New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-08

the measure would seriously embarrsss the colleges
OF the state. He argued that great deal of the
money left to colleges must be put out In bonds
ana mortgages, which exempt from
uon- ne explained that in the cities competition
was keen, and with this bin imposing a tax the col
leges would not be able invest their money with
advantage.
r =. Hamilton. of oswego representing FIVE
building asd loan associations said he thought the
OH was framed by the committee without full
appreciation of the business of building and loan
associations He then explained the methods of
sueh associations. stating that the borrower was
stockhoider borrower and MORTGAGE
senator Higgins, chairman of the Senate Finance
committee then explained that the intent of the
Dill was not to tax the stock Of loan associations.
but MT Hamilton argued that the mortgages should
also be exempt.
William A Cans. of New-York. was next heard
he represented the fraternal orders OF the B'nai-
birth and Free Sons of Israel Those organiza-
ere ne said have bonds and mortgages 10 their
pass said he, 'our mortgages would be taxed q 500
q , year which would be direct draft our
he argued taat these organizations were purely
ings, they should be exempt from taxation
2Sksemniynan Treat, who has bill before the As
o. over $500 is member Of the Assembly Com
owners OF MORTGAGES would invest their money so
cages oe 9i3a2n ,cb Jhey called IN their mort
from, Gu vii never get this committee to exempt
mitted to be already subject" said Chairman Krum
LOAN ASSOCIATIONS OBJECT.
]. T. McKechnie Of Brooklyn representing the
Metropolitan League Of Cooperative Building and
Loan Associations, favored an exemption of the
building and loan associa tons from the tax He
said that they had sxty-fve thousand members in
the Metropolitan district and seventy-seven thou
sand up State. The borrowers ne said numbered
twelve thousand.
We discourage capitalists from investing in our
association. What want and what we ask you
TO do is to amend the law as to exempt building
and loan associations from the tax" He then sub
mitted to the chairman copy Of the amendment
he wished inserted in the bill
W c. Burton. Of New-York representing building
n1ents OF the speaker who preceded him He said
his company had $500 invested in mortgages and
tnat the bill II passed would impose a tax of 81 600
On them; he maintained that the intent of the
law should be TO get the largest return from capital
ana not from the savings of thrifty
r y Johnson. a farmer from Cumberland near
this city, was the last speaker. He said he an
peared in behalf OF himself What was wanted va
OF equity. he said that two-thirds of the farmers
ola not know anything about the bill For the
purposes or an argument he said:
Suppose I give to two sons 81 600 each One of
I-Sul invests MS money IN a savings bank.
otner puts his, with $500 more, which he has bor-
he has borrowed He is taxed not only for the
amount he has but also for the amount he has
borrowed, while his brother who has his money in
a oank, draws the interest and escapes taxation
altogether
Mr. johnson thought this principle unjust and
argued that the mortgages should not be taxed Al
the end OF his argument the hearing was adjourned
until Tuesday next