Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1881-04-29
Taxation Of Mortgages.

Mr.. Editor Il observed an editorial in
the last issue of the Adg0cdte in reference to
the taxation of mortgages; to all of which
and singular the animus thereofl say, Amen.
He well says that the question has been
argued in all its bearings. The last legsla-
ture of our State certainly did that very thing.
From the rolling lands of distant Washing
ton ana Garreb, 10 the sandy shores of the
Chesapeake, and from the heart of Monu-
mental Baltimore to level Talbot and Queen
Anne came our most sapient statesmen and
wrestled in the wordy arena like gladiators
of yore; yet not single Individual CON
descended to inform us how to regulate the
matter so as to get the tax from the proper
gdlty-te m0rtgtgee. Peter Bodkin holds Il
farm, assessed in his name at ten thousand
dollars, two-thirds of which is covered by a
mortgage Now isn't the amount of that
mortgage represented in the taxable basis OF
the county? And does not Peter Bodkin
pay the taxes on the whole ten thousand
dollars mortqage and all? Subtract that
mortgage money from Peter Bodkin's treas
ury and see how far he descends in the
scale of taxation. But | am not going to
hang myself upon that horn of the dilemma.
am after Analysing more abstruse propo-
Sition. The cry comes up from those who
would wheed!e the uniformed masses that
the taxation OF mortgages is movement IN
favor Of the poor borrowing man.
Let us see how far it holds its hold. I'm
agine the last legislature to have taxed
mortgages. job Workwell, an honest yeo-
man, who has scraped together by the most
rigid economy and unfiinching industry some
three thousand dollars, is offered bargain
in farm at six thousand dollars, and he
with an impulse worthy the breast of any
man feels that he would own the land that
he cutivates Fearful lest the bargain may
elude his grasp he seeks a money changer,
offering ample security--his prospective
broad acres--lor II loan Of three thousand
dollars. But says the type of the man who
was elected from the temple-thc American
ShylOck, this money-changer: The law of
the land is that this money which you ask
of me on mortgage shall be taxed. | know
that you are honest and industrious, but biz
is biz and you can't smell this money to buy
your much coveted farm, however bargain
it may be, unless y0u consent 10 stand this
extra tdr.
But, says Job Workwell, as soon as | oc-
cupy the farm the collector will assess the
whole amount to me, mortgage and all, and
if now consent to pay that which the law
intended yoa to pay, /, poor Job Workwell,
will be paying two taxes upon the same
amount. Now it is bad enough TO tax the
same property twice, but when that tax falls
upon the same man, and he poor man, 10
whom every quarter assumes the size Of "A
cart wheel, then it would be ludicrous if 1t
were not so painful. But says the money
changer, you need not do this unless you
choose, there is no compulsion. have many
ways to invest my money, and only offer
this as a matter OF accommodation Well,
says Job Workwell, down with your dust
and | will pay the newly created tax. Job
Workwell may get through that contract,
but it is as clear as mud that you, my voting
fellowcitizen, imposed burden, an extra
and unnecessary burden, upon your poor
neighbor and friend when you voted for
that man to go to the legislature in favor Of
mortgage taxation. There is nothing like
understanding things reduced to every day
practically.
Chas. Sumner, with all his craftsmanship,
was wild when he attempted to enforce So
cial equality by statute. And | hold that
that g'slator is equally wild who attempts
TO define by statute bargain between the
buyer and seller. You cannot, in my judg-
ment, so arm the suppliant asker Of loan
with law as to extort his own terms from the
lender. Pass rs many enactmenis stringent
and penal rs you please, and the moneyed
man will make his own terms with the bor-
rover. Trade, whether in yards Of silk
pounds of sausage, ingOts Of silver or carats
of gold, will regulate itself. IL has always
been so, is 50 now, and will continue until
the end comes, If you wish TO widen the
base Of taxation and make it commensurate
with the increased wealth Of the county
don't slap at the purse of the rich man and
drag out the last red copper Of the poor one