Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-03-02

opinions briefly, and they win be published or
discussed In their turn by the editor Or by menu
ton Society, This once or p. o. Box q. Buff
falo, u. W
SHOULD CAPITAL BE TAxED7
Some Reasons why Taxes ON Personal
Property Lean Most Heavily on ths
Farmer.
HANCOCK, N. Y, Jan. TO- 1898
Balton Hail. Esq, Sir: We
countrymen see only the 'front.' of the
tax question A capitalist holds .
mortgage ON our real estate. We Pay
all the taxes ON it, and per cent on
the mortgage besides. II 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. don't
see how. according to your platform.
you can expect farmers to indorse your
plan. Respectfully,
CHAs. r. WHITE.
Publisher Hancock Herald.
CHARLES T. 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 capitalist" is. He
is not necessarily rich man, for the
farmer or workingman who has saved
five hundred dollars is to that extent a
capitalist as well 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 (Of course
he ought to be hung for it, 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 it 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 man who loaned him the
required amount at six per cent inter-
est You certainly win 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 more
than he should give his horse for year
to any one who might ask him for it.
Il know there are socialists who think
that the man who hos 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
benefit on the farmer, to enable him to
more protitably work his farm? Or is it
because the accumulation of capital
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 section
of the state are compelled to pay per
cent. interest, money is loaned on real
estate in this city at 4 per cent This
difference is due almost entirely to the
fact that very few mortgages are
reached by the city assessors, while it
is easy to assess them in the country
districts. Were 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 benefiting
the owners of the rural real estate far |
more than does the very small amount |
of taxes which can be collected on i
mortgages. It is true that personal |
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 capital |
from taxation would greatly stimulate |
its production and investment, thus re-
ducing the rate Of interest, increasing |
the value Of real estate, aud in general |
the condition of the farmers |
We want to see all the farmers rich,
and we think one of the best methods /
this would be to stop |
taxing capital--New York Tax Reform
by Whidders Graham.
FOOLISH TAXATION SCHEMES |
OPPOSED.