The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1889-09-05
Two Ways to Boom Vermont.
"poLLARs OF OUR pAppIFs. ="


The real fact is that Vermont is en-
tirely able to take care of herself. The
importations Of any number of Swedes
will have little effect upon our prosper.
ity when compared with what the rich
men of our state might do If they had
the disposition. 1t can be clearly DEM
onstrated that the large and small
capitalists of Vermont have between
fifty and seventy-five millions Of dollars
invested in the West and South. Ninety.
nine out Of every hundred Of these dol.
lars are the products Of Vermont indus
try and were made here at home. These
millions have been invested by men Of
both large and moderate means and at
best it nets the investors not to exceed
ak and one half per cent per annum.
Invested in Vermont, it would doubtless
net, il well managed, five and one half
or six per cent. per annum. The extra
risk in Western and Southerns invest
ments more than equalizes:thi small diff
ference 30 that practically the investor
might as well salt down his money
where he made it as to bet it on natural
gas or the banana crop, II the well-to-
do Vermonters would invest their seven
ty.five millions of dollars in the native
industries of Vermont, in manufactur-
ing, mining, quarrying, produce raising,
etc., every town in the state would re-
port at the next census an increase in
capital invested in thesenoccupations Of
$312, 500. What boom this amount of
hard cash would give scores upon scores
of villages all over the state5 But OF
least one third of Vermont's towns have
no facilities for manufacturing. With
these taken out of the calculation the
money invested by Vermonters in the
West and South il turned into manufsc-
turing at home would establish an indus
try in each of 100 towns with cash
capital of $468, $50 and give employment
to $1,000 hands, bringing into the state
quarter of million of inhabitants, all
earning good wages and developing into
good citizens. The rich men Of YER
mont can afford to do these things for
their native state. Once invested their
dollars would bring them better profit
at home than elsewhere. Bring the
Swedes if we must have them; but keep
the "dollars of our Gaddies" where they
will do Vermont the most good,-St.
Adams Sentry.
DOUBLE TAXATION,
1t is all well enough in ist way to en-
courage immigration into Vermont
though for the matter of that immigra-
tion doesn't seem to be in any great need
of assistance. for one-third of the whole
population of our state is made up Of
people of foreign birth and their child
ren-but it would be much more to the
purpose if we could fix things up 30 that
Vermonters could stay at home instead
OF being driven off to the West.
For one illustration of thepIesent con-
dition OF things, one. half of all the
farms in Vermont are under mortgage,
and in no small proportion they are
hopelessly mortgaged.
How does the state help these embar'
raised farmers?
Why, it calmly proceeds to tax their
whole real estate, and the hapless mort
gagor is obliged to pay taxes both on
what he owns and on what he doesn't
own. No wonder that the Vermont
farmer isn't prosperous, when his nose
is applied to the grindstone in this
fashion.
BY way of illustration, suppose cit
izen has farm and buildings of the as
sessed value of $4,000 and upon which he
pays taxes. He hires $1,000 and secures
it by mortgage upon his property. How
does the taxing power Of the state then
deal with this changed condition 1t
taxes the farmer for his whole property
as before the mortgage and it taxes the
holder of the mortgage for its amount,
$1,000 as personal estate. 1t isplain that
the state imposes thus double tax upon
the amount of the mortgage. The mort
pays tax on it; which is as clear case
of double taxation as ever existed,
What is the remedy? Very simple.
Tax to the farmer his interest in the
farm, which, since the mortgage, is $1,000;
and tax the other half to the MORTGAGE
for his interest under the mortgage, and
abolish the taxation of mortgages as a
part of his personal estate. Now, why
cannot our Legislature take hold of this
matter and apply the remedy which both
law and justice demand?
The wrong has not become right, nor
because 1t has been long en-
dured. Real estate has never escaped it's
full share Of burdens. 1t cannot be put
in the pocket or otherRlse cG9Geala6a
State, and thus escape the gatherer.
Unincumbered real estate, therefore,
has ordinarily more than its share of
burdens. But when the owner becomes
unfortunateand has mortgaged his prop
erty, the state steps in and adds to the
owners burdens. This is not only, I'M
just, but it certainly looks cowardly,
This ubiquitous system-a system of
legalized extortion and robbery-is large
~ responsible for the present depression
Of the agricultural interest, for the
abandoned" farmes and for the emmi-
grafton Of hosts of our brightest and
most progressive young Vermonters to
other states.-St. JohnSbury Republican.