The times. (Owosso, Mich.) 1882-1897, 1889-05-24

sioner seems to be doing work with which
every old soldier should be content, and Of
which every patriot should be proud. The
wrongs and outrages of the Cleveland adj
ministratiOn are being righted, the desery-
ing boys in blue are getting their pensions;
a liberal construction is be placed Oh the
pension laws, and the rights of all protected.
There certainly seems to be good reason
to hope that Connecticut will soon become as
safely republican as are the other New
England states, through the efficient action
of the Young Mems Republican League.
This organization reports that it has in-
creased the number of its clubs from 23 with
membership of 4,175 in April 1888, to III
with membership of 20, 900 in April 1882
It's whispered in political circles, that
big racket is imminent in the democratic
camp in Indiana. Mr.. Voorhees, term as
Senator will expire in 1891, and it is said that
Ex-Governor Gray has his eye on that seat, and
that his head men are now manipulating the
political wires in his interest. Gray is one
of the shrewdest, as he is one OF the most
INSCRIPTIONS political demagogues extant,
and will not hesitate to do anything that
will promote his interest. AT the same
time Mr.. Voorhees, is power In Indiana,
and will not let Gray or any other man win
his place as Senator without a struggle, and
it is to be hoped that the impending fight
r In, hands
the republicans. At least as it goes on the
republicans should be on hand to take adj
vantage of anything that may rebound TO
their interest. and we doubt not they Will be
Gov. Luce has vetoed the bill passed by
the legislature repeating the law for the re-
porting of mortgages by the Register OF
Deeds to the Supervisors. The following is
the veto;
Lansing, May Is, 1889.
To the House of Representatives.:
/ very respectfully return to your BODY
for reconsideration bill entitled "An act
to repeal act number 262, public acts OF 1887,
entitled AN act to provide for reporting all
mortgages by the several registers of deeds
of this State to the supervisors and assess
ing officers for their respective counties,
and submit the following reasons for with
holding my approval:
The adjustment of the burdens of govern
ment SO that they may be equally distrib-
uted. is a task that has taxed the ingenuity
of legislators of state and nation. The long
and well-settled policy of this State has
been to tax equally all classes OF property,
with certain limited exemptions. From the
organization of our State government the
law has provided for the taxing of bonds,
notes, mortgages and other similar securi-
ties But the fact that mortgages have, to
some extent, escaped taxation, has been
cause of complaint on the part of holders OF
other property for many years. Methods to
secure the assessment OF this class or prop
erty have from time to time been suggested
and urged upon the legislature. These
efforts eliminated in the passage of the act
which this bill proposes to repeal. Wheth-
er all of its provisions are the wisest that
could be adopted is not now the real ques-
ton under consideration.
The passage of this act will be construed
as notice to holders of mortgage securities
that the effort to secure the assessment is to
be at least partially abandoned.
Either the law taxing mortgages ought to
be repealed, or every opportunity afforded
for insuring their assessment that is given
assessing officers to find and tax other prop
erty.
1t is claimed that those who hold the Sc
curities in question impose unusual hard
ships by the way of increased interest upon
their customers by reason of the enactment
<~rA In. v<xH1 T. .eI "a
to me that the law should be strengthened
and the rights of borrowers protected, rath-
er than to repeal this act. But, as under
stand it, the demand for its repeal is based
upon the demand of the money-lender for a
higher rate of interest because provisions
make for enforcing the law as it is. And
this is too repugnant to my idea of right
and justice that / cannot force my judgment
to an approval of this act. Nor is it be-
leved that the great body of money lenders
place themselves i'm the attitude of asking
others to construct court houses and burglar
proof vaults in which to safely keep a
record of their securities; or that other peo-
pie shall pay the expenses of courts that are
maintained in part for the protection of
their interests and the enforcement of their
rights.
Bankers loan money in competition with
law providing for their taxation is very sim
liar i'm its provisions, only more searching
and arbitrary than the one that provides for
the taxation of mortgages.
The cashier of every bank is required by
law to make out and file i'm the Office of the
county clerk, list with the amount of stock
held by each stakeholder to the supervisor
or assessing officer in manner similar to
that required of the register of deeds under
the law which this act proposes to repeal.
If we are induced to repeal the act of
1887 this year because of hardships inn
posed upon the borrowers i'm consequence
of the enforcement of the law as old as the
State, may not the bankers be encouraged
to impose additional hardships upon their.
customers, and the next session of the leg
islature be importuned to repeal the law
which provides for the taxation of bank
stock? If this bill becomes law, we
virtually say that we are in favor of law
taxing mortgages, but are opposed to its
enforcement. If we are about to change
the settled policy of the State in regard to
taxation, as this bill would seem to indicate,
| am clearly of the opinion that 1t should
not be done by less than two-thirds vote