Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1881-06-17

--NJ ''.'@'. - 'htA eHut3tf AtltA ttttft0L Will ~
ways seek the best and safest Investments.
a gentleman told me In Baltimore he could
barrow $4,000 on an 5000 property af "A
per cent. per annum, showing money was
IN abundance; look at the immense amount
OF money advertised daily for Investment al
ffom4 TO 8 per cent. Our banks are over
flowing and any banker will tell YOU there
Is no difficulty In obtaining money at a very
low rate Of interest, II the security Is good
now, II you tax mortgages and the mort
gage has 10 pay the tax on his mortgage
and pc gets per cent, which Is the interest
usually paid by farmers, and the most Of
o. them are willing 70 pay 9 per cent, II
taxes are 100 cents on the one hundred dol
lars, he will get per cent. net which IA bet
ter than Government bonds, but when you
tax his mortgages It will not be 100 cents on
the one hundred dollars and his interest will
net MN over . per cent 80 where will he 20
70 get better investment than In Maryland
larms or leasehold property.
Foreign capital Is coming here seeking In
vestment and II we send our money TO most
any other State II will be taxed, and 50 |
ask what Is he going to do with II and the
argument ls advanced that ID Is double
taxation. We do not admit any such thing
But suppose we do, had you not better tax
a first class security twice, than q second
class from one to five or six timesf For ex-
ample: A buys horse from b and gives
note ofhand for 5000; and b sells Il 10 q
and takes his note for 5000 and G to ID and
so on, and when the assessor comes along
he finds ID the owner Of this horse; he as
sesses BIS note OF 5000 and C's Of 5000 and
y with the horse, then you get 5000 worth
q assessable property and only $500 tangi-
Bile. Is this right or Just and TO free your
mortgageY No, sir; tax all property and
all men alike and then equal Justice will be
measured TO all. Not tax note Of hand
and exempta mortgage and any reasonable
man VIII admit that under this class legis-
lation very large amount Of personal prop
erty Is exempt from taxation.
And they further say II will be harder on
the poor man. This will not bear lis own
weight. There was o time when a poor
man could borrow u reasonable sum Of
money from moned man with the endorse
ment Of his neighbor who was In good cir
cumstances, but now poor man cannot do
so. The money lender will tell you TO get
| your friend TO give me mortgage or his
farm and will loan you this money, though
Know his endorsement Ia good, but the
note will be taxed and the mortgage ex-
empt. or course his friend who would en-
dorse for him would not give mortgage
and consequently he Is unable TO borrow
cent, and a great many young men who are
poor, yet honest, are Kept back and cannot
get any financial assistance TO develop their
, business capacity. IL Is not 70 be presumed
, , every poor man owes a mortgage and
! Know ., great many men who own
nouse hnu loL OF small iarm does not own
or owe q mortgage and this man, or the in
nocent or third party, has 10 pay every
year an additional tax of two.seVenths, or
more simply 10 keep Mr. B from having 10
P@ ey W MI. the TAX ON MI. AS mortgage.
!, d porrows from a ana Is thinks proper 10
pay elis auuitlon why let MIN pay II, he Inn
nBines nc ~ gettlng the benefit OF II, but
uoh make thiru or innocent poor man
pay Ior benefit which Is receives and
tnird party getting no benefit at all. TO
iliustrhec suppose widow Is in 1910,
~ we Time tne Jaw sanctioned the ex
empuon 81 mortgages owned two houses
ana iots valued az y00OOO, aud did not
nhYe my private security % invest ia
mortgages, ana suppose we deduct from
our calculation the one-half OF fifty cents
eAtfa TAX snc may have TO pay on ac-
count OF this exemption, making twenty
I'VE cents on the 800, this would result In
inc sum OF yl.2o and as the law has been
IN vogue Tor Ten years ten times $l.25
*iSpo more Than she would have TO
Pay u mortgages were taxed. And II
was rignt 10 TAX personal property
from the Dirth Of our government, as sane
uoned by the 10th section OF the Bill of
flights, without any change having heen
wrought, u must be so yet. Is u equitable,
sli Just 70 make the bone and sinew, the
middle man, pay all the taxes. These argu-
nents against this subject go 10 show that
every poor man IN Maryland who owns any
tning ~ all Is mortgagor, while IL il not
inc c0Hp. This nlaQa IQOialafina
ieW nohied men--makes the rich richer and
the poor poorer. IL Is the injury cntailed
upon this third or neutral party Of which
we primarily complain. No one man has a
rlgnt 10 receive benefit 70 the dctrimcnt Of
announcer IN accordance with the letter, spirit
anu wen denned meaning OF the 18th sec
tion OF the constitution and organic law of
.le state OF Maryland, and how the Legis-
iature OF 1870 could stumble over this out
smhaing, pain and not hard ~ be under
$1,000 declaration, Is beyond my comprehen-
SION or logical reckoning 10 discover. All
courts Oh All grades and the legal ability Of
our STATE and tie press and monied men
nave Us YET iniied 10 convince me that this
Jaw OF exemption Is not violation Of that
instrument, which should be cherished by
every Marylander as his Magma Charta,
beacon light, corner stone, altar OF liberty
ana sole preventive OF anarchy, misrule and
= chaotic state worse than despotism---
why TINS departure from the time-honored
wisdom, experience and well-tr0dden paths
Of our noble slresY The law 10 tax mort
cages u coteporary With the birth Of our
state, grown with its growth and strength
cned with It's strength, until 1870, and aug
mented It's prosperity. Capital hasnot SUI
aa,, u no u. Deen , uliseh away even wnen IN
az II wa " s,,, iaes =, ~ o1 ~ u.nos' .enson
espts TIS ow rV aaa Sca 70 iS hs much sss will
oap.r ss'.. ~" a"ay no" when money u going
,a begging saS nd y all our markets municipal
~ ~, a'a ns''ona, vi lnyos'nisn. ~ from
~, AZ Ia, von., " .ne uoilar Even u capi-