The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1882-11-10
coRREsPoNDE1T O u
sEsArE nILL NO s-AN ACT To TAX MORT.
CAGES.
Ei.. pemoerah

Eis. Democrats
Already, almost before the ink is dry
BY which Governor Moody signed the
bill, those who have money to loan In
the city Of Portland are attacking this
unq meritorious measure
Not because Of any really bad feature
in the law, nor because OF any hardship
that any of It's provisions will work
upon the lenders Of money nor be-
cause Of any other evil that can be-
successfully shown TO grew out Of the
operation of the law; but AMPLY be-
cause all money lenders who loan their
money in this State on real estate Sc
curity cannot hereafter In any posi-
BILE manner escape paying taxes on IL.
The Orsgoaian Of the third inst.
starts out with heading as follows
"To Bother Borrowers. The new Act te.
lsting to real property and taxation Of
mortgages. The Granger will be un-
happy etc." and then gives the new
law at full length in lbs columns and
says no more at that time. Il Is very
easy for any one to raise objections To
nything like those raised by the Ore
goniian to Senate Bill No 8; but to
give fair and valid reason for the OBJ.
jsctions is quite another thing. Now
we will lay dewn these two simple and
plain propositions and invite the Ore
goniaa together with all the other op-
poscrs Of this new law, to controvsrt
them SUCCESSFULLY, il they can.
First. All persons engaged IN lcnds
ing money in this State on real estate
security ought TO pay taxes on the
amount 90 loaned (sukject Of course to
the Law ofdsducting indebtedness
! Second. The provisions Of Senate
BID No. 5, will have no other effect
in their operations than TO compel all
persons who have money loaned in
Ihis State on real estate security, TO
pay taxes thereon in the county whers
the real property by which their loans
il secured Is situated Nsw my friend.
ly money leader aad the Orssonian,
and ell Of you appear agHi ~ the ne~
law, lay hold Of these t~S si,np'e proP'
ssitions and invoke TO your assistance
all the energy Of argdmsa: that you
are masters Of, and then bring intS
rsquisitisn oil the sound aud political
principles of political eeepomy that are
knswn; and after you have exhAuatss
all the principles upon which ,hs phil
osophy Of taxation rests ia the 6rsl
instance; and after you have done al
this, review your work and search with
lighted candle ami see il yon have
developed any principle in regard u
taxation that will expose the pretended
/ injustice that will te worked upon any
person natural or artificial" by the
provisions Of Senate Bill No. 5.
Since il is quite clear 20 any one
whether he is lawyer or not, that ths
new law has ne other effect than IA
compel all persons having money loan
Cd on real estate security in this State,
pay taxes thereon in the county whers
the security is situated, the emily quss
items to be settled in regard TO the
business Of this Law are; ist. IL il
right TO sonpela lender of money who
Is constantly collecting his irterest on
Of the labsring classes, and receiving
the protection Of the laws, to pay any
thing toward tho support ofthe gov.
ernnsntl End. Is il right TO make him
pay part Of what he does pay, in The
county where the property by which his
debt il secured il situatedl To ofFsI
these propositions would be attempting
the establishment. Of that about which
there is not, nor cannot be any diPute.
There is No principle thAt is clearer, Or
more universally accepted by civilized,
man, than that the property owners Of &
country ought tc pay yer, largely 70
the support Of the government in which
they live. No one. believe snywhsre
claims that any Of the ordinary kinds
Of capital in the country ought to es-
caps taxation. And / can see no just
reason why q man who lends money on
real estate security should complain
because the instrument by which bis
debt is secured, together with such q
debt, il taxed the same as ether prop
srty in the same county. There Is
no yeason. II Is all a Preteass and hotol-
ing about nothing. IS nothing but the
lamentations Of a lot Of money lenders
soho haze heretofore escaped taxation and
tie neso LaV stops this business. IL that
is not the reasen, what are you talking
absuti II you have heretofore paid
your just proportion of the taxes, the
new law will have no other effect on
you than the old law has had, except
making the taxes payable in the county
whereyeur security is situated and as
to that you have not yet made any OBJ
ections. Where you DO attempt 10
sbjset to this provision your objections
will be as greundless as those you have
already made.
Now let me state the whole matter.
Under the provisions of Senate Bill No
8. ell money loaned in this State on
real estate security cannot escape tax
alton. A Trust Company, or Mort.
gage Savings Bank, cannot now come
into Oregon with ten million dollars
and lend it, all on real estate security
and take its notes payable in foreign
country and thereby escape the pay
msnt Of about hundred and fifty
thousand dollars taxes per annum.
This kind Of business is now at an end,
and of course you money, lenders will
"wail and gnash your teeth and CON-
plain that it will work hardship on
the Granger Borrower" You will
talk about the unconstitutionality of
the law. and hire lawyers to raise ques.
tions about it and newspapers 30 talk