The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1888-02-03
THE DEER CREEK FARMERS CLUB
Discuss Taxation OF MOrtgages

The Deer Creek Farmers Club held its regular
meeting, last Saturday. at the residence Of Mr..
benjamin Silver, Jr.
Moores. committee. reported that they had not
made an extensive inspection OF the premises,
but the buildings are all very conveniently ar
the club last meet there. This Is particularly
convenient. 1t has lf-closng door and way
Mr.. silvers stock Is In good condition. Mr.. Sill
veris largely engaged in canning, and packed
$1,000 cases Of corn last season.
The question announced for discussion was ia
THE TAXATION OF MORTGAGES.
Mr.. Benz Silver, Jr., said he was opposed to
eso he sad Which TAX tSe and
given, you make double tax upon the came
property. II you tax the mortgage and ex-
will be gained in the way of revenue, since
your taxable basis would not be thereby in
creased, and the lender would be compelled by
the borrower topay the tax On the mortgage. Be-
sides II property were exempted to the amount
of the tax upon 1t loopholes would be made for
the escape of the great railroad and other cor
pOrations from taxation entirely. Their property
Is all mortgaged and they would claim the ex-
empton. Those mortgages are chiefly held by
foreign capitalists and the State of Maryland
could not collect tax upon mortgage held by
citizen OF another State upon property not ly-
ing altogether in this State. IL any class OF peo-
ple should be protected In tho matter of taxation
1t is the borrowers. They are generally the bone
and sinew Of the country, who arc ambitious,
and energetic, and by their enterprise add to the
would make the last end of the borrower worse
than the first.
t. Harris Archer wanted to be set down n, on
posed TO the taxation of mortgages on general
business principles, but IL they are taxed he
would not favor tho exemption OF property
VIM. ID. Lee, James w. Hanna and the Pres-
dent, WIN. Is. Hopkins, likewise were opposed TO
taxing mortgages.
Geo. e. Silver said that while he is In favor of
taxing mortgages he would not IL he could pass
such a law without carefully considering its
effects. Ii they are taxed the property upon
which they are a lion should be exempt to the
amount of the mortgage. II the property is tax
ed to its full amount and the mortgage also tax
ed, OF course that would be double taxation. II
the property Ia exempt II is true the lender might
require tho borrower to pay the mortgage tax
but the latter would be no worse of than now
In times like this when much money Is seeking
investment the borrower would insist upon the
lender paying tho tax. He would not make IL
moro difficult than II is now to borrow money
for without money business is hampered and
prosperity checked. The people who own and
hold property should pay taxes upon 1t, but
double tax would be unjust. Ono trouble about
borrowing money upon farm property Is because
farmers are slow to pay tho Interest. Men who
meet their obligations az they become due can
obtain credit to almost any extent.
Edward +. Moores said he would favor tax ing
mortgages II there were any way to mako the
lender pay the tax but ultimately tho borrower
would have TO pay it. aud therefore he OPP
posed taxing mortgages.
Benz. Silver. ST., was in favor OF taxing mort.
cages He considered them property and as the
Bill of Rights declares that every citizen should
Uay taxes according to the amount of property
he owns, mortgages should be taxed Tho pro
ever. should be exempt, so as not to tax II
ooltly. 1t is not fair that man who converts
all his property into mortgages should thereby
escape taxation.