The Douglas independent. [volume] (Roseburg, Or.) 187?-1885, 1883-06-16


In connection with the foregoing law
it should be remembered that the Re-
publican members as well as the lead
ing papers of Portland, done all i'll their
power to defeat it and prevent its pas
sage, when before the Legislature.
When the law was pending before the
Supreme Court these same journals
were filled with unfayorable comments
We give below extracts from labored
article in the Oresonian OF Juue 9th,
which reminds one of special pleading
and shows the length to which lesd-
ing Republican journal will go to furth-
cr the interests of the moneyed power,
and against the rights ST the people:
81 Fred. Clayks, on being called on by an
Oregonian reporter about the matter gave
the following statement: The condition Of
the real estate market at present is similar
in Ill respect to that of the two preceding
years at the same season, as can be seen by
the county records, or more easily by the
condensed records in apr Office The
mortgage tax law is operating unfavorably,
but chiefly on country property. Country
members of the Legislature made the law
and they will find many of their constituents
Ia great straits before they can have an op-
portunity to amend the act, from which they
will suffer-"
"Ths reporter then called upon the prin-
cipal bankers of the city, with the following
result.
"Mr w. S. Ladd, of the firm Of Ladd G
Tilton, said: We have not loaned any Of
our own money ON real estate security for a
long time, because We have not had any mere
than was necessary for commercial purposes.
We have loaned money on mortgages for
outside parties, but they are not satisfied
with the present state of affairs, and we will
call in their money as fast as possible. The
new law taxes mortgages at their par value
while real estate is taxed at only from 40 to
80 per cent. of It's value. This is too great
discrimination against the money lender.
We will lend no more money on zeal es-
tate
"W. V. Spencer of the Portland Savings
bank, said. Our money is all loaned out,
much OF it on real estate. We would rather
have it in hand than loaned on mortgage.
We de net propose to oprress people but
will get in our money IS soon as possible, as
we can loan it in other ways to better advan-
tage. The principal objection to the mort
gage tax law is not to the intent OF the law,
which was to equalize taxation, which it,
| however does not do, but arises from the
fact that the law has the effect of taxing
money loaned on mortgages higher than if it
were invested iu real estate. But what we
most of all object to is, the amount of trouble
| caused by the requirement of the law that all
| payments must be recorded on the margin of
| the mortgage. We shall get all our money
| loaned on mortgages in as soen as possible.
There will be plenty Of places to put it when
| it comes in.'n
William Reid Of the Oregon and Wash
ington Mortgage and Savings bank said. No
new mortgage business viii be entertained
from the city of Portland. We will. how
ever. fulfll all building agreements to loan,
made before the decision of the Supreme
Court. It is impossible to loan on Portland
mortgages at 10 per cent, because the taxa
| mere is three per cent, and with contena-
| plated river improvements may 90 to 81 and
possibly to 4 per cent, SO that 6i per cent.
would be the lenders return. That is not
the nest serious objection. It is this. ia
loan is made on city property for Eve years.
| no man can tell the net return he will get
| each year, because be cannot see what the
taxation will Be made each year, ahead. for
Ave years. do noe object to . tax Of enc