Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1886-12-10
SENATE BILL 81.
\ Biil for the Benefit of Farm Onwers and
its Merits.

To the Editor Of the Free Press:
Surprise has been expressed that bill
presented TO the recent Legislature de-
signed apparently for the benefit Of farm
owners should he refused passage by
that body, Comuosed ~ il was 80 largely
of farmers. This b;ll passed the Senate
and came to the House for concurrence.
1t was referred to the grand list commit
tee OF which Mr.. Batter Of Essex WAS
chairman. where it was discussed and
considered in all its bearings, with the
legal counsel aud ability at hand, and re-
ported to the House. Here after an able
and long discussion, the third reading
was refused. That the readers of the
FREE PRESS may ne enabled to form an
intelligent iudgm Mt in regard to the mer-
its of this bill the more important sect ions
are here to Suhjoined.
Sec. |. "All dcuts due, evidenced 10y PROM
lsory notes, secured 10y mortgage or condi-
tlural dccd on real estate within this State,
b urn- rJt. of interest not exec. lns ~
per cent annually, shall be cNcWp' fir m tax
so soc re where uu rate oi interest ~ IA cher
rate tuap ia pr &C. Is spec Irl u ~uch
notes, may awe I. O. been 'n "a t.,S acct hY cN-
ccutng tO Tine pr->uu legally l.uII To- pay
such d 1T, an agreement ia wr.iHr, rAcrcn
cuu>cutinE Tea kc as mi. r-,t a sam rHt rY-
cvcdn4 t'e percent annually, ANA such writ
heirs aud assigns
Soc. .. Provides thar loans made hv savings
banks ant trust companies. secured by mort
gaze at rate as in sec. | 'shti be deducted
from the amount uunn which such institution
is Liable to pay "A stare fax
Sec 3. Requires a lit in the inventory of
all such debts, amount name auG residence
of the person, etc.
See /. Provides that persons receiving more
than 4le per cent "n money 50 exempt snail
forfeit al the interest.
See :. mo offset ON personal estate shall he
allowed on account OF indebted cSs oNlsting
under the provisions of this act
The main ppiutS Of This hill nrp these
First, money loaned on mortgage security
at a.. per cent, shall he exempt from tax
alton. So far as this provision applies, il
| Is in favor Of the money lender. rs the
range of taxation in Vermont towns is
| from ~ cents 10 $50 cents on the dollar
The average rates in AL the towns for the
| last two years being fraction over l25
ceutS-aud. savings banks paying to 5pcr
cent lnterest-each mOney lender can de
! termine the margin Of favor this bill
would give i'll his locality, over the pres
ent method of loaning money at & per
cent subject to taxation, or depOsitinS 1t
| III savings banks at to per cent. sec
Ond, no offset for debts can be had on per
sonal property, when money is hired ~
! 10y this bill. by our present laws, an OIL.
set is allowed Finally, II should
! be considered that taxes RENTED
by This bin on loans at a. per cent
| either by savings banks or any persons,
and withdraw from tdNdt. lon, must rt u.ee
be rel"id on the real aud personal estate
| not - eNelupt-7O that Whatever measure
/ of relief from taxation is granted To tne
/ money -leuder by tins h.Il, hy - uu,n IN
/ due proportion, is the burden of U.N1.lun
/ increased to the laud owner. u any
| reader Of this paper is endowed with sut-
/ hcient power of dlsCernment to discover
and expose To view any meat in this bill
| for the relief of land owners he Will re-
celve the thanks of u FARMER.