Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-10-17

form of an illustration. It supposcs
young man, \, without means, b owning
$500 of real estate and G owning $500 of
merchandise uncncumbcrcd and it con
tnucs
suppose the young resident gave his
mortgage for the fun amount of his pllr-
chase Iof 81, $500 suppose this minia-
turc community raised sixty cents ON its
grand list, the average rate by cN-iOvcr-
nor BarStOw'S estimate Each members
property tax before b sold the little place
to y would he as follows:
\, without means Observation-Disclosures. ca OO
Is, $500 ON real estate. Observation-Disclosures. 50
&, ON $500 merchandise, uncncrnbcrcd.S 20
Now \ buys the little place of b and in
payment the latter takes the formers note
secured by mortgage This community
again raises $3.50, but the rate is reduced
under the existing law to forty cents ON
the grand list and each member paws taxes
as follows
4, ON real estate. ........ ........... 50 20
I}, ON $500 mortgage note. .......... 3 20
{, ON @Sln merchandise, uninCumbcrcd 3 %
The grand list has been increased fifty per
cent and the rate of taxation reduced one
third
In the llutchmdH'S supposititous case
ii is true that the grand list has been in
creased FITS per cent, but it is equally
true that the property has not been in
creased in value at all. Therefore some
hodU has to pay Il tax not only upon the
property, but upon the fifty per cent add
ditional. Who is that somebody. Not
the mort gagrc. certainly In every such
case the interest is fixed at certain per
cent with an agreement that jhr borrower
shall pay the taxes or Il higher per cent if
the lender is to pay them. The taN upon
the mortgage as we'll as upon The real cS-
tate i, therefore paid by tine borrower:
and the UuicjJHdH'S little table should bc
corrected SO as to read like this;
\. on $50 real estate .............. ..... 80 80
Is. ON $500 mortgage note. ............... u m
I, ON $500 merchandise uncncunbcr"d.. ~
The entire burden rests upon the Dor
rover. That the farmers of Vermont
have submitted to this sort of thing for
So many years is due, first. to the conscrv-
atism of our people, and, second, to the
strength which ON established order of
things naturally possesses. No matter
how gross the wrong, if it has become
Hrmly intrenChed as Il custom it requires
IA tremendous effort to dislodgc it, And
we may add that in this reform. as in all
others, the reformcrs are called upon to
defend and maintain the vcriest truisms
of Common-scnsc and honesty as though
they were new untried and dnnurrnus
ideas.
Inc "t"'W"H seems To haNea curious
notion that the reform was invented and
patented by the Free Press. such is not
the case, but we are proud to say that we
have advocated it at any time these twenty
years. The Connecticut law relieving
mortgagcd real estate from double tax
alton was enacted in 1870: the Masachu-
Lam. l,,,.l.. ,1,,.,., ,.,.,,,. i.I
1V''H ID" "'''N ".''N ''''e' He"'H' AL lne
leaulllE papers ol inns country FAVOR the
reform. 1t Is supported by every modern
writer of importance upon Socio -uolitical
,,,ttnr- thai j.. l,..vnr, Au,o,.i,.,,, written.
NV
I"I III I"'-'""u' P'IN'''h property l.
not taxed at an, except mat there Is
AN income tax Some time or
.nihrl. NrIluuut viii inin fine u,,,cD..i,,, .
l.,, l...l......, i.... =; &C.,. ,.,..I,I
~ INNS - nv
worse II VIII ne l"f our Struggling FARMERS
ANA mechanics.
We Subiuin. a> Interesting and valuable.
q brirf di.rr..i,,r nf tbn .ul,i.ct I, tina
p..'+,,. Ii..,,j,J.
PoN''" ~ '''t'
Ihr report oi the legislative committee
ON taNatI"n' IaN"iIh- me repeal OF what
- VIZ ,i''' - Nl''N - Nv ''ll'l '''"'t ''tN
. allpn law, Is a striking instance OF thccN-
IRENE ullncullY with winch an uId abuse
Is crushed our OF existence. The old law
was Il positively bad one. 1t inflicted up
ON those VINO c"uld Ill afford to stand the
STRAIN ol me expense the burden OF double
taxation. The owners OF small tracts of
real estate who carried mortgages upon
them, were compelled TO pay tax not
only upon the assessed value Of their
property, nun also upon the money
they borrowed upon II. 1t is true
thai tins latter tax was not di-
rectlN imposed upon then, for 1t
was nonlnally collected from those who
loaned the money Dul IN reality the Dor
rover pald 1t IN the increased rate of i'll
tereNt that was extracted from him This
. TACT was mate apparent when the law was
repealed, tor since that time there has
been decided decline in the rate of in
tereSt charged for mortgage loans, ana
those who were once compelled to pay
from to per cent per cent per annum
have been able since the change To get the
money they wanted at the rate of from /
To 81 per cent. The benefits of the change
would be still more more apparent if the
al "A inn "a lad