The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-09-24
ADOPT AMENDMENT NUMBER
ONE

be designated on the ballot, Is officially
known as Assembly Constitutional
Amendment No. 80, and is in alteration
of article XIII of the state constitution.
This amendment reads as follows:
Article XIfI-Section 1. All property
in the state not exempt under the laws
of the United States. or this constitution,
shall be taxed in proportion to its value,
to be ascertained as provided by law.
The word property" as used in this ar
ticle and section, is hereby declared to
include moneys. credits bonds. stocks,
dues, franchises, and all other matter
and things, real. personal. and mixed,
capable of private ownership; provided,
les and free public museums, growing
crops, mortgages, trust deeds, property
used exclusively for public schools. and
such as may belong to the United States,
this state, or to any county or munich
pal corporation within this state, shall
be exempt from taxation. The legisla-
ture may provide for a reduction from
credits of debts due bona fide residents
of this state.
0CC. g oCCtlOA VI ItlClc, 10 VI ILLS
constitution is hereby repealed.
Sec. 3. Section 5 Of article 10 of this
constitution is hereby repealed.
This is the amendment through which
1t is intended to abolish what is known
as the ''mortgagestax Section of the
amendment is virtually repetition of
the present section of article XIII and
the change desired is to be wrought by
sections and of the amendment. Sec
ton would repeal section of the pres
ent article XIII. 1t is this section
which provides for the treatment, for
purposes of taxation, of all mortgages,
trust deeds and contracts as representa-
tive of interests in the properties against
which they stand. Hence these instru-
ments are now subject to taxation ac-
cording to their face value. Section 5,
which would be repealed by section 8 Of
the amendment, is really supplementary
to section a; 1t prohibits the making of
contracts between the debtors and cred
itors contemplated by section whereby
the debtors would obligate themselves
to pay taxes that section 4intended cred
itors should pay. 1t declares that such
contracts shall be void and all interest
that may accrue to creditors who are
parties to such contracts shall be for
feited. 4o ta
Amendment Number One should be
adopted by the people, for the mortgage
tax clause in the constitution should
go. This tax was born of the passion
and the ignorance of the San Francisco
sand LOTS is of the school of the Denis
Kearny band Of prophets.
The comparatively few people who yet
defend it bespeak either their strange
ness to theory of sound taxation or
their ignorance of the practical work.
ings of the tax, or both. The tax was
conceived in an insane desire to cinch
capital. Believing that capital was not
paying as much taxes as it should or that
it was making too much profit, or that in
some underlined way there would be a
more equitable distribution of wealth
if capital was taxed some more, the pro-
moters of the tax insisted on it's incor-
poration into the basic law of the state.
of a blind following that capital is not
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