The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1888-02-03
Jas. Il. Kenly thought every man ought to pay

Jas, B. Kenly thought every man ought to pay
his share Of taxation. but IL mortgages wer D
taxed he doubted whether farmers would be re-
Iieved II they should b. taxed hG would like to
gee the land exempt borrowers are usually men
of ENTERPRISE and add to the prosperity Of a
country. but when man has money enough he
Is ant to take things easy
Johns II. Janney was de- idodly opposed to tax
Ing mortgages, for the reason that the borrower
always has the tax to pay. Tho fewer obstacles
TO lending money the moro capital Will come into
our State and the lower the rate OF interest viii
no He was also opposed TO the usury law. 1t Is
not carried out, except where no contract Is made.
for sometimes no more than or per cent. can
he obtained and at other times money commands
s or o per cent. interest. III you tax mortgages
and px ,mpt property TO the same amount moth
ing will be gained. No tax system has ever been
devised to tax all alike. The nearest 10 equality
would be a tax on incomes. Ii man has large
income he can afford TO pay large tax and II
his income IS small he need only pay IN propor-
can favor the taxation OF mortgages, since IL
would make II more difficult for them to borrow
money and consequently increase the rate OF in
terest III farmers would pay their mortgages
when they become due they would nave no diffi-
Guilty in borrowing money Mt the lowest rate OF
Jas. LIZ was also decidedly opposed TO the tax
ton Of mortgages, because the borrower would
have the tax to pay and 1t would make double
Harry Wilson said every man ought to pay his
share of taxation, but II you tax mortgages IL
will be a double tax. A law taxing mortgages In
Maryland would drive money out OF the State
ami then borrowers would have TO pay higher
rate OF interest thAn now.
Thomas A. Hays thought mortgages should be
taxed and property exempt To the same amount.
Taxing incomes would he just way but diff
cult to follow up The list would show many
liars and poor people,
s. NJ. Bayless opposed tho taxation OF mort
cages, but thought these who hold mortgages
should pay something III mortgages were taxed
the borrower would have to pay the tax.
Il. NJ. Allen said the Constitution OF the State
and natural justice require that people should be
taxed equally. 1t had been said. yon tax mort
Cages you drive capital out OF the State but our
observation OF States around us shows this Is not
so. In Pennsylvania, where mortgages are taxed,
money can be borrowed at 4 to per cent. The
present syetem taxes some men doubly and
even trebly. The general objection to taxing
tax to pay. II they are taxed at least you give
the borrower n chance to escape paying the tax
uuon II while now he Is compelled TO do 1t. IL
they were taxed and their sum deducted from the
assessment OF those who owe them, not one in
fifty would DO called upon to pay the tax. since
money Is plentiful and no man would care to dis
turb good investment. He would, IL he had the
power. destroy the usury law, which encourages
perjury and lying. Without 1t there would 20
more prosperity. He did not regard an income
tax as just, because often 1t is tax upon mans
industry and enterprise. Money ought TO DO
taxed and 1t Is petty piece Of swindling upon
poor people that 1t Is not taxed in Maryland.
On motion Messrs. John Moores. VIM. Munnik-
huysen, VIM. +. Hays and Judge James d.
Waters formerly active members. were elected
honorary members.
In addition to those whose names are mention
ed there were present Rev. Nr. Fitzgerald,
ID. ii Barnes, 6. II. Milton, Robert Stephenson
and John Il. Bayless.