from Stolts had to pay the lady paid More than the Man on one half the income. The tax works like this. A widow operating a farm with a net income of one thou Sand dollars would pay no income tax but a widow with an income of a from Bonds mortgages or dividends would pay the intangibles tax on s500 of her income. Another Case. If a widow operates a farm and realizes a net profit from the farm of two thousand dollars but loses two mules two cows and a tenant House she could escape income taxes but the other widow with income from mortgages of two thousand dollars would have to pay the intangibles tax on even if the world came to an end for the exemption of is All thai you can deduct regardless of other losses. It was argued that the tax on intangibles would relieve real estate of some taxes. Ii Hoh Ever the removal of the tax would bring in More Revenue that argument Falls. As a matter of fact since the tax was levied other new taxes have been imposed and they Are producing about two million Dol Lars. It is argued by some that the tax on in tangibles is a double tax. We have been led up to so Many Mountain peaks by experts who live in the Clouds that we As typical business men Farmers and lawyers must try to reason this out together. I am engaged in farming and produce wheat. Some of my neighbors also sow wheat. We have j no flour Mill within Twenty Miles of us. Sup j pose Twenty of form a Little As j Socia Tion a Little private business company to operate a flour Mill. The Only taxes the Mill would pay would be the property tax to the county and school District. If that in vate Mill should pay profit to each one of us i submit hint s fantastic each one would add it to his other income and set off All his losses from his combined income. But suppose that we being afraid of Puni Tive damage suits should take out a charter from our Secretary of same men he slime amount of Money the same bus iness and making the same would to the difference leaving out the ipos for incorporating and considering Only operations Here arc the taxes on that Little Community Mill 1. State capital Slock six 3 Mills. 2. State income tax 1 1-2 per cent or nil not profit. To. County property tax. School District tax. 5. Federal capital Stock tax. To. Pef cml income m per com. Here Are four taxes ones too thai the priv Tii unsocial Ion would not hive to pay but. Which the Little Char Lerud company if Silver Street would pay. In the first Case if each of the 20 received profit that indicates that the company had a net profit of in the second Case before the company could pay anything to the partners or Stockhold ers As we Call them it would pay to the state. 3 Mills on its capital Stock 4 1-2 per cent of the net profits a Federal capital Stock tax and 14 per cent for Federal prof its tax. The partners or stockholders would receive what was left clearly it would not be As in the first Case. Would you not say that the profit or dividend in the second Case had already been taxed and taxed far More than in urn Case of any group operating without a charter. But we Haven t finished with the Little group which asked our Secretary of stale for n charter. In the first Case each Man received As a profit and could offset his losses but in the Little company of Sil ver Street or Forl Hill each partner now called n stockholder is allowed by the state an exemption from the intangibles of and must pay per cent on the rest of his profit even though he lost ten thousand dollars in his other business now we us average men of affairs look ing it Loris clearly can we say that the tax on intangibles is not a double lax perhaps it in to if you figure it out it May amount to four taxes there is an idea that the tax on intangibles draws Revenue from Rich people. The Al fort fails because some of our people have become citizens of Florida in order to escape the lax and those from the outside won t come in As citizens because of Hie lax. As i wish this exposition to be one to con Vince practical men not theorists or philosophers i am dealing in practical illustrations to prove my contentions. It has been pointed out thai before the enactment of this Sta Lulu in 1033 the millionaires did not Over run the Szulc begging to be accepted As Citi Zens. Thai is True. Nor indeed do i see. Them standing with hat in hand begging for citizenship today but there is something to be said by Way of answering such observations. Since 1933 a great change has come about. Prophets of a new Era have risen in the every soil of theory has had its proponents from California to new York. Taxes have been enormously increased in some slates arousing the citizens to mass demonstrations As in new York even new York. Men of wealth find us More conservative because we Are almost pure american Slock and almost untainted with the socialistic impulse which seems so powerful to Lay. Sonic of these men Are becoming citizens of other states notably Florida. I Call