Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1900-01-27
Will Assist the Borrower
g4nof Money.
Holders Of Securities Must
Pay Halt Tax.
General Appraisal Of Real Estate
Every Five Years.


from Columbus Friday evening. He
will remain here until Monday morn
ing.
Talking with n Democrat reporter
today, Senator Sicber said rs follows
In referring to the bill which he will
soon introduce, to alleviate the op-
preston of the Morgenthalcr system
Of double tax:
II am trying to arrange some bills
that will alleviate n matter of very gem
eral complaint upon the part of the
farmer, the home-owner and the bust.
ness man, in relation to the double
taxing of property.
II believe that a law can be enacted
that will give the desired relief The
owner of real estate now pays taxes
assessed thereon, while 1T is matter
of very general notoriety that in
many instances, the owner of the Sc
curity does not return the same for
taxation. Under the present theory
OF our law, but the owner of the prop
erty and the owner of the security
are supposed to return their respective
properties at their true value; but,
practically, this results in the proper
ty owners alone paying for it.
Il believe that IL would he just and
fair to all parties in case of debts Sc
cured by real estate. that both the
owner of the real estate and the Sc
scurity pay their proportionntc part of
the tax i,ssesscd ION thes real estate,
ands in order to have Tho law apply to
non-residents owning such securities,
the tax should be made lien upon the
property and the security. / believe
the law should further provide that
either tho owner of the property or
the security should have the right TO
if paid by the property owner, 1t
should constitute II payment OH his
debt. and. If paid by the party own
ing the security, II should operate as
an additional lien to the extent Of the
tax paid upon the property.
81 believe that n law on this line
would he of great benefit to the mass
es of the people who are compelled to
borrow money from time to time on
their.real estate.
",Thc objection. that such law
would increase the rate OF interest
amounts to very little for the reason
thatthat an examination of our county
records shows that in most eases bor-
rowers pay the full legal rate.
along this same line, there is anoth-
or matter that am considering. 1t is
the double taxation Of stock Of foreign
corporations. BY a recent ruling of the
Supreme Court, it is now the estab-
lislcd law in Ohio, that In all cases
where the entire property of foreign
corporation Is located within the state,
its shareholders need not return their
stock for taxation. There is, however,
n large class of corporations. especially
in my district, who do not come within
this ruling. on account Of the fact that
all their property is not in Ohio.
believe 1t would he fair and lust to |
all such corporations that comply with
our state laws in paying the necessary
fee to the state which Is the same fee |
that is charged to domestic corpora-
tions, and who also annually return
their property for taxation within the |
state, that they should, by law, be
placed on the same basis as domestic |
corporations. ! think that this also
can be done by law properly ar
ranged and IL the Legislature should
AXE that view of It, 1t will be n move
In the direction of justice and fairness.
Another matter suggested by the
Columbus Chamber of Commerce com
mittee on taxation, is that much may
be done in the way of correcting cer-
tain evils now existing, with reference
to taxation upon real estate by having
the valuation of such property fixed
every five years, instead of every 10
years, as is now. done. What will be
done relative to this suggestion, can
not say.
ut is certain, however that the en-
tire subject OF taxation is going to re-
ceire the very careful attention of this
Legislature, II may result in the ap-
pointmcnt of commission to look in
TO the entire system and report to the
Legislature at the next session