The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1880-02-06
The Taxation Of Mortgages.

necessities sometimes compel them to borrow
money upon mortgage. The object of the
bill is to increase the taxable basis of the
State by bringing within the scope of taxation
the Money loaned by capitalists upon real es-
tate security. This money, so long as it re-
mains unproductive in bank, subject to the
order of its depositor, is not taxed; but the
moment it is taken out and used in business
fany kind the law claims share of its prof
claim that this money should pay double
tax, and this is precisely what it must do, ifa
tax is levied upon mortgages.
The lender always dictates terms to the
borrower, and past experience in the taxation
of mortgages and the workings of the usury
law, concusively prove that no law can be
framed which will prevent the lender from
exacting from the borrower an equivalent for
such tax, in one shape or another Take the
case of farmer of limited means, with an
unencumbered farm. He borrows money to
build new barn or buy cattle or sheep, Civ
ing mortgage upon his farm. The value of
the new building he erects or the stock pur-
chased is Immediately added to his assessment
and taxed. Then if mortgages are taxed the
mortgage will inevitably compel him to pay
such tax also. 1t is therefore plain that he
pays tax upon more than he is worth. In
other words, the poor man must pay taxes
upon his own property and upon the rich
mans Investment besides.
Suppose the mortgage is for the balance of
purchase money upon the farm, The Dor
rover must pay taxes upon the entire prop
erty, when only a portion of it is really his
own. Under mortgage tax that too would
be added to his burdens and he may be COM
PEELED to pay taxes upon three times as much
as he owns. To make this palmer: Suppose
a man buys farm for $1,000, paying $500
cash and giving mortgage for the remainder.
He is assessed for 81 900, when he is worth
only $500. In addition the mortgage com
pels him to pay the tax upon the $500 mort
gage. Therefore he must pay taxes on s 800,
or three times rs much rs he is worth. The
farm is worth but 81 900 and any additional
tax, whether levied upon the possessor of the
farm or the man who aids him in buying it.,
is n tax upon property which does not exist.
Take another instance: A and b each have
$500. A builds u house costing 81 900, bor-
rowing $500 from b to complete it, A is tax
ed on 81 900, the value of the house. Sup
pose b should be compelled to pay tax on the
mortgage given by A. Is it not plain that
between them they would pay taxes on $1,000,
when together they are worth only $1,000?
Not an instance can be cited where the
borrower will not be compelled to pay taxes
upon more than he owns.
AS we have said the bill has probably
grown out of desire to reach the accumu-
lated money in the hands of capitalists 1t
should be remembered that as soon as it
passes out of their hands and into any bust
ness enterprise, whatever it purchases is tax
ed, and there can be no reason for taxing it
twice. Tax money in the hands of individ-
uals and corporations, as other property is
taxed. When loaned upon mortgage or 9TH
crwise invested, let the tax be abated for the
reason that wherever the money goes it is
taxed. If that could he done it would cheap
On the rate of interest and encourage business
enterprise. At the same time the State would
get all she is entitled to in the shape of
taxes.
If the bill becomes u law it will compel the
holders of mortgages to forecose them, and
utterly ruin hundreds of industrious and
worthy people, while the State and county
will derive no benefit from the mortgage tax.
Report of the Commissioners of Fish.
cries.
The report of Messrs II. B. Ferguson and
Thomas Hughlett, the State Commissioners
ofFisherics, is an interesting document. The
of artifically propagating the river herring
and have proved the practicabity of ncreas-
ing the number of this valuable fish
The fish-hatching establishment at Druid
Hill Park, Baltimore, has been enlarged and
improved, and large numbers of salmon and
brook trout eggs have been Matched out and
distributed in the waters of our State The
Pacific slope salmon, probably the most val
liable food fish in the world, are known to
have run up the Susquehanna river, one, a fe-
male, weighing seventeen pounds, and over
three feet long, having been caught in gill
The number of shad Matched and actually
distributed in our waters by the commission
during the year 1873 was 0,s20,OOO the fish
being deposited in the Susquclanna, Chester,
Miles, Tired Haven, Choptank, Patuxent,
Gunpowder, South, PocOmoke and Bush riv-
crs, and in Tuckahoc creek. The propaga-
ton and distribution of European carp have
been actively pursued during the year, sever
nj ponds being established for that purpose
in Druid Hill Park. As this fish is very pro-
life, it is expected that in few years suffi-
Gent number will be ready for distribution to
stock all the ponds in the State adapted to
their culture.
THE BALTIMORE AND Delta RAILWAY
AND IT'S CoNNEcTIoNs.-A correspondent of
the York (Pa) True Democrat says:
If one will observe carefully railroad map
of Pennsylvania he will see east of Pittsburg
and north of the great Pennsylvania railroad,
several lines of narrowgauge roads, some of
them over so miles in length reaching out in
the direction of the coal mines, and in the fu-
turc we may see these lines connected, ey-
tended through the coal regions, bridging the
Susquehanna, uniting with the Peach Bottom
and the Baltimore and Delta, thus forming a
narrow gauge line from the OIL iron and coal
fields to tide water.
"A bill is before the House of Delegates.
comforting on Justices of the Peace jurisdic-
ton concurrent with the several Circuit
Courts, for the trial at the election of the
party charged, Of simple petit larcenies, as
sauts and batteries, and mstlemcanors in
eases when the punishment now provided by
law is by fine of not more than 800, OF i'm
priS,nHnRi III the county Jail for not more