Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1900-10-11

is the only thing that postpones forecios-
,e ure is the high net interest that the
k lender realizes. This would not be
given up voluntarily, and the propos-
It ed scheme is not compulsory to the
e mortgage.
The second proposition-to tax per-
]. sonal debts while exempting real es-
K tate debts-is just as unfair TO the
. owners of personal property as the
/ present law is unjust to the real estate
{ holders. II also has the dement, of be-
f inc an innovation not contemplated
] when the Indebtedness was incurred
J would be an act virtually impairing the
contract between debtor and creditor
, and by placing heavy burden on the
debtor would bring ruin to many a
merchant who owes for his goods and
farmer who owes for his stock
As to increasing the tax on corpora
tions, it should be carefully studied be-
fore action is taken. To quadruple
their taxes might result in placing
more of our railroads in the hands OF
receivers. In many cases money in
vested in corporations is taxed 10 the
investors in the shape of their stock
holdings and it would be another case
of double taxation to levy on it again
as visible property.
We incline much more toward APP
proval of Gov. Smiths plan, as laid
down in his retiring message. of Sc
curing relief from double taxation by
treating both classes of Indebtedness
alike-whether against real or per-
sonal property. Either exempt both or !
tax both. The former is now taxed
and the latter exempted. To exempt n
both would lower the grand lists in !
every town and thus increase tax q
rates, but il is the only system that G
mas as basis absolute fairness and v
,orrect principle TO tax both kinds
would be'as fair 10 one =
Is the other; would increase the grand =
ist, lower the general tax rate. and ii
.ould probably be brought about with a
ess friction and less opposition than
ny other scheme that will be propos- "a
d. 1t would add s30.000.000 TO our al
rand list and diminish by a proper u
Tomato amount the rate levied on the y
General taxpayer. We believe. how -
yer, in getting back to right princi- ca
lies in this matter OF taxation, by the
hortest possible cut, let the chips fan W
where they may. a man ought to be A
axed on what he owns and this can til
e determined by subuacting what he m
ives from what his property appraisal - =,
all kinds of property. To allow 10,
o offset against one class Of property pr
ecause it is real estate is essentially
'rong and works harm to many peo- at
lie who need encouragement. rather pa
han more than their share of the pub co
C burden. If it were decided TO al y
Nv offset for debts against real estate. Ia "a,
would be right according to every an
nown principle Of Justice. Nor is il m
npossible or impractical. 1t would
lean a local question for each town. Gu
he grand Inst would be reduced 10 the sh'
xtent that it has been inflated in the DO
asst by the process OF taxing mort ~, NJ
ages. Each man In the town would is
ay on what he owned, clear of debt. m,
: he ought. As the grand list went yei
own the tax rate would 20 up. Of YET
purse, but it would be to the relief of
re debt-ridden class who have for ed
ANY years been paying not only their tll
~n share. but part OF that rightmlly ,a'
elonging to their more opulent neigh FIR
ors. There would be no disturbance w
savings bank taxation, and mort Be
ages would be appraised, as at pres Bis
IT. where the holder resided. After All
], Is not the best solution also the
lsiest? Va