Middletown transcript., 1891-02-26

zen is guaranteed the same measure Of
protection by the State though he
pays no tax, as falls to the lot of his
less fortunate naishbsr who Is pos
sessad Of lands Or houses. This is
contrarv- 10 the spirit Of fairness which
IS supposed to permeate everything
American.
when man has accumulated wealth
he does one Of two things: Ire either
converts it into cash and loans it to
bia less fortunate neighbors or he be-
comes nossessed of real estate of some
hind In the first case he is free
from fax of any kind while in
the second case he is subject
ad 70 tax-rate high enough to pay
not only his own, but his neighbor's
inst dues to the State. A certain
amount of money must be raised each
wear for necessary governmental ex-
nenses and it seems right and proper
that each man whose property, of
whatever kind, is worth $1,000 should
nav the same amount of tax.
we have been informed in a private
latter commenting upon our editorial
of last week on the subject that
g there are two sides to this question. j"
OF this we are well aware and we have
endeayored to give some of the Fea-
sons why the question should receive
close and careful attention at the pres
emit session of the Legislature. There
is constantly cry going up that if
mortgages are taxed capital will be
driven out of the State, that money
lenders will place their money in some
kind of securities which are not taxa
bic. that the rate of interest will have
to be increased, that those real estate
owners who are borrowers will be
compelled to give up their holdings
and leave the farm. thus swelling the
numbers of those who are driven out
of a business which should be pleasant
and remuneratiye.
There is really some danger that
change in our system Of raising reye-
nue. may cause trouble in some cases.
There are many mortgages now secur-
ed by land which, If foreclosed, would
cause loss not only to the land-own-
er but also to the holder of the mort
gage. To all persons SO situated the
Of the bill now being consider
ed would be disastrous. Any change
which will drive capital out of the
State will cause difficulty in obtain
ing money heretofore unknown.
What we want to know now is, will
the enactment of the law asked for
have such an effect ? This question is
q hard one to answer and at the best |
is surrounded by many uncertainties. |
The formation of trusts in late years
has been brought about by monopo-
listic tendency it is true, but the ten
dency toward restriction by legisla-
tion, Of the operation ms of capital has
also done much in this direction.
Another danger which besets the bor-
rover is that these trusts may finally
become the only money-loaning. insti-
sutions who will loan their money on
arm mortgages if such is ever the
Ease the borrower will then have to
reckon with power far greater than
he money-lender of to-day.
The formation of these trusts is
natural consequence Of our tariff sys-
EN- so far as the various trade trusts
ire concerned, such as the Standard
Dill Company and some others, and the
,eople have felt their power to an un-
pleasant degree, but how much greater
will be the power Of the trust which
controls the home which shelters the
armer's family. 1t is only just and
roper that wealth in whatever form
hould help to bear the expenses Of
he State, that no particular class of
property should pay all the tax. In
he consideration of this question the
will Gnd it hard to do JUS
ice to one interest without trespassing
lpon the rights of others, but the bor-
owing class needs relief and should
ave it.