Nevada national., 1859-04-09
Tnxes ON Mortgage.

Under this heading the Sacramento Stand
ard Of the inst. has some timely and sen
sihlr remarks on the injustice Of the system
established 10y our revenue laws, and insisted
on ly the Collector of the revenue. The
standard calls the attention OF the Legis-
laiure 10 the subject. an gives an Illustration
Of the unfairness of The tax on mort gaes. 1t
also. sets firth the difficulties which tax col
i lrctors labor under in collecting the taxes
on this sort Of property on account of public
I sympathy being against the officer collecting.
We agIee with the Standard entirely aud
regret that we have not space for the whole
article
BY the proposed Revenue Law and by
the Law now in force. all kinds of tangible
property. real or personal. are taxed AT their
iull value. Real estate is taxed for as much
as it is worth to the p,rson who holds the
legal title; and no deduction Whatever, Is
made for mortgages, liens, or lncumnrances.
TSus, if We haye'a pirce OF land worth one
huudred thousand dollars, with a mortgage
upon it Tor one hundred thousand dollars,
although we-rc'fty. have -ns l.1erest what
ever ia the land. though We are nothing ut
utl. VIC bIf sun iFAtG hU lut lAtll Ndtut VI
the land. We;Fay tax on one hundred
thousand dollars. he necessity OF enforcing
the collection of a revenue for Government
purposes. justitics and renders necessary
this seeming ininsiice. But the present law
not content with making this land pay its
entire tax in our hands. proposes. after il has
pad all its dues to the Government, still to
20 on aud collect from it another tax on a
hundred thousand dollars by levying tax
on the mortgage itself % that from one
hundred thousand dollars worth Of property
- tx On twice thar amount will be collected.
Nor does the Injustice stop here. The tax
instead ~ being simply double becomes fre'
qnenliy IN practice treble. quadruple and
Usy multiply itself so many times that the
tax will more than eqnal the value of the
property taxed. So that while in appear
ancc u tax of only two per cent il laid upon
the value Of the taxable property. in reality
the tax ahsorhs the entire value of the prop
crty taxed and property. instead Of being
taxed is simply confiscated.
For instance. there is in this State piece
OF property worth seventy five thousand dol
lars aud no more. But ii is mortgaged to
A for its full value. and that mortgage il
taxed for seventy five thousand dollars more
in As hands. But A. himself had occasion
10 hoTToW money, ana he gave MS mortgage
10 secure debt which he owes TO c, and a
fourth seventy five thousand dollars graces
the assessment book and so on. ad infitun.
As often as party nvails himself on his own
collateral securities To borrow money. 50
often is this tax multiplied and II piece OF
lend, worth only seveuty-hve thousand dol,
lars. is forced to pay n tax on the tarev or
four hundred thousand dollars.
The instance given il not an imaginary
one. There prc cases which the Records will
show. whcrc, hy this Successive mOrtgagng
rf mort cages. laud il made liabl" to three.
four. auf .!vr times it, value and thus the
mort .ngor Is taxed ON The entire value of
land. wh hi. interest in il is trifiing. while
! three. four or five sets OF mort gagess are
taxed on property whose tbx has already
been paid by the mortgagor. Is not this
wrong?