St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-20
UNJUST ALL AROUND.
"A Correspondent Sees Disaster il
Two or Three Measures.


Two or Three Measures.
TO the Editor of the Globe
Can it be possible that our legislature
will be so blind to the interests of the
state and their constituency as to pass
the bills Row under consideration regu-
latng the rate of interest and the TAXA
ton Of mortgages? Can they not fore
see the disaster TO the state and the
dlrest injury which they would thus i'll
1llct upon the very class of people
whom they seek to protect and relieve ?
mat there is gross injustice prac-
tlced upon the masses of the people by
the evasion of taxation by the rich is
evident to all fair-minded and patriotic
citizens. and it is a great shame and dis
grace TO the free people of this great re-
public that this inequality has been so
long tolerated by the people.
we demand an equal taxation upon
all values within the state (eXcepting
some necessities that are now exempt,
and the Justice of this demand is as
valid against the money secured by the
property as against the money actually
invested in the property. AS soon as a
mortgage is placed upon piece of
property there are two vested interests
III that property, two equities, Just as
much as if it was owned by two equal
partners. and both should be taxed
alike, and neither should be taxed sep
arately for the benefit of the other.
The assessor should make d separate
assessment and entry for each of the
equities represented, and a receipt for
the taxes paid on the mortgaged equity
III the hands OF the occupant or possess
or OF the property should be legal ten
der i'll the payment of the interest due
at any time on said mortgage as far as
it would apply.
This arrangement would be Just and
equitable between the parties, and in
accordance with the general principles
so we'll established OF taxation and rep
resentation. And the tax would thus
accrue to the benefit of the state and
community Offering the special induce
ments for profitwbIe investments.
The law declaring that real estate
mortgages are personal property is alb
Surd, and should be repealed They
/ nave no value in themselves, but are
simply the representatives of equities
III real estate. What more is a deed of
the property? But the usury law
should be repealed. There is no reason
why man has not the same right to
charge 10 per cent or l. per cent per
year for the use of his mon
ey that another man has to charge
81 OF - day for the use of a team and
wagon in which his money is invested.
What is the difference in the right and
wrong of the case. whetner invest my
money in farm and then fix my own
| price OF rental. or loan the money to the
wonld-be tenant and fix my own rate OF
interest?
If there is a Iogician under heaven
that can give any logical reason for es-
tablishing a compulsory price, or a
rate, i'll one case and not in the other,
| should like TO hear from him.
10 illustrate: Two men start out in
life without capital. They each work
five years on Il salary, and at the emf of
that time each has 81 COO One of them
invests i'll a small garden or farm and
/ the necessary implements with which
10 cultivate it. The other holds his
1 money for an opportunity TO put il out
Oh GOOD security for the best rate of in
terest which he can get. In one case
the produce raised from the farm or gar
den. or the money received therefor. is
the result of the labor of the man: and
in the other case, it is represented by
his saiary,if he continues in service. and
the interest received oil his previous
earnings. and you have Just as good a
right 10 fix the price ON a bushel OF corn
or potatoes raised by the one as YOU
have to fix the price for the use of the
earnings OF the other.
That there should be maintained Sc
we're and stringent laws against the
practice OF deception and fraud upOn
the ignorant and unwary we readily
cOncede. And that laws should be ell
acted to protect the people from suffer
ing at the hands Of wealthy syndicates,
corporations. trusts, or individuals who
seek to control the price of any COM
modities for speculation at the expense
OF the consumers. we will also concede.
But any attempt 10 fix values by legis-
latlon Will always prove to be a failure
in the majority of its applications.
Hence the dangers unprecedented from
the passage of the silver bill. Had con-
2resS passed law authorizing the issue
OF silver certificates i'll sums equal in
amount to the value in gold of the silver
deposited, then the country would have
been benefited without endangering its
financial stability. But 10 make sew
enty-hve cents worth of silver pass
as legal tender for one dollar under
the legislation of the government would
prove more disastrous than beneficial.
SO with our state legislation. ANY at
tempt to regulate values without the
ability to furnish the supply nee essary
TO meet the demand can but prove dis
aStrOuS TO the state Respectfully yours,
ID. Is. Cook.
St. Paul Park. March Is.