Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1898-04-16

If corporation stock is exempt from tax
alton because taxed once to the corpora
ton, why should not a mortgage be exempt
because the possessors OF the properly nave
paid taxes on the property r,..
Exempt mortgage from taXation' .s 1nis
| is not constitutional some one says. IL II
is not constitutional to exempt mortgage
how is it constitutional to exempt corpora
tion stock.
| LEGAL RATE OF INTEREST,
The Law section 23O1 says that six per
cent shall be the legal rate and penalty for
usury.
All the states of New England except
one have six per cent legal interest, no
limit to contract and no penalty for usury
thus giving the individual the right to make
the rate of interest with capital in proper
tion as the security he has to offer, and with
the mortgage exempt from taxation as 1t
ought to be be could make rate Of inter
est enough lower to make up for paying the
tax which the possessor Of property should
pay.
Is it crime for man to give q mort
gage in Vermont that he is compelled to
pay tax on the property twice?
| At present he is taxed for the property,
comp elled to pay rate Of six per cent In
terest that the mortgage may pay the tax
on the mortgage, and finds when he gets
taxes and interest paid he has from seven
to eight per cent to pay for the use OF his
money.
Is it to be wondered at that our young
men look for more promising fields OF labor
and that our capital has gone west and
south never to return. Capital inve ested
in mortgages after paying taxes has only
about the same rate IF interest that the
savings banks pay. Does some one say
exempting mortgages will injure the saw
iugs banks, and we must protect them, so
that 4ople will have chance to save their
small earni, gsp Certainly they must be
protected. Last years report gives the
assets of the savings banks in the state as
$35, ,526, ,02O 81 and amount invested IN
mortgages in the state as Sc, ,749, 467 co.
little less than 19 per cent Of the total
assets
Section 5S2, as amended by No. 18,acts
1896, provides that all real estate and ex-
cess over $500 shall be deducted from the
average deposit to avoid paying double tax
duu Gall we uOb IuCluOC tAO lSoi OCtooC
mortgages from double taxation as well as
their real estate is at present, and by
amending section 4108, allow the banks
to loan this money for less than six per
cent on real estate in Vermont? Exempt
ing NOR cages will bring our grand list
down to equal taxation.
1t one-third of the property Of town is
mortgaged land were the mortgages held in
the town, that one-third pays one-half the
taxes of the town. Is this right9 Is there
not something else for us to consider in the
coming campaign beside the individual can
didates? Is it not time to look after our
young people and make our old Green
Mountain state good place to start life in
and place easy to obtain the loan OF
money, because we say that we will help
ourselves and that every mortgage held in
Vermont on property in Vermont shall be
exempt from taxation and thus make our
state the land of equal taxation? | am no
politician and have no party or faction to
please or displease, but I believe if men
will look into this and study this idea and
discuss it through the press that the good
or the bad, if there be any, will be brought
out land If the good prevail, let it be framed
into a law that shall bring prosperity to the
state.
Voters of Vermont will you not wake up
, to these ideas and discuss themp
If am right don't let me stand alone,
for have attempted this much because
believe am right and that double taxation
is wrong.
l.. H. STEARNs.
Bellows Falls, April 6, 1898.