Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1901-01-17


way company considering itself
aggrieved by the sum so fixed as gross
earnings may appear before such COM
mission or board Of assessment and oe
fully heard, and produce witnesses
and evidence in their behalf in respect
thereto. The final determination Of
the commission or board should IN
some form be subject to the supervl- |
sion of the courts. Authority TO IN
crease the amount Or value Of person |
al property of the individual, as re
turned by him, is now conferred upon
the assessor by statute. Like author
ity should be given the tax commits
sion or board of assessment with re
spect to the corporation, if taxed upon
it's own report Of gross earnings.
with no other class Of property is
there presented SO fragrant an exam
pie of open disregard Of the law as IN
the case of bonds, mortgages, securl,
ties, and the average amount Of
money in possession and on deposit.
A conservative estimate, based upon
the latest accessible data together
with the census figures for 1880,
shows real-estate mortgages IN WIS
consin amounting to S110,OO0,OOO
This takes no account Of unrecorded
securities, computed at $165, O00,0O0.
1t is therefore safe to say that not
over five per cent. of the taXaple
notes. bonds and mortgages in the
state pays any tax whatever. The
average amount of money in posses
sion and on deposit which the assess
or succeeded in finding and returning
as taxed in 1898 was only S7,163, 444.
On the first Monday in July, 1898, the
{ state and private banks alone re-
ported to the state treasurer money
| on deposit amounting to S40,976, 312.70
, The report of the United States comp
5 troller CT the currency shows that on
! the 9Th of May, 1898, the very month
: in which assessments were made
: there was in the national banks OF
] Wisconsin 224,2O1.43. Or in botf
e national, state and private banks or
Y these two dates in 1898 an aggregate
e of S7,200,513 so. More than $4,000,
e 900 of this money wholly escaped tax
: alton that year.
S II know we'll it is urged that any
e attempt to place these Sinking mil
o lions on the assessment rolls will bt
e wholly futile, and end in paying pre-
MUM on perjury, increasing the inter
y est rate, and driving money out of til,
0 state. But we should remember tina
10,
i effort has been made to enforce th'
Z existing tax laws, much less correc
i even their more manifest defects an,
give to their provisions vitality an
force. In some states there have beer
spasmOdic attempts to reach som
classes of property, quickly discoul
" aged and discredited, however, b.
- those interested in having others pa
= their taxes. 1t is only very recentI
- that real, thorOugh-gOing tax reform
- has been generally inaugurated. An
b when some adequate penalty has bee
20 attached to an assessors failure t
=. perform his duty; when it is mad
IF some ones business to see to it tina
N the assessor obeys the laws or pay
h. the penalty, when individuals and col
a pOratiOns are subjected to the sam
+ searching examination as to concea
"a ment respecting taxable property tina
ID the fraudulent debtor now encounter
9r in trying to avoid his other liabilities
r when the attempt to make one
V. neighbOr pay ones taxes meets tn
" same public condemnation and Ch
Of same legal punishment that the ind
,e vidual encounters in trying to defrau
IF the individual or the corporations
is then the first of these objections wi
be effectually disposed of. The 81
lie called intangible property
lie bonds and mortgages-wi then b.
n, come tangible and assessable property
lie But it is asserted that the none,
IS will be driven out of the state befor
e its owners will consent to pay the ia
% upon it. If it is driven out of tn
y state where will it go? In every stat
r. in the union today public sentiment j
lie strongly aroused and organization
n everywhere moving to make all tag
Il able property, individual and corpO1
y ate, meet its assessments and pay il
s. taxes.
s. 1T is asserted that it will raise tn
d interest rate to make money an
10 mortgages pay taxes. Possibly it ma,
increase the interest rate somewha
"a to enforce the law as to money AM
'e mortgages. In California, where the,
20 have a constitutional provision tina
% real estate mortgages shall be As
% sessed to the owner of the mortgage
y and the assessed valuation of the rea
Is estate reduced by the amount of thu
Is mortgage, two different claims ar,
made by those opposed to the assess
ment OF mortgages: one, that the in
u terest rate is Increased to an amour
> sufficient to make the borrower pa,
p the taxes; another, that an agreemen
le between the borrower and lender i:
insisted upon by the latter, requiring
4 payment by commission or otherwise
i sufficient to reimburse the lender fol
IL the amount of taxes which he is re
. CURED to pay upon the mortgage. i
- is fact, however, as shown by the
. last census, that the interest rate in
. California is lower than in adioinins
i states, though this may be in part due
= to independent causes. After much
|. discussion of the subject, Missouri
- adopted at the recent election a con
stitutional amendment similar in eff
! feet to that of California But there
y is further answer to be made to the
= objection to taxing money, because it