The midland journal. (Rising Sun, Md.) 1885-1947, 1896-03-20
Taxing Mortgages.

That old mortgage tax trouble, like
Banquo's ghost, always returns to the
State House at Annapolis when the legis-
lature is in session to plague the wisdom
of the assembled solons of the State of
Maryland The effort to change the play
this winter is proposal to tax the income
or interest from the mortgages lightly.
That, however, is but movement TO les
sen the tax, i'll hope, apparently, that the
mortgage will not kick but pay it cheer
fully. They don't know the money loaner
or the mover of that proposal would have
never made the attempt.
The man who owns the land-owns it
agreeable to the deed on record irrespec-
tive of all claims or liens against twill
be compelled to pay the tax, and all of
the tax assessed OH the property. Where
in does a mortgage differ from any other
debt? In principle there is no difference.
Farmer Jones borrows from Money
Bags thousand dollars payable in =
years, at six per cent per annum.
Farmer Jones makes Money Bags deed
for his farm, called a mortgage, with a
provision i'll said deed or mortgage that
if the said Jones pays the said Money
Bags one thousand dollars at the end of
the specified time, the said deed shall be
null and void. The mortgage specifies
that this mortgage was made for 'con-
sideration" therein named. When all is
simmered down this deed or mortgage is
nothing more or less than plain prom
isory note with few extra legal privileges
attached.
Plain John Jones, the farmer, owes the
merchant a store bill, the carpenter for
work and lumber bill, and the black
smith and a few other persons, perhaps,
bills. These credits from the merchant,
the blacksmith, the carpenter and others,
stand for money and moneys worth fur
nished farmer Jones, and bear the same
relation to farmer Jones that Money
Bags thousand dollar mortgage bears.
They are all charges for value received, )"
and liable to have interest charged on
them the same as Money Bags loan.
They are lien on farmer Jones' property.
They must all be paid, if paid at all, out
of the proceeds of the farm. The size of
the debts or form of expressing them does
not alter the principle particle. That
the mortgage is recorded or takes prece-
dence of other debts does not alter the
principle involved. The store BILL black
smiths, carpenters and other bills might
be recorded if the parties desired.
If the mortgage is a proper thing TO tax
why are not all those bills proper things
for taxation? Every one of them repre-
sents "value received" by honest Ohm
Jones, but very stupid John Jones, farmer.
In principle and equity there is not one
scintilla of difference. The law is written
that all property shall be taxed or be SUBJ
ject to taxation if not exempt. The law
proposes but the owners of personal
property dispose" They are generally
greater than the law. All the land,
buildings, stocks and implements the
farmer owns are taxed. They lie out Of
DOORS The assessor sees them all, but
what assessor can find the personal prop
erty of the rich? How many experts
would it require to estimate even approx
imately, the value of furniture and other
personal property i'll millionaire house,
or in the home even of an ordinarily rich
man?
Farmers pay So per cent of the taxes,
it is claimed. and not cent of exemption
is allowed them. The mechanic is ex-
empt on his tools, the doctors and lawyers
tools are exempt from taxation The
banker is exempt on pretty much all the
tools he uses in his business. He pays no
tax on the United States bonds he uses,
or on the greenbacks, or the wind he
loans by which he produces his income.
Money Bags hides all the money he pos
sibly can and swears he hasn't anything
more than the assessor has taken memo
randa Of In order to, in a measure, even
up this lop-sided business. the farmer
ought to claim and insist on his tools
being exempt His farming implements,
machinery and stock are the tools, he
uses in making his income and on prin-
ciples. of fair play ought to be exempt
from taxation. This would Offset in some
measure the exempt and Income at-able
property which escapes taxation among
other classes. But no; the dunderhead
farmer is too stupid to see this. He de-
clares in loud voice that every iota of
property should pay taxes according to its
value, and that he is determined it shall
pay, therefore it would not be consist
emit" for him to demand exemption on
anything, and Money Bags and all the
rest of them slap farmer Jones on the
back and cry, Good for you, you honest
old fool. You don't want any exenp-
tons. Well not exempt you, and tax us
on personal property if you can"
Under our present unscientific, crude
and inequitable system, taxation will
never be equal and just, and until the
farmers acquire more sense and knowl-
edge of public affairs, other Glasses vii!
saddle an unjust proportion of tax upon