The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-09-25
'sl78, zl3,580.40

A Conservative Estimate Of the Mortgage
indebtedness of Ramsey County.
Facts that will Open the Farmers Eyes,
and make the Mortgage Holder
Squirm.
The 9Th plank in the Alliance plat
form reads as follows:
ssThat we hold that mortgage in
debtedness should be deducted from
the tax upon realty, whether such
mortgage is held at home or abroad,
and we ask such laws as will make
the hidden property pay equal taxes
with the visible property"
In accordance with the above Sem
ator Donnelly, of Dakota county, in
troduced bill in the senate during
last session, and Representative W.
81. Trip, of Hennepin, introduced
one in the House. Both bills sought
to carry out the above object, and
differed but little in the main, tho
there was a slight difference in the
details.
The House bill was taken entirely
from the laws of California, and pro-
vided that for the purposes OF taxa
ton mortgage should be held to be
an interest in the property SO mort
gagged, and should be assessed to the
owner as an interest therein,-while
the mortgagor, or owner of the prop
erty, should be assessed on the value
of his interest in the property after
deducting the mortgage. Thus, for
example: A, owning a piece OF land
valued at $4,000, gives a mortgage
thereon to B. OF $4,000. When the
assessor comes round B is assessed
S., 900, and A is assessed 5000 in
stead of $4,000 as at present, and
each would pay only on the interest
he actually owned, and no more.
Now, suppose that "a should fail to
pay the tax on interest of $4,000; B
was allowed to pay the same and
add the amount to the debt secured
by the mortgage, and if B. should
fail to pay the tax on his interest Of
$4,000, A could pay the same and
apply the amount as part payment
of his debt due on the mortgage.
By such method the state was
amply secured in the collection Of the
tax on both interests, neither party
paid on an interest they did not own,
and each was amply secured in case
the other failed to pay his share OF
tax due, hence it was in no sense
either unjust Or double taxation as
under the present system.
Mr.. Donnelly's bill was defeated on
a vote in the senate, and if we re-
member Alright Mr.. Trips bill never
saw daylight in the House.
The corporation and bank attor-
neys in each body were morally GER
tain that the Alliance did not know
what they either wanted or needed,
and evinced a wonderful solicitude
for the borrowers of the state and
were fearful that they might have a
greater burden to carry. Let US
briefly review the subject, and take
only the county Of Ramsey as an ex-
ample.
To attempt to give an exact state
ment of the mortgage Indebtedness
would be a herculean, if not an i'm
possible, task and would take at
least three months time, at the end
of which, for many reasons, it would
then be only an estimate.
We have however endeavored to
make a reasonably fair and accur-
ate approximation. One that is un-
der, rather than over, the total
amount of valid outstanding mort
cages in said COMMUNICATING out
the county, city, and railroad indebt.
edness.
In round numbers said county has
$50 books Of mortgages, and if We
take, hap-hazard, ten books be
tween 46 and 1O7 no one can say
that we are trying to take either the
latest or largest mortgages.
Now, all must admit that in the
later books will be found not only q
greater number of unsatisfed mort
cages, but larger in amount as well
because the property of late years
has enhanced in price, if not in value
and the mortgages are of necessity
more numerous and larger in
amount.
| Taking, then, ten books, between
46 and 1O7, and turning over page
by page, examining carefully to see
whether any satisfactions have beer
noted on the margin, we find that
out of ten books so examined the to.
tai amount of mortgages named
thorpin an6 11pco ficGo1 on Tho mo ~