The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1883-10-24


No. Ia, and it provided that;
All mortgages upon real or personal !
property within this State shall be ex.
empt from taxation.
This was too outrageous proposition
for even the Senate that re-enacted the
Five County Act to endorse, and it was,
after heated contest, defeated, but Leon
Abbett's vote and voice were always in
4 its favor.
The defeat of this straightforward pro-
position to accomplish the object of the
money leaders did not end their efforts.
In the rush Of the closing hours Of the
Senate, Mr.. Schultze, Of Ocean, intro
duced, the day before the final adjourn
ment, Senate No. 178, "a further sup
plement to an act concerning taxes"
which would have made that law author
ize the deduction from individual assess
ment of any debt or debts bona tide due
and owing from such individual to credi-
tors residing within this State, mot secWr-
ed by neortgaqe on real estate" This was
accomplishing, under mask, the same
thing which Jarrard's bill had openly
proposed, but the mask was too thin,
and it was defeated. Mr.. Albeit, how
ever, was one of eight who voted for it.
Not yet satisfied to accept defeat, the
ney-enders, in the very last hours of
the session, made an attempt, in the con-
| fusion, to have this bill No. 178 reconsid-
cred and passed. Their effort was futile,
| but Mr.. Albeit voted in its favor again.
In order that it may be more plainly
apparent just what was the nature of this
Five County Act, aud that there may be
seen to be no suspicion of prejudice or
partisanship, the opinions upon the sub
ject of tho Trenton True American have
have been collected. This paper certain
ly cannot be accused of being prejudiced
against Mr.. Albeit or of being likely to
denounce him, except under just provoca-
ton. Columns would not contain all
that the True american has said against |
this bill and in denunciation of its authors,
and abettors. In this matter, at least, the |
True american has stood up squarely for |
the masses of the people, and it is not d.
fficult to appreciate its disgust at now |
being compelled by party interests to
come out in support of the leading advo-
cate Of the measure which it has SO tren-
ehantly and justly denounced. The Elk.
tracts printed below will serve to show
how fervent and wbole-souled was the
True Americans advocacy of the peoples
interests in this matter
DEMOCRATlC ORGAN ON THE BILL
In one place it refers to the Five County
Act as zone of the most obnoxious un-
just and oppressive acts ever put upon
the statute-book of this State.' Fur
Their, it says of it.
The protect of the advocates of this act
was that capitalists would not invest in
bonds and mortgages in those counties if
they were obliged to pay the tax on them.
The effect was and was intended to be,
that in other parts of the State money
could hardly BIO obtained on mortgage Sc
curities at all without the payment of
large bonuses or 'shaves,' and the bor-
rover was placed entirely at the mercy of
the lender being obliged to submit to his
terms or pay up, and thousands of dollars
that had been leaned in other parts OF the
State were called in and placed in those
'.iive counties.
In another place it said: "This exemp-
tion was sought in favor of the wealthy
and against the poor and laboring classes"
As to Levi ID. Jarrard's bill, which, al
though it failed to pass, was eloquently
and voted for by Leon Albeit,
the True American said
This bill went further than the Five
County Act. II not only erempted mort
cages on real estate bat on personal pro-
perty also.
Not only did tprohibit the farmer and
every house owner from deducting his
mortgage Indebtedness, but it included
every mechanic, manufacturer or other
person who may have been compelled by
his necessities to give a chattle mortgage
on his personal property. EXEMPT ALL
MORTGAGES ON REAL OR PERSONAL PRO-
P.GaTy" in tho hands of the holder and
make the debtor pay the tax mo more
atrocious proposition was ever made in
any Legislature"
Again the True american quotes APP
provingly letter from DIR. Franklin
Smith, "a prominent and intelligent citi-
zen of Sussex county" who says:
SOLID MANS OPINION.
''If ever there was any excuse for this
law, the abundance of capital now seek
ing investment has rendered it unneccs-
sary at this time, especially in our agri-
cultural community. Well-informed per-
sons whom have spoken to on the SUBJ
ject agree with me that the real estate
of New Jersey is mortgaged for at least
one-half of its taxable value, and il this
measure shall pass, in order to raise the
same amount, the tax on all property
would be doubled. Men who find it very
difficult to pay interest and taxes with
their debts deducted, would find it quite
impossible to pay the mortgage holders
tax also, and inevitable ruin would be the
consequence. II nothing is or can be
done to stop this uuwise and iniquitous
measure from becoming law, we will find
out, when too late, that the most dam
aging blow has been struck against real
estate that ever paralyzed an agricultural
community. We should urge upon our
members in the Legislature to vote against
any such law, and to appeal to the men,
bers from other parts Of the State not to
fix this cruel, unjust and oppressive law
upon their constituents"
The True american itself edtorially
puts the case not less clearly or vigorous
ly against this favorite bill of Mr., Alb
belts, when it says that under 1t
"Yoa would be compelled to pay tax
upon your farm, your house, your house
hold goods, your kit of tools, or your only
horse or COW or pig, although they are
mortgaged for all they are worth, while
the rich holder Of the mortgage pays
nothing"
The True american is slightly un-
grammatical, but its meaning is clear
enough, that this bill, which Albeit tried
so hard to get passed, was measure
which would have oppressed the poor and
the laborcr for the relief of the rich.
In still another place it speaks of one
who voted with Mr.. Albeit in this mat
ter as having ''investments in mortgages
and similar property" which sled him
10 the Legislature to endeavor to secure
the shifting of the burden of taxation
from the holder of the mortgages to the
owner Of the property mortgaged, so that
the former might escape taxation aud the
latter be compelled to pay from eight to
ten per cent. interest
Again it speaks of it as ''an ubiquitous
measure" which those who voted for it
''had done all 10 their power to fasten
upon the taxpayers of the State
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