In a word, impedance.
The source impedance from your instrument/amplifier signal, coupled with the capacitance
of the cable, creates a low pass filter.
The cutoff frequency can be calculated using this formula:
F_{cutoff} = \normalsize\frac{1}{2\pi RC}
The average guitar/speaker cable capacitance is ~30 pF/foot
(600 pF @ 20 foot):
C_{cable} = 0.000000000600
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Guitar Cable
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Speaker Cable
The average guitar source signal impedance is very high:
R_{guitar} = ~ 10K\Omega
F_{cutoff} = \normalsize\frac{1}{2\pi R_{guitar}C_{cable}}
26.5Hz = \normalsize\frac{1}{2\times3.14\times10,000\times0.000000000600}
All signal frequencies above 26.5Hz will be significantly reduced, which is the entire frequency range of the guitar!
The average amplifier source signal impedance is very low.
R_{amp} = ~ 8\Omega
F_{cutoff} = \normalsize\frac{1}{2\pi R_{amp}C_{cable}}
33MHz = \normalsize\frac{1}{2\times3.14\times8\times0.000000000600}
All signal frequencies above 33MHz will be significantly reduced, which is well outside the frequency range of any instrument (and human hearing!)
You can see then that a long speaker cable (~20ft) will have no “tone sucking” effects on the signal because the signal impedance from the amp is far too low for it to create an effective low pass filter.