Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1882-01-19
4 xfoftin NIarion.
ohas, e. CassoIl, A. ~,
Editor.
Y, l. Root, rROP'R's
Uhas. e, CaS8e!lf
THURS. JAN. 10, 1882.
The Taxation or Mortgages
Ohieciiyely Considered.


nudge pretty we'll by the different po-
,tions held by them, how and why
members of the Maryland Legis AZURE
may be expected to act in the matter
There are three sets Of thinkers on the
question Of the taxation of mortgages,
but one Of which may be supposed to
view the matter from else than a sell
fsh standpoint.
The three divisions Of taxpayers in
terested in the matter are
First; capitalists, whose money ism
vested in mortgages:
Second; Owners of property nnon
which there is debt secured BY mort
gage.
third; Owners Of property upon
which there is no debt and capitalists
whose money is not invested in mort
cages.
These three classes will cover and
include all the voting and t"xpsvins
citizens Of the State ard an insight
into the desires most natural 10 each
claes AMI computation of their M
.aericsl strength will at once and read,
ilv solve the question as to the pom
larity or unpopula.ity OF the measure
md to carry the same method into thu
holy Of men composing the Maryland
Leg stature will readily solve the
problem Of what thew NAV be expect
I'D to DO OF the first If the three
classes, little may be said, from the
fact that no one prDsum's to anrrose
that anv one would I've better satisfied
TO pay taxes than not to do it, So
long as it is possible to retain tho law
pxemptlng mortgages from taxa
ton, the first named class may be cal
rulsted upon 10 remain satisfied and
their influence against its repeal may
be AZ safely relied upon.
Cast up this class in the Legislature
and set down their number as so ma
NJ votes against the repeal Of the ex
istng law.
OF the second class, more may ba
written. With them il is equally a
question Of self.interest and The prob
lem to be solved by them is, whether
or not they dare risk peremptory
demand for the payment of the mort
gage debt, for the advantage that
would accrue to them IN the tighten
ing of taxation by extending the basis
TO money invested in mortgages.
While many Of this lass reason intel
ligently against the nstlce of the eS-
listing law, it is none the less the UNI
versal conclusion drawn By them.
that should the taxation Of mor'gtg es
lead to the withdrawal OF the pltal
80 invested, it would utterly and at
once ruin them and that it is prefrra
BILE that high taxes should be levied
and paid, than that sudden demand
should be made BY the igages.
Such conclusions are founded upon
the presumption that Immediately
upon the repeal Of the exiting la y
exempting mortgages from taxation
that such movement would occur IN
carital. While there doubtless would
be instances Of such action upon the
part Of mortgages, we are tar from
being Of the opinion that it would be
general, or even to such an extent tc
cause noticeable disaster, from the
fact that money in this country is moi
worth FIVE per cent, when the secnri
" is undoubted, and United States
obligations can not be more pernA
nent and enduring than mortgage
on fee si,oplr property. Again, Their
is more capital in the county to day
than government bonds and lesirima'
mercar tile and nanutact pnr
suits offer employment and next t.
them in pointo OF constancv OF resonrc
and far in advance Of them in con
stancv of value comes the agriculture
interests, which would be those mo.
injured by an injudicious ateps in tn
matter. With the second class
would be therefore a calculation {
chances, as to the probable course thu
capital would take and a kDowlede
of the worth Of money in the countr
taken in connection with compariso
of the value Of the various secnriti,
offered to investors, is the sole grount
npon which this class may hope
rest fair estimate OF the chances Il
betterment or worsting of their pos