The Opelousas courier., 1895-01-12
TAXING PERSONAL PROPERTY

' vi 'he New York Tax .Asso.
eiat'on' Gives Farmers Advice,
Jaltoro Of The Farmers League A1vocs,s,
a Farmer who sigas only his I'M;
t'ais. begins his argument in the AZ.
Soeate IN favor of taxing all persona
property, including farm stock, bv
showing that when the rate Of intares,
was reduced to Il Der cent il woe
pFop1es'ed that capital would he driven
20 western states. where : per cent, can
's a he says the law has had no s,,rh
e'iect' as not one farm in a hundred
no" PAYS even IS per cent. on its mort.
gage" only hope that is true. TO show
hat a law reducing the legal rate of
interest did not drive enough initial
away If indeed it drove AMY to pre-
vent the natural decline of interest
rates, although it was said that it
would do SO. does not prove that moth.
ing else will.
Inc tact is that the usurv law only
followed the reduction of the market
rate CT interest.
What did lower the rate to FIVE per
cent, when the legal rate is SIX. Com
petition among lenders. was it noto
The lender finds that he can get. saw
Tour per cent. Tor his money bv invest
ing 1t IN railroad or city bonds. which
are nntaxed. He will therefore. lend
on farm mortgages, which are a little
less popular, at five per cent. knowing
he can usually dodge the tax. IT low
we really tax him two per cent. on the
mortgage. leaving him only three per
cent interest, does any practical farm
er believe that any money will be
found for farm. mortgages, until the
general rate, which none will bring
n other Investments and in other
places comes down to three per cent?
Being of record. a mortgage is
one OF the few things that could
usually be found and assessed. No
change in the law is needed for
that: you have only to elect an assessor
who will do his duty. or have him pre-
sented to the grand jury if ne does not:
that would result in the calling in of
every mortgage in the township as
soon as it is due, except those OF insur-
ance companies and savings banks.
which are exempt. Until they are due.
it would reduce the income of every
widow and her orphan children
whose income DIN from a trust fund.
by forty per cent. for the personal
property tax, If enforced, would be
about twenty times as heavy as the in
come tax. because it is levied on the
capital every year. instead of on the in
t~erestl. The experiment is easily made
by anyone who will take that much
trouble.
To quote u farmer friend again:
s'Those advocating equal taxation Che
means double taxation) have for years
about two thousand years. been trying
to find some method that will be effec-
tive in bringing to the tax list not only
mortgages, but all property both real
and personal"
"All honestly acquired property"
Farmer says. lis the result Of labor.
Pray, what can you tax except property
of some kind?" The question is a fair
one. You can tax monopoly and spe-
cial location advantages. If one man.
by having a better site than most 9TH
ers, whether it is a city lot, Or a mari
pit, or a coal mine. gets a special adj
vantage. you can tax that. That site
is not the product of labor. To me it
seems more just that valuable land,
which derives it's value mainly from
the growth Of society. and which is the
only property which is raised in value
by its protection, should pay the X
penses than that personal property,
for protecting which the owner is put
to expense anyhow. should be taxed for
which does not add one
cent to its value.
Finally. the county option bill es-
pecially provides that any property eS-
empted by local option should be val
ued on the tax list for the purpose of
the proportion of state taxes.
Now, farmers, you should not be
'.duped by sophistries" of mine nor of
w. c. C..s nor of anybody else.
Read about this subject yourselves |
will send literature to any who sends
his name on a postal; / have not time
to do more. / am sure the Advocate
ALBANY, n. W will send literature,
On the other side. Above all,
think it out for yourselves. You
are truly bearing the burden Of
unequal taxation" and you are the
mes most interested in getting taxa
lion really right. BoLToS HALL,
4s West Nineteenth ST..
New York City.