The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-02-04

President spragu~ Says It's a Discrimina q.
ton Again.t bonded Real Estate.

President Charles +. Sprague Of the Union
Dime Savings Bank holds some well defined
| opinions as t. the effect of Senator Stfanahnns
bill u tan all mortgages one half II per cent
Asked by a reporter Yesterday on whom the tax
conpm platd IN Senator Suanahhu's bill would
really fall, Mr. Sprague said
y matter who pays the Ia I, IT is gong t. fall
entirely upon the real estate that ~ under mort
gage. The only lasscning Of the burden, II
which more or less is heard, will be In favor Of
those who are 81 fortuna " as tp hold their real
estate free and clear. This bill does not merely
reduce the rate ot taxation on mortgages, As ~
asserted by Its advocates, but IL introduces an
entirely new metnud Of taxation. IL singles out
from the personal property IN this State this one
species Of loans IN bond and mortgage, puts
them IN u sort al blacklist, or class by themselves,
! and makes the holder pay IL. hA, regardless Of
the fact that lie would De legally and Justly exempt
ON All equal amount II other property.
"OuT laws aS b. the tsNHt!un of personal property
and real estate are qult' different la taxing real
estat" tire actual holder l. taxed Tor the full amount
even though ms equity M II - q very small lraC-
ton 81 A. IhiS l. all night, because lie Is the per
son who handles tie income IRON tie property.
aud the burden adjusts lt~cli - all te otler par
ties In interest iiut III the case ii personal prop
eTty, II II different Inc las says tdAi tie tax
- 1900
Vow, under the proposed bill, mortgages nre
singled ont from among otler personal property,
aud ME rgh,iul eXenptlnn grnntcd u all other
kinds ~ swept away.
some Of ine grntemrn interviewed IN THE
81 \ the other dAy ~, med l., think that the only
rea son Why all mortgages de not nov pay a tax
II that III" assessor cannot ANA them. They
lave the same SOURCES Of mi rnalion 10 find
them now ~ they Will have under thc operation
Of senator Stranahdr's bin lie, them 60 10 the
record. / here IL uuiAing W prevent them, They
can hrd out who tie holders II all the Mortgages
are But thlS l. no reason fr Destroying the
exemption legally extended u personal property.
Way >IDalI " eel AN CIhsS ol zeal estnt',
namely, ,hH, s.nch il nlOrlgaged, pay. all Of the
STAG lax, and iIat lrlu free anu clear he exempt?
II they sad, Let Us tax all Dulidipgs under
five stores high. OF all Duildlngs not arIstc
enough Ia sun the Mdnicpal Mt Commission
or oil houses painted red, because red might he
declared an offensive color, there NIGH be some
reason for the uistnCton But why ia. greater
LUrden oi tHxat,on should be- aid upon the c,tz"n
who hos not yet saved enough money 10 pay for
his hum" i, n mystery ,Dounuess' th' rural mem
her oi the Legislature wall cunslIer this n good bill.
because Ihry. WI! mink that II hts mostly agnIns,
those c,ty fellows Bur how wIl they Ike II
when they reHii7e thu, The few farmers III the
county who had gnD mar farms Paid Tor, free and
clear. are going I" h. Nen'pted and The others
taxed
You asked me- who thought would Lay the
tax. will answer, that for y time the mortgage
wall pnylt but MS th~ mortgages come du" and
new lua ~ arr made, NIerr iHn ! the slightest doubt
IN my milG that thu owner of The real estate WILL
IN ,hs end pay thus ae nil he other charges against
his prupSrty. there ~ no Ulhor possible source
ct income 10 pay the lhH Every hing hns go, To
com" ont of The rtnl estate \ papsr document
liz d.. mortgage dUrsn bear iruIt like n tree.
J. never "a Tnrd q e, nj and II never CHn. Their.
Is moth. ng ~ the world whlChCan prpiucs revenue,
for ;hr individual " Tor the Stat, except the "m
" ,y'n"ut IT actIEI physical property combined
With rams aud skill
Senator S'ran H hHn sHvS ,hHl the -aying' banks
presidents mr. ~, OISluterpstr'I, because uur
mortgages mr. nov exempt u" says, iet us
tAke some mAn who's" mortgages ar not now
exempt \ faf example would he MI
KELSEY, 81 q VII known ttl", ggnrHutee
hni lrISt Cim'Hly IN" senator might lust
a. well have specified the COMPANY, Tor everyday
knows taAt It j. IN Iltlr GURrPuET aud Trust
the crmulnS lhNt lpuiN more money IN iropklyn
han any other @hi on" 81 'I' heaviest Lenders
n NoN NutA
III us' III k,'~", rogpany NOT exempt
They az or Errl '"'uiS They are H!Np good
buSu'>> U,rir The! r'rlm'hrHl several wars
Az h,cgus agg,u-, ,J.N rII, winch now th'y
t.lhL HARMLESS, Iy I~fs'rl,Is IN all mortgages q
wruugAr. rHu tlhU-' '~-ygt4,,E tia on Tn" passage
%, ANY such n, iHSl'g lofusarrN, tn" mortgages
wound hoe me due. Y.N.Us fh'tI n chance - renew
al higher Inrrpst This Nn, grr. rtlsines> s'nsr.
but IT hhr iy entities ms company 80 poe" hS ne
not ey"n,o' from mUrtgHg' TAXATION, Bul that
cumWny do, not hpl. III Mortgages II makes
the luHu> aud ~+lls III. mortgage -, pnS,Ing them
along HUl rahrndlug the None rrrrrre'ted
Nr Spragu' snul thHfn nation ~" who would
eventually pAy I'll" taS H.,gh' IN gH,i"rh from
the 'hH' Kr ~ u" ASElnR tl WhI'' has come
abpu's me- the Stra rnlaH hl has Oe'n under Dis
cussiDn tJr loans winch iur""ry ""f" good ~
4 pr rrnt., u, pcr cent now uei'R asked some
Of the advocates " the III have HID ttat II would
tnsurrithp holders Of III" mnrtga grs pn;iig the tny,
Mr. Sprngur spoke as much ns an i'rG,vIdnHi ~
in the hill made IT Of interest in .eopl- generally