Arizona weekly miner., 1875-07-23
MORTGAGE FAX.

The law taxing mortgages and other con tracts for the payment of money is unjust and impolitic. It represses industry and commerce by the pressure it creates upon borrowers and the obstructions it puts in the way of their enterprises; it retardS the prosperity of the State by laying penalty upon every transaction which involves the use of borrowed money; it discourages farm CTS and manufacturers, because 1t taxes not only capital and credit, but also the products of capital, credit, and industry combined !; 1t tends to make money scarce and dear, be- cause when openly and honorably used in loans. 1t is liable to be taxed several times each year, though all other property is tax ed only once, thus offering a premium to concealment, subtrifuge and evasion at best it imposes double taxation, because it taxes the coin, and also the promise to return it :; in effect, it dscrIminates against home capi- tai, because non-residents cannot be com pelled to pay the tax unless they own real estate here; 1t is partial and unequal in its operation, because 1t taxes only particular class of contracts-loans, and a particular class of persons borrowers. If the tax is paid by the lender, it will inevitably increase the current rate of interest on real estate security, because money invested in other securities which are free from taxation will give more profit than loans on real estate when the lender pays the tax. It. is unnec- esSary and unavailing, and has never yielded an income sufficient to pay the expense of attempting to collect it; ii never can be made productive, because, being unjust and oppressive, it will always be resisted and evaded; it is condemned by experience, and repudlated in practice by the most enlight- ened States and Nations, and disapproved by the highest authorities upon the science of political economy. Mortgages are not noperty, aud he Legislature should 80 decIdre.
 With view to correcting these evils. we, the undersigned, request the Legislature to adopt such measures as will remove the grievance above referred to.
 ATTORNEYS AT LAW.
 Romualdo Pacheco, Jas. Thomas Boyd, II. H. Haight, Edmond L. Goold, John H. Sanders, S. Heydenfeldt, Vim. J. Shaw, s. M Wilson, James M. Haven, W. II. Rhodes, IIaggin X Tevis, Wm. Barber, Edward Gray Stetson, Eugene Casserly, Henry P. Bowie, David Freidenrich, James T. Hoyt, Charles T. Bolts, John Garber, Sidney V. Smith, D. J. Murphy, Cyril V. Grey, Samuel Cowles, E. R. Mastick, NJ. A. Edmonds, S. F. Key holds, Charles T. Fox, F. P. Damn, R. II. Lloyd, Thos B. Bishop, Walter Van Dyke, L. W. Holloway, George Hudson, II. F. Crane, Alfred Wheeler, John Reynolds, Edward J. Pringle, NJ. M. Estee, q. Frank Smith, ]. Howard Smith, James F. Stuart, Richard Tobin, Frank G. Newands, Wm. A. Cornwall, F. J. Gallagher, Columbus Bart lett, Frank NJ. Pixley, Peter II. Burnett, Jos. II. Moore, A. Campbell, W. H. Patter- son.
 SAN FRANCISCO, May, 1875.
 25,000 signatures in San Francisco alone pledge themselves not to vote for any candi- date who does not pledge himself to use his vote and influence to effect such changes in the Constitution and Laws as will remove the tax on solvent dehts and mnrtra