Show the ta problem it is stated that there are now thirteen thousand million dollars of municipal securities in OUT our country that are totally exempt from taxation the statement ahat this enormous suni sum of money belongs onty only to wealthy people who seek to escape taxation is 8 untrue as millions ot of citizens not mot counted plutocrats invest tn in these se curit les A large part ot of tills ibis 12 13 would never set get upon tipon tax rolls in any torm form which Is true of many other forms of ct capital savings sav lagi the unfair part of at the ire whole situation is that being entirely entire 13 exempt from taxation the tax exempts operate to penalize all other forms ot of securities curi ties and prevent money being used for industrial development the big investment in tax tai exempts hampers railroad construction st ot of public utes and industrial growth higher rates and prices must be charged tiec because of higher priced capital to operate with |