The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-03-11

SUBDIVISION of the original Dill Will
read:
THE amount of all accounts payable
other than current deposit accounts.
The amount mentioned in subdivision
must be deducted from the aggre-
gate amount mentioned in subdivisions
l. and g. and the remainder, If any.
must be listed as moneys and credits,
as provided in this title. The amount
i mentioned in subdivision must be
deducted from the amount mentioned
in subdivision T. and the remainder, II
any, must be listed as credits. the
amount mentioned in subdivision .
must be listed as bonds and stocks, and
| the property mentioned in subdivision
must be listed the same as other
/ personal property
Mr. Booth offered a substitute for
this which read:
1.-THE amount of all accounts payable
other than current deposit accounts
and such private banker, broker or
dealer in such stocks shall be permit
ted 20 deduct from the credits the
amount of his liability as provided IN
subdivision 6 Of section 4, and SUB
division 6 of section A. of this act
This was adopted without any con-
Yersation.
TAXING MORTGAGES.
There was real warm time over
! the proposition to tax mortgages.
Everybody went to bat and made more
or less base hits. Arguments followed
argument.
The row started over the following
substitute for section 6, of the bill, by
/ Senator Cannon.
a mortgage, deed of trust, contract,
or other obligation by which debt
is secured, shall, for the purpose of
assessment and taxation, be deemed
and treated as an interest in the prop
erty affected thereby, except as to rail-
road and other quasi-publfc corpora
lions. In the case Of debts so secured,
the value of property affected by such
mortgage, deed of trust, contract, or
obligation, less the value of such secur-
ity, shall be assessed and taxed to the
owner Of the property, and the value
of such security shall be assessed and
taxed to the owner thereof, in the
county. city or district in which the
property affected thereby is situated.
The taxes so levied shall be a lien upon
the property and security and may be
paid by either party to such security;
if paid by the owner of the security,
the tax so levied upon the property af-
fected thereby shall become a part of
the debt so secured; if the owner of the
property shall pay the tax so levied
on such security, it shall constitute a
payment thereon, and, to the extent
of such payment, a full discharge
thereof. If any such security or indebt-
edness shall be paid by any such debt
or or debtors after the assessment and
before the tax levy, the amount of
such levy may likewise be retained by
such debtor or debtors, and shall be
computed according to the tax levied
for the preceding year; and every con-
tract by which debtor is obliged to
pay any tax or assessment on money
loaned, or on any mortgage, deed of
trust, or other lien, shall, as to any
interest specified therein and as to
such tax or assessment, be nun and
void.
Glen Miller opposed the taxing of
mortgages because, he said, the poor
man who borroWs, is the person who
has to pay the tax after all 1t was a
sort of foreigner pay the tax business,
if the arguments were understood by
those present. Tax mortga ges and the
mortgage will add the amount to the
tax and the man who has borrowed
the coin will bear the additional bur-
den. For example: Milk is selling for
five cents a quart and the city of Salt
Lake adds a tax of two cents a quart.
The man who buys and not the man
who sells pays the tax. Mr.. Miller's
illustration was so beautiful in its ma
ture that it was with great difficulty
the spectators kept their seats. Con-
tinuing, he said that all states which
had ATTEMPTED this law had to ack-
nowledge its failure.
Mr.. Snow was in favor of taxing mort
cages. He believed the constitution
made it obligatory upon the legisla-
ture to tax them. Even if it did not,
it was a matter of right and justice.
He called to mind an instance where
two men in S.. George loaned money.
One let the city have $4,000 and receiv-
ed s per cent. interest on the same.
He paid a tax on the income. The
other loaned his money, an equal
amount on farm with a mortgage Sc
curity and received 10 per cent upon
which he paid no tax and this was
only one of a thousand cases.
Evans made a speech in favor of tax
ing mortgages. Incidentally he did not
urge the Cannon amendment, for which
George NJ. took him to task after
ward.
Chichester inclined to opposition to
the amendment, as did Sutherland, the
former urging that a farm mortgaged
for say $4,000 might escape taxation
where the holder of the same lived in
Ohio.
Mr.. Cannon, in closing, said he be-
Heved, under the amendment a foreign
might be taxed, 1ndSmuch as
the mortgage would be a lien or equity |
on the property. The adoption of the |
would abolish the double !
system of taxation. Mr.. Evans came |
in for a mild and gentle roasting. He, |
Evans, had declared in the speakers |
hearing he was man with Christian
spirit. eyes, and 1 will exercise it, |
said Evans "as see fft.") He wanted |
mortgages taxed, but he does not con- /
slider that the farm pays taxes all the !
same, too, unless the amendment car
ries. The speaker remarked that Evans |
was out of debt and that he prided /.
himself on that point. Then he should /
have sympathy with those who are
not.
1t was pitch and toss for a time be-
tween the two, but finally the further |
of the measure was post
poned until today as concerns the !
Cannon Hhen created a furore by Of |
fering the following:
II move to recommit this bill with /
the following Instructions:
First-Report a method of assess
ment of mines and the net output ,
thereof.
'Second-Create non-partisan board
Of equalization. ]
'Third-Any amendments to the pres
ant law as hitherto in force in the ter
ritoTy of Utah deemed necessary by the
This injured the feelings of Booth,
who hoped if the motion passed he
would be relieved from duty. and
would not have TO draft the same. The
Did law was deficient in many respects.
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