The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1897-10-15

To show the favoritism exhibited
towards banks and corporations, the
following extract from an article pre-
pared by Mr. James w. Owens, of An
napolis, is quoted:
At every session of the General Assem-
bly, from 1856 to 1896 corporate influences
were at work to prevent an assessment bill
After hard fights, L bill was passed. 1t may
be a proper inquiry TO ask the Board OF
Appeals. composed of the Comptroller and
Treasurer. whether these corporate in
pertinent fromthe large reductions made by
the Board on the assessment OF stocks OF
corporations. To show this reduction, we
give in two columns the comparative hS-
ures. The first column represents the as.
sessment of 1895 under Treasurer and
COMPTROLLER, Jones and Smith. and the sec
ond the same for 1896 under Treasurer and
COMPTROLLER Shryock and Graham
1885 1896
Citizens Bank, baltimore. $16.19 Sl9.45
Commercial X Farmers o,o,
First ;t Sationai Bank :. 49,. $3.50 sI.7l
Manufacturers Bank. go. $500 1851
Merchants Bank. ......... 94.o9 6i.i0
National Bar k If Bal imorc 11o.S9 ST II
National Bank If Commerce lo.l4 81
Exchange Bank. ..-........ ?'j- ioo!
Farmers and rlln.crs
Howard Bank ...... 30 90
Mechanics Bank. aGi SO
Union bank .......-.. t1--S ~
Western Bank. ............ ITO 2l:'i
Second Ma ,iou;i. Bank. 1850 l,Su
Third Nat Il! Bank. ...... Sits rs
baltimore Traction co.. i-ti -
Mercani- lie Trust De
posit Co. Observation-Disclosures. 3l.3J ~
safe Deposit X IT 81 Co.. SD 900
During the months of July and August.
1898 and 1885. The quotations of these
stocks. far as ! can get them on the la!
tmore Stock Board were as follows:
Citizens Bank 500 4 .
First National Bank. 12ooo l2loo
TO 1900 to 125.oo
Merchants Bank. .1:S0o to 1l9.a0 144.50
Bank of Bal imcrc. .144.o0 TO 200 132.oJ
Bank of Commerce.. 30 l'.oo
Exchange Bank. ........... 1jooo
Third National Bank. 49,. $500
Farmers u Painters
Bank 1ooJ
Howard Bank. .u.75 10 200 1889
Mechanics Bank -... 1900 1900 $50 $40
Union Bank .:...-. 500 eo-eo
Commercial X Farmers o
Bank ...... 1000 to 12o.00 1000
Baltimore Traction Co. 900 ll63
Western Bank. IS - ta 1000 $500
Mercantile Tsu TO. 1850. 1000 12o.oo
AS a matter Of fact. most of these stocks
were above par and the dividends were paid
on the par value. Take one instance: Mer-
chants Bank stock soil in 1888 at s149.o0
and was assessed by MrSsrS. Smith and
Jones at S!4.59; it sold 81 less in 1896. and
Messrs Shryock and Graham reduced is as
sessment by s2I.19 The stock of the First
National Bank sold in 1875 at $3.50 and in
1896 at S125. In 1875 it was assessed
S99.S6 and this was reduced in 1896 10
$S1.77, or by the sum of $500 Il share The
Third National WAS assessed in 1895 1T
SS1 .66 and in 1S!6 at Si0.S1. Other cases
show the same ratio of rcduc ion, appar-
emily not based selling value. but as if
done by some arbitrary rue The list Of
stocks is too long to treat of each one but,
roughly estimated. conclude that the
Board of Appeals of 1876 reduced the as
of stocks of
81, OOO, 600 Q
Mr.. Owens article was published III
an Annapolis paper some weeks ago.
under the very eyes of the Comptroller
and Treasurer, and not Il word has been
heard from them. They have not de-
MED the figures or given any cXplana-
ton of this favOrtiSm TO corporations.
In the article last week some refer
ence was made to the conflict of opin-
ion among able lawyers as to the
meaning of the new assessment law,
and as to the constitutionalty of the
supplemental act, chapter 143, which
was intended to repeal section 1914 of
the main law, providing Il sliding
scale" in assessing bonds certificates
of Indebtedness, or evidences of debt.
Under the sliding scale, as was stated,
bonds, certificates of Indebtedness, or
evidences of debt, bearing six per
cent. interest, were to be assessed ut
half their face value, ana the lower the
rate of interest the lower the assess
ment
Under the supplementary act, chap
ter 14:1, bonds, certificates of indebted
ness, and evidences of debt are to be
assessed at their market value and AK
ed at the regular rate for State pur-
poses, and at thirty cents, and no
more, on the 500, for county and city
purposes.
AS noted last week, it was Il matter
of no difference whether the main law,
section 1914, stood or the supplemental
act, this class of property would es-
cape just taxation, while farming
lands and town and city property WAS
assessed at their cash value and taxed
for Baltimore city purposes 81 on the
500, and from 10 cents to SIG i'll the
counties.
And while farms are taxed, whether
they yield a revenue or not and ten
antleSs dwellings, stores, and offices,
bonds upon which no interest shall
be actually paid, are not to be valued
and assessed ut all This provision <
Incorporated both in section l94 and III
chapter 143.
Mortgages are Il favoritc security III
tbs State, and many milliCLs of dol
lars are invested in them. one Of the
demands CT the people WAS that mort
cages should be taxed. The Rcpuhli-
can legislature of 1896 inserted Il pro-
vision for taxing them in the assess
ment law. section 146 y.
Money invested in mortgages is sur
plus money money not needed in ac
tual business CT in running Il farm.
1t is essentially wealth, and yet the
legislature WAS very conSideratc N
taxing wealth invested in mort cages.
Holders are required to pay eight Der
cent. of the gross income. two per cent.
going to the State and six per cent.
for county purposes where the holder
resides. \ $1,000 mortgage. bearing six
Der cent. would be $3.50 20 going
Der cent. would be $50 $40 going
to the State. and $500 to the county
where the holder It sides.
This mortgage tax is Il diScrimina-
ton in favor of wealth rs patent as in
the discrimination in favor of bonds.
The inct me from Il $4,000 mortgage
would yield tax of $4S i'll Bait, more
or in any county in the State. The tax
on a $4,000 house in Baltimore would
be 5000 for city purposes, and for State
purposes. $171J, or Il total of S211I1.
This is a discrimination in favor of the
holders of the mortgage Of S169.IJ in
taxes.
When there is no income from Il
mortgage no taxes are paid, but taxes
have to be paid upon the more than
5000 tenantless buildings in Baltimore.
And the same is true of tenantleSS
houses, stores, and offices i'll the towns
Aud other cities Of the State.