The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1894-12-22


have made it the subject of this paper.
Heretofore when there has been any refer
ence to the matter in our Club talks, the
opinion has been advanced by some that the
money invested in mortgages represented but
one value, /. e.: If party bought Il farm for
say $4,000 and had to borrow the money on
mortgage, but one tax should be levied, and
that upon the farm. Others have argued that
in ease the purchaser of the farm paid $4,000
cash and borrowed $4,000 on mortgage, he
should pay IA tax on the $1,000 and the mort
gagee pay tax on the $4,000. ! hold. if the
farm is worth $4,000 and the MORTGAGE $4,000
then there are separate values. clearly
demonstrating, in my opinion. both should
pay taX-thc farmer on the value Of the farm.
and the investor on the amount he loans.
The farmer has profit from the productions
of his farm, and the other a profit from his
investment, clearly showing separate values.
suppose n man is worth 100000 and
and invests it all in mortgages on farms.
worth n like amount. are not values to the
amount Of 5000. 900 represented How then
can it be considered reasonable to make the
'Mi'iN VI tl' liIllS l'dN ldN, anu 'N'llIl lnt
investor?
If it is urged the lenders of monies
profits are not as great as may be gained
through the avenues of trade or farming. then
make proportionatc tax on the monies
invested. but in all fairness, do not totally
exempt it.
Under the present law all monies invested
,.+l 8
interest, are taxable, and when the last
assessment was made all securities OF what
ever kind, hearing interest. save mortgages,
were listed and taxed but it is a lnmentable
fact that an examination Of the assessment
books of the county to-day will show, that
nearly all such class Of securities have been
stricken off. and seldom anything added to
take their place. and what is trnc of this class
of taxable commodities. is true of many other
kinds Of personal property.
With tax levied upon the morga"re and
n listing Of all the personal property escaping
taxation nm equitable distribution OF the tax
burden now 50 unequally borne. would be
attained, and justice long delayed consum-
mated.
When tn" last assessment was made. all
classes Of investments representing values.
whether profitable or not-cxcrpt money in
bank on deposit on which no interest was
paid-wcrr taxed. and at that time and for
som" years thereafter the banks in some
cases reported sums deposited on interest,
and the county taxed them. Subsequently,
these amounts Were omitted in listing taxes
iruni III" assessment book of the county,
When the writer was County Commissioner,
the Commissioners sought to have all invest
in"nts of this class again entered but upon
application to the banks they declined to
furnish tn" names Of parties having money
ON interest deposited with them.
The amount is now some $500 900 and
Of course is not taxed. How much tn IRE is
invested in Understanding notes and other
5" urities that are not listed, cannot Ice deter
mined, hut it must be very largo. Many
parties ar" paying taxes upon personal
property listed many years ago. and which
they hay" disposed of, rather than appear
before the Commissioners and have it stricken
off, fearing If questioned. their taN assessment
Will hr increased
The money deposited in banks on interest
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for e'Sht years after the assessment i'll the
year 1913, the average tax per year was 6s1s
cents on the 800; for the eight subsequent
years III" average was I'"l cents on the 300
although there had been an increase in the