Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-02-08
DEBTS TO BE TAXED.
Variants Bill 10 Tx D'b.S Secured
by Mortgage Passes Tho House
LONG DlB,rE AND CLOSE yOrE
Routine Bushes, IN the Council Pro.
csgdings In Both Hou'oi
To-day.


YCa,oriay Afternoon In connection
with "A. b. 80, Vauau's bail 70 tax
debts secured by mortgages ami trust
deeds, which came up as special order,
resolutions upon the subject, adopted
by the Chamber OF Commerce, wofr
read. Tho olurk read tho bill 1t lcusth,
when soArs began q speech Ia 0pposi.
ton to ~ Ito thought u he
bad Vaflhu'a olOquence and hls
own facts, Lc could convert the
majority Of tho House 10 his Wow. IL
wua bad time TO swap horses whom
cfes,lDg aeircam, aud 10 IL bad time
uOw ~ rcy.so our financial Laws its
the duly Of the state 60 pl1s such
financial lesislatlou 90 will vua0,, tAo
people 10 borrow money at tie .oeua.
rats Of interest Uiah Ia the bet oil
Of any Commonwealth In tho Uainn,
financially, uni nor credit DO u the
hiyhcit. THii condition Is largely due
10 She character u our nAauo.ll lava.
The law v-tsl vt tlo last soll1l, nJg
sought 10 b. rgHealoi, was 40, nasty
legislation. IL vas favored hy our
uusi anauciors, who ioro.oli ~
bouuilctnt effects. Were IL not that
am speaking loF ten thousand men
whose homes arc mortgngeu, I would
u0t takc the stand 1 wv on t1ls bill.
Uan owes less per capita THAI almoil
any state In thu Uuion, anu with our
luauoial laws aB they are, we shall
so5u ho relieved OF iignucial s,rlugeuoy.
Tue argument that California has n
law taxing debts secured by mortgages
b not valid. Tho speaker feiI from
the report VI the CALIFORNIA; state board
OF equalization, chewing that the Low
was uaueiul Ia lu effects, aud was a
concession TO ~ certain clups OIL age
ta,0Fs, who wore affayod In oppJsition
10 capital. The quotation showed how
the m0flgngOr actually pail mots tax
Than ho would 10 Tho mortgage had not
been tsXad ~ pati Of the prupgry,
The bill says 10 nome money lenders,
you CANT live Ia Ulah anu l1an your
money here. Homo money lenders,
Ia ORDER 10 make iOin3 here, must do
person rUElilng elsewhere. Tbs Lcgis.
iatufu should encourage capital 10
como here. Thea We would have
manufactures that would be- tangible
property which tuu tx collector could
hni without candle. Tho speaker
held ~ "a copy VI a ID aver paper cOu-
mgnA OF trust doud saivs, btOus ht ON
Ia at .Na.N a 81 ~
legislation OF a bad character. 10 II a.
healthy condition " have $780,
100000 In the New York banks
Oyor and above legal requirements, or
10 have 20 much mOuby Ia tho EavingB
banks Of Illinois that thoiT vaults can.
not contain u, while the people IRE
suffering for lack 0f funds with which
10 10 buslnestY This condition In uue
10 disifust, ana such proposed legisla.
ton No tAiu bill adds % the uistrust.
rhrspeakct gave comparative statistics
showing tho per capita iudtble lnsss OF
ten states, ami the Increase Uf debl and
taxable property Ia them. rhe debt
pur capita Ia Utah Il not heavy iu pro.
portion 10 her wealth, AM IL could be
Increased without disadvantage u
there could be q propOrllouHto increase
In the area OF cultivated lands. Ia
Illinois the ground 10 taken that tbs
state has no. the right g. TAX the note
the merchant takes Tor goods.
lvius said Considerable VI this bill
had been postponed ia order TO give
opportunity 10 20. statistics showing
why II should not pass, but they had
not beeu presented. Sslrs had made "A
strong plea for the mOuoycd Interest,
but had not touched upon the pTincipls
OF right which was involved. For
forty years we hAd reyouus law
which provided Tthat property other
than money should be taxed At fair
valuation. This vas really bill %
tax money, aud the question 10; snail
We tax money or nO2 OF all kinds u
property, money IL best able 10 bear the
burdens .. taxation. The speaker read
the statute passed at the last session OF
the Assembly, eXtmpIiug from taxa
tlon notes anu debts secured 0y mort.
gage and showed that tho money
which formerly paid tax by
being loaned, escapes that bug
den, provided II IN secured by Ttal
estate. The public revenue was thus
cut down, and the lender who had no
real estate security paii tax, while
tho lender WIN had euch security did
not. All money invested In this Ter
TitOry, ought ~ be taxed, hut az u
matter VI public policy, nj tho present
time, II is beat 10 exempt foreign CAPT.
tai ffOm taxation. The people never
asked for the law passed NJ the last
session ezempting secured debts from
taxation. The people demand IT,
repeal, ana II this Ass muly DON'T
repsElit, the people Will ssnd a Legls-
lature here that will. There have
been protests In the papers, anu
from other sources, against thia bill,
but no such pTotosls come from, OF
represent, tue people. They come from |
capitalists.
Allen said he had no quarrel with |
capital, nor was he tbs special advocate |
Of the inau who had none. lnrquesti0n |
involved Ia this bill IL ph'se Of the |
great subject that uaurfIlrs AL our
lnAnciai distress, The men who own |
the money have destroyed half the |
wealth OF the world, anu nov lhey seek |
10 evade the taxation OF the ,lhvr hall. |
the fundamental proportion 10 tina.
every dollar OF property 10 tue COM
mOuwGalth must bear rs share OF the |
public burdens, anu NO Glass o. KIM Of
property should be exempt rus hrst /
question The lender naturally asks ~,
a. umntupffNr hu A.. .r...u Inn next a.