New-York tribune., 1875-02-08
INJUSTICE OF TAXING MORTGAGES.
TIE LAWS or Observation-Disclosures OF POOR
MEN ACQUIRING PROPERTY.
To IN, FdtfOr OF Thc IrtbHno.

THE LAWS or Observation-Disclosures OF POOR
MEN Acquiring PROPERTY.
To the razor OJ The IrtbHne
SIR: Mr.. David \. Wells, by calling at
teuton lately through THE TRIBUNE 10 the common
confusion Of ideas as 70 what Is properly tax
able property dd good to the hardest worked
and perhaps most valuable class IN tue community
But whatever tLe cause causes the fact u patent,
and potent assessments OF at least one state and
that Mr Wes's The confusion in question doubt
less finds excuse IN the meanings popularity at
tacned to property titles Notes. mortgages, &;' are
assumed be money because they clearly represent IT,
or ars indubtabe evidence Of ownership IT, mans
whole property If often SAID consist Of bonds and
MORTGAGES nut both titles and money now taxed.
the error being simply popular and without evil result
is thus far immatcria But curlously"-Or rather,
suspicously enougn-he money represented by mort
gage on real estate is not only uniformly taxed, but
also tie real into which IL has been converted
and curiousy" enough again, the tax on the latter is
Invariably collected from another person who owns
neither. For example \ nas $1,000 casb, OF
Justly liable To taxation b owns farm worth $4,000
has ne her monev real estate OBVIOUSLY, view
Of tax these three occurring Il list Of citizens
could be assessed only to the extent OF s2o,OOO
But c IL aspiring and enJerprsing. and borrOws As
money paying interest thereon-which alone, under the
circumstances, Is a4ways a very heavy tax on his
sources-buys herewith BIS farm, mOrgIgng Il for As
security The State aud town here step IN and levy
tax not only on Rs cash AS property represented
By the mOrtgage-t.e the iarm-bu also on Cs quasi
title assessing s80UO where previous TO the transfer
they assessed Only S2JO1s. No new property has been
created; here la. simply been an exchange between
ana b. ana nominal Vi contingent lIe granted To {.
mn 10 rra ownership lie has m fact more property
after the transaction tDan before. HIS Ute Is not an
actual hu 2 possible conditional The real tite
Is vested m A. paws the Tax on IL When ~ pront
able Use OF the farm has acquired true ownership ne
s Justly amcaabu 10 taIauon-not TIL then Yet
tnrougtOut his enlightened ode every poor man who,
win manly honorable impulse and energetic Will. s
struggng under the oppressive load OF seven or eight
per cent interest on a mortgage 70 acquire home
competence strange 10 say, ana Oy rch com
mon wealth instantly saddlod In addition WIKI the
onrrou- aud most g.Ituit"u- ta1 Aforesaid.
Who IA Responsible for tbsf II the men who, through
accident Knavcry extreme good luck have already
competence and unlimited leisure 10 search out
crooked thIng control the primaries' aud by well.
directed general activity secure The election 10 oce Of
men suD.eryleut their class interests are nevrrhe-
lees IN Tie fog n this matter, The fact indeed "cur
on. and f. h none the less curi rs ana surprisng
tua the nRnuindrd aud clearneade Acn ~ the state,
WHO ike Alr Wells are cogulLAut Oi, and confesscdlY
ou.ed TO- The tricks shcn are V1ln do not -re 10 10
tl,at sucu strnngp IDEAS" -rt speedily exhibited
tncr trur nght before tic pcop-O not soc 10 10 that
he frortg sel homes ~ tus CrsLIhn state ara not
tnu, "douby fax.I" ana made ~ suffer tno importon
OF 30 % 'oaIIus a uis'riuna
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