to your attention thai quite apart from any possibility of winning new Comers we have already among us at least iwo Hun dred Multi millionaires owning Fine estates Here and living Here during the Winter. Particularly is this True of Aikin Camden and a coastal territory from Georgetown to Beaufort. Charleston had three Hundred thousand tourists there last Winter some of whom stayed for weeks but i am nol thinking of them rather i have in mind men who come Here for the Winter and live Here in their own Homes. These gentlemen have come Here and invested heavily for ease Comfort climate and happiness. Many of them have expressed a wish to become citizens of this state. What keeps ilium out i need not multiply the wises Sev eral May be Given As typical a Man own ing a splendid Eulale on which he has spent a half million dollars had his accountant to compute what his taxes Are to the state of new York and what they would be in our slate. The accountant told him that citizenship in South Carolina would Cost him forty thousand dollars a year More than his citizenship in new York. This was be cause of our tax on intangibles. What Apfl Yov going to bks maybe you re in the one right Job for Yon and maybe you Arent says Whitney Wil Liams in your life Magazine. If the latter is the Case you Don t have to stay in a rut. All of these famous Folk arc now actors but not one of them started out with that id ii in mind. When they looked Over the Field and found what they could do Best they did n t hesitate to change. Ann Sheridan was going to be a school teacher. Rihard Arlen planned to remain in the Oil business. Marlene Dietrich looked Forward to a Ca reer As a concert violinist. Edmund Lowe studied for the Priesthood. John Wayne expected to be a football conch. Shirley Deane was on her Way to owning i Chain of dress shops. Exit Iglash Montgomery was scheduled to go into the jewelry business. Fay wry wanted to be i poetess. How to accomplish anything Yov wish the world owes More to human defects Thot have been overcome Risalek than to any other single Factor that has promoted civilization according to or. Louis e. Bise. Writing in your life Magazine the new York psychiatrist tells How shyness infci1 oily feelings and self consciousness As Wei As physical handicaps have served As Spring boards which catapulted individuals to Suc Cess far greater Many cases they might have achieved otherwise. It s the overcompensation that does it. Or. Bisch says. There was Joseph Conrad. A pole by birth he could not speak English until he was Twenty. Then overcoming the obstacle of language he became one of the outstand ing figures in English literature. Eugene o Neill did not set out to become a dramatist. The son of he was inclined to resist All things connected Wilh the stage. But when he was confined to bed for1 a period of several months he tried writ ing to while away the time. Thus was he Star Ted on the Road to winning the Nobel prize. The list is endless. There was Clifford Beers who founded the National committee for mental Hygiene after having been a a Lien in an institution for the insane. There was Beethoven who was deaf. There was Paderewski who with weak Finger s. These and Many other great personages. Or. Bisch maintains demonstrate whal Over compensation has can do for the individual who is determined to make Good regardless of obstacles. Decrease in car thefts losses resulting from the theft of rail shipments reached thir All time Low in 1039, dropping to an average of Only slightly More than one cent per loaded car says the rail Way age in a current editorial discussing the designation of april As perfect shipping no More hopeful sign for the Success of next month s Campaign for. Perfect shipping and careful handling can be says the railway age than the Mark set in the first eleven months of 1939 when Wilh an in crease of 14 per cent in the volume of freight business As measured by revenues there was a reduction of 13 per cent in the payments made for loss and damage to freight. As a result the amount of each of railway freight revenues consumed by payments for freight loss and damage fell from 73 cents in 1p3s to 56 cents in 1939. Third degree the following comment is from Tho Greensboro record a Fulton county ga., grand jury has indicted an at Aorta policeman on charges of mistreating and torturing a prisoner in order to obtain a confession. The prisoner a negro youth accused of pet by larceny is said to have protested his innocence throughout a Long and Gruel Ling examination until he was seared with a red hot Iron. This smacks More of the Spanish inquisition of centuries ago than of an american stale 1940, Anno Domini. The version of the incident As just related was presented to the grand jury by members of a White family for whom the negro had worked As a House now three investigations Are under Way one by the grand jury another by the juvenile court and a third by the chief of