Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1897-10-21


were above par and the dividends were paid
ON the par value. Take one instance: Mer-
chants Bank stock sold In 1876 at $3.50
ana was assessed by Messrs. Smith and
Jones at SsA59; II sold So less IN 1896 and
Messrs. ShrrOck and Graham reduced It's Il.
sessment by $27.fg. The stock OF the FIRST
National Bank sold In 1895 at $40 and In
1916 at $t2J. In 1885 II was assessed
S.nsG. and this was reduced In 1SOG to
xS1:1I. or by the sum Of SiS0g n share The
Third National was assessed In Is,,5 AT
ssl.66 aud In 1895 at xT0.Sl. Other cases
show the same ratio of reduction, appar-
entity not based on selling value but rs II
zone 10y some arbitrary rue. The list Of
stocks Is too ong TO treat OF each one but
roughly estimated, conclude that the
Board OF Appeals of 1896 reduced the as.
scssment OF stocks of corporations over
A.OO00OO.
Mr.. Owens article was published In
an Annapolis paper some weeks ago,
under the very eyes OF the Comptroller
and Treasurer. and not a word has been
heard from them. They have not de-
MED the figures or given any explana-
ton OF this fayoTitism to corporal .ous.
In the article last week some refer.
ence was made To the conflict OF opin-
Ion among able lawyers n to the
meaning OF the new assessment law.
and as To the constItutionali:y of the
supplemental act, chapter 143. which
was intended to repeal section 1911 of
the main law, providing n Sliding
scale" In assessing bonds, certificates
OF Indebtedness. or evidences OF debt.
Under the sliding scale. az was stated.
bonds, certificates OF Indebtedness, OF
evidences OF debt. bearing six per
cent. interest. were t. he asSessed ~
half their face value. anu the lower the
rate OF interest the lower the assess
ment.
Under the supplementary act. chan.
ter 143, bonds, certificates OF indebted
ness. and evidences of debt are "a ln.
assessed at their market valIe aud AK
ell at the regular rate Tor state pur.
poses, and at thirty cents, and no
more, on the 500. for county and city
purposes.
AS noted last week. il was u matter
OF no difference whether the main law.
section 1871. stood or the supplemental
act, this class OF property would es-
cape Just taxation, while farming
lands and town aud city property was
asses Ell az their cash value. aud taxed
for Halli..ore city purposes 81 on the
500. and from - cents TO $1.I6 ia the
counties.
And while farms are taxed, whether
they yield a revenue or not, and ten.
antless dwellings, sterSs, and offices.
bonds upon which uo interest .sl,ail
be actually paid are not Ia De valued
and assessed at all. This provision =
Incorporated both in section 1874 ard I'm
chapter 14s.
Mortgages are a fivuritc security IN
I. is State. and many mills IS OF dol
lars are invested I'm them. One OF the
demands 81 the people was that mort
cages should be taxed. The RepuJl
can legislature az 1896 inserted n nro
vision for taxing them In the assess
mcnt law. section fi6 A.
Money invested In mortgages Is sus.
plus money money not needed in ac.
tual business or IN running arm
IL Is essentially wealth. and ret the
legislature was very considerable "a
taxing wealth Invested I'm mortgages.
Holders are resluirel TO pay eight Ter
cent. Of the gross income wo per cent.
going 60 the State and xix per cent.
for county purposes where the hoisier
resides. 4 $1,000 mortgage. bearing six
DER cent. would be $f.So-sSi ~ o"'..s.