The San Francisco call., 1898-09-03
THE SINGLE TAX AMENDMENT.

/ \ sttution, to be voted on at the coming
 election, Is the single tax proposition, agreed upon by the propaganda of that 1dea and by the opponents of private ownership of land urged upon the Legislature It proposes to authorize coun- ties to appoint Board of Freeholders to frame system of county government in the nature ot special charter In its operation this special charter may relieve all forms of personal property ot taxa ton and contscate land i'll private ownership by putting upon tax equal to its rental value O ne cessity private ownership of land will under such regulation. Land will belong to the commune. will to be used security for loans, and its conhscation will mean the confscaton also of all mortgage equities existing the time private owner ship ceases. This amendment is Judge Magulres in- direct and sinister method of accomplishing the con- hscation of land very large number of people are vitally interested in this question.
 The report of the Bank Commissioners for 1896 shows that there in this State hty-seven savings banks, with I5o,856 depositors These depositors mainly the thrifty economical and prudent class among mechanics, laborers and small trades people. They had in the ffty-seven savings banks in l ISo6 $13I,o53,o35 $, on which they draw 4 to AZ per cent interest The average deposit per person $S23 57. This money of these prudent people is mostly invested in mortgages on land. recapitula- ton will exhibit plainly the interest of every savings
 
 Number Number of of sayngs aspostdps banks Amount deposit ................$13 $131, ,653635 55 Loaned real estate ............ 102, PSI 200 or Real estate owned by banks 4,459 789 70 Invested in stocks bonds and warrants O59 40 Loaned on stocks, bonds and warrants. 6,S5676 79 Loaned on other securities 143,155 50 Loaned on personal security 1324,s56 5S
 It will be seen then, that of the money belonging to these I5o856 depostors in savings banks $Ioo74o o8o v is loaned real estate mortgages invested 1 +1,a md saved it. Under amendment Mo- ? the counties of the State may adopt local option taxation, put all tax on the land and put end to private ownership These I5o856 savings bank depositors to the extent of their mortgage interest the private owners o land. Their equity in land will be conhscated the same as the interest of the Of the record title The savings banks merely the trustees ot their de- positors. When the public has confscated the landed security they have taken in behalf of their trustors the depostors, the banks will not have any means by which to recover the money loaned on land, and of necessity must default to their depositors
 Of the savings bank depositors I2S484 have their money in the savings banks of San Francisco and are probably residents of this city It is possible that a large proportion of them are not landowners in fee and may be unaware that they have any interest in the private ownership of land. To all such we send this information that the extent of their ings deposit they are interested in the private ship of land It's confscaton is also the conscation and loss of their savings. That landed security is the safest and most profitable to them is proved by the fact that the banks seek that form of security and resort to others only when compelled to do so by the accumulation of deposits beyond the demand for l loans mortgage.
 There are other reasons grounded on the econ omies of public administration why the people should defeat Maguires single tax and land confscation l made The first reason, however, is that it is a sin ister attempt to confscate land titles and rob also the thrifty aborer of his accumulated savings invested for him by the bank in which he deposits.