Atlanta s police department. With so Many probes feeling prosecuted surely the truth will emerge. The supreme court of the United states has but recently held that confessions extorted by unusual and cruel inquisitions Are wrongful and illegal and shall not be tolerated. If it is found that the Atlanta policeman is guilty As charged punishment should be Swift sure and drastic. There is no place in the United states for the cowardly and Damnable brutalities of the so called third John Lewis Taufa in b Monty of Only j50jhoo n a car. All of his exp Onmi Are paid in Adi Lillon 16 his salary. How does he do it he docs it by collecting sometimes with the a of club wielding hoodlums the Nickels and dimes in dues from poor Labouring men who never have n Chance to their ease in Florida never have lived in hotel rooms Sel Flom have enough Rrt cat. John l. Lewis May rest his body in Florida. Jin his Cori science if Why could not in dependent. What others think or. W. Ball. Edit of under fire Al will be of interest arc sure to renders of Tim press and Standard to learn that in Effort of critics of the editorial policies of the news and Otu Frier have met with n very Cool in their efforts to muzzle that editorial writer. Mayor Jjo Cly of Charleston said at a put Ilic meeting just that the constant Wingfi Iii of Widitor Ball had Bronchi to a head the mutter of moving the Tiff ices of la South Carolinn Public. Service author Ity hit Santre Trio Phi project Charleston Columbia. He predicted Tomt soon the Navy Yard would also have to if this kind of critical ing continued. Kol lowing this Nua Cli or. Ball Relieu Pfeil his critic Ris Riis of the management of the san tee Coop or and did not in us least retract or modify his statements. This is As it should he. The press and Standard wishes to ii recorded As positively opposed to any of Forl u silence or in muzzle the press. To Are. Not concerned Wilh the merits of the authority but we All Good citizens should be vitally concerned in maintaining1 absolute Freedom of expression in the newspapers of the state and country. That is one of the constitutional guarantees which differentiates Between a democracy and a dictatorship. Was it not Thomas Jefferson who said i May not agree with a the inf you any but i will defend with my Iii your Riff i to say it ent occasion is not one of them. This filibuster Lias to Roll principle to defend. The Hatch Bill pro Vides for an Extension of the act Banning political activity by Federal employees to state employees paid in full 6r in part by Federal funds. Opposition i it ran Only Benefit Well entrenched state machine n Nancy to by Federal Money. Senators in in the filibuster Are in effect fighting an input any interference with a system which help to keep them and their supporters in office. They have apparently won a delay but the senatorial sup port for the measure remains us diminished. Over whelming sentiment forced the passage of the origin Al Hatch act. Sentiment for the proposed amplification of its provisions is just As York times. How hoes he do it How is it that the great Lover of the Labouring Man John l. Lewis is taking his ease at the Swanty Nautilus hotel in How is it that he in living in a room that costs a Day How does he afford two Long sleek automobiles department Stoke sales department Storo sales in South Carolina during january and february were in per cent above Sale i of the same stores for the corresponding period inst year. This compares with an increase of 6 7 cent for North Carolina per cent for Virn Iii and 10 per cent for All the state in the fifth re serve District served by the Federal Reserve Baal of Richmond. February of 1940 had an additional business Day but the Bank estimate s that this accounts for 3 per cent or less of the increase Over february of not a bad showing for South Carolina and what s More. The state understands that department store sales continue excellent from Columbia state. All is not sold that glitters rows of glittering cd you pass them by wisely refuse to buy from hawkers paddlers hideaway salesmen because like All smart shoppers you prefer to know the goods you Purchase. You insist on knowing the name of the merchant behind wares the attitude and personality of the store that Sells them to you. In your daily you get these vital shopping facts. Here in these pages the stoics Tell you exactly what they have Here you can select ahead of time without stepping out of your front door. Here the merchant s signature in each advertisement assures you that the goods you buy will be exactly As advertised. That is Why Clever budget keepers shop in the newspaper s where they can get what they want and buy without the costly danger of fraud. You too can enjoy this saving of Lime and Money. Look in your newspaper now Ilo Tjit Jun our Boito the largest circulation of a by newspaper pah Lilied in Eastern South

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