Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-01-13
rnE rANArlON Or MORrGAGEs.

NltN WnlCn tue VIEWS nus ny ltt htNh
able 10 give II, one Of the bills already
introduced into the lower house OF the
Territorial Assembly IL ill.limed, i'm
polite, and unjust, and hence ought TO
be defeated. We refer 70 the measure
10 provide for the taxation Of deb's
secured by mortgages and trust deois,
and -ppealing the law Of the last Lcgis.
lature exempting such posacssiona
from taxation. Tho matter is enc
which need invoke neither party op-
position nor party support II deserves
10 be discussed on its merits; aud the
NEWS can accordingly consider II
wlthtu, any suspicion Of patlisanship.
Tho question Of taxation Il one that
has puzzled more legislative brains
than any other that ever arose since
the world was made. In general u
may DO said that the very best plan Of
taxation contains features Of inequali'
~ aud injustice; the one that Ia the
best is the one that contains the lowest
Of these; the ingenuity OF man has not
yet been eQualto the uskoi dcvising one
inwhich none Of them appear. Similar
ly II may be said that common Justice
would suggest the laying Of taxes
against him who Is best able 10 pay
them; and ~ tue rich man owns more
than tho poor mAu, anu Us be, through
that fact, Is and ought 10 bc forced TO
bear tho larger burden OF taxation, 70
should the man who has money 10
lend rather than the man who Is forced
to borrow, pay the tax on the sum thus
temporarily transferred. We admit
that all this looks proper and incon.
trovortlble and lust.
But as matter Of fact, II docs
not work well In practice. The
borrower invariably pays the tax.
He may not pay It 70 the
tax collector, but " not, he pays II to
the money.lender. The latter has the
one object ever la viow-io make his
monoy yield him q certain per cent In
interest. Now, does any one suppose
that n n capitalist Is willing 10 loan
money NJ O per cont, tho borrower to
pay tho taxes, he will also DO willing
to loan at o per cent II hc himself must
pay the tax? IL ia Idle to expect such
generosity; capitalists are net quilt
that way. The only conclusion 10,
therefore, that whether the lender OF
the borrower 10 legally held for the
tax, the result Ia thu end Is the same
the borrower has TO pay u.
So much tor the actual workings OF
the case. Now rs 10 tho particular
conditions and circumstances that add
Importance to the question as Il aiiecle
the community At this time. Whether
fortunately or unfortunately, we are
large borrowers. Eastern and western
mouey been has invested or loanol
here and at certain rates OF ia.
tetesl, fixed after an understanding
that the mortgages securing It were
exempt from taxation that the prop.
erty paid the tax. 1.-THE proposed law
DO enacted, the rate OF interest on
this money Will be raised at
once. Hut that Ia not tho only
or worst feature. The money will
DO Withdrawn ~ quickly as
possible, because tho proverblAl timld.
Ivy OF capital will cause It 10 shun
locality where legislative temper can
In 70 short timo show such ficklenesa
ard change. A. twill be- extremely
difficult, II not impossible, either 60
renew the old loans nj all, or to secure
new ones, the foreolosing process will
stari--Rnd no Que knows where II will
end.
II would be fortunate perhaps
II the people OF Utah were 70
nbundantly supplied with money Of
their own that they did not need
to borrow at all. AZ at present at.
ranged, however, We seem b need out.
eide capital TO develop our resources
aud keep us going-at least, the records
show that We have obtained a great
deal. As long Us this Is our condition
we must cater a little to the wishes
Of those whose money we employ.
And the next best thing to having all
tho money OF our own that we need, t.
the having Of such reputation Tor lair.
mess, stability Gnd thorough honesty
that We can ge. all the money we
want and ut the best rates, from else.
where. The NEWS doeBn't believe
the bill now before the House Is cal-
culated to strengthen that kind II
reputation Just ut the present dime.
A NEW METAL.
A Nevada paper the Carson dUUCll.