The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1893-05-06
HANCOCK, N. Y. Jan. 10, 1898

property lean MOST HeasHy y" ING
Farmer.
HANCOCK, n Y, Jan. 10. 1898
Balton Hall, Esq.,-Dear Sir: We |
countrymen see only the front" OF the
tax question. A capitalist holds a
mortgage on our real estate. We pay |
all the taxes on it, and 9 per cent on
the mortgage besides. If by any rare
accident the capitalist is ferreted out
and taxed for his personal, he walks up,
uncovers, and perfumes himself like the
prince of Wales. Of course he ought to
be hung for it, but isn't The people
would be in favor of any plan that
would tax personal property. l don't
see how, according to your platform,
you can expect farmers to indorse your
plan Respectfully.
CHAs. T. WHITE,
Publisher Hancock Herald.
CHARLES 7. WHITE. ESQ.,. Hancock,
N. Y.-Dear Sir: You seem to regard
the Capitalist" as an enemy to the
farmer; and, since it is this sentiment
towards money lenders which is behind
your views on taxation, it is necessary,
in replying to your argument. to briefly
consider just what q Capitalist is. He
is not necessarily rich man, for the
farmer or worlxingman who has saved
five hundred dollars is to that extent a
capitalist as we'll as the banker with
fifty thousand dollars. A capitalist.
then. is any one who has some money
which he does not wish to use, but is
willing to loan at interest lot course
he ought to be hung for IL, but he isn't.)
The rate Of interest is fixed by the COM
petition of all the owners of loanable
capital in the country, or in all civilized
countries. falling as the total amount.
of capital increases, and rises as 1t de-
creases.
Keeping these facts in view. let us
examine your illustration. A farmer
who wished to procure more capital,
for the purpose of improving his prop
erty, thereby increasing its productive
ness, found a man who loaned him the
required amount at six per cent inter-
est You certainly will not pretend
that it would be better if there were no
Capitalists" to accommodate less for
tunate citizens, nor would you claim
that the farmer should get the
money without paying for it, any moro
than he should give his horse for year
to any one who might ask him for it.
II know there are socialists who think
that the man who has been industrious
and thrifty should have his property
taken from him for the benefit of those
who have none, but you are not of that
class So far there has been no change
in the ownership of the farm. The
farmer has both farm and money, the
lender only piece of paper as evidence
of his loan. Why should the latter be
taxed? Because he has conferred a
benefit on the farmer, to enable him to
more profitably work his farm? Or is it
because the accumulation of capitsil
ought to be discouraged by fines? In
the latter case, what would be the re-
suit on the increase of capital and the
rates of INTEREST,"
You probably know that at the pres
ent time, while farmers in your ses:tion
of the state are compelled to pay per
cent. interest, money is loaned on real
estate in this city at per cent This
difference is due almost entirely to the
fact that very few mortgages arc
reached by the city assessors, while il
is easy to assess them in the country
districts We're it not for the probable.
| ity that their investments would BE-
taxed. large financial institutions would
gladly loan money throughout the state
at per cent or less, then benefitinp
the owners of the rural real estate fal
more than does the very small amount
of taxes which can be collected or
mortgages. 1t is true that persona
property tax laws encourage per
! jury; another reason why they should
be abolished. We do not only expect
but know. many farmers who endorse
our platform, because they are confident
that the result of exempting capita
from taxation would greatly stimulate
its production and investment, thus re
ducing the rate of interest, increasing
the value of real estate, and in genera
improving the condition of the farmers
We want to see all the farmers rich
and we think one of the best methods
accomplishing this would be to stol
taxing capital.-New York Tax Reform
Association, by Whidders Graham
FOOLISH TAXATION SCHEMES