New-York tribune., 1901-04-19
FORCING MORTGAGE TAX.
STRANAHAN TO ATTEMPT TO PASS BILL
TO-DAY DESPITE OBJECTIONS.
MANY SENATORS STOUTLY OPPOSED TO THE
MEASURE - UNCERTAINTY ABOUT
AssEMBLY's ACTION.

Albany. April IS (specaD.-senator strana-
han said to-day that he would call up his Mort
gage Tax bill tomorrow, and attempt to pass 1t
e., tbe Senate in order that the bill may be
stitutionaIly considered the same day. Senator
Stranahan will be forced to ask Governor Odell
to send in emergency message since the bill
was amended only two days ago, so as not to
go into effect until January l, 1902, and the
three days requirement OF the constitution will
not expire until Saturday
Senator Stranahan also said that there would
be no further amendments offered to the bill by
himself or its supporters. 1T will not go into
effect until January l. 1902 he said, and the
tax will not be levied upon it before July l, 1902,
and therefore there will he plenty Of opportunity
for it's amendment after the legislature Of 1907
meets" Senator Stranahan and others who
support the bill confident that, 1t having been
made a party measure by the action of n caucus
of the Republican Senators, they Will have no
difficulty in passing the bill in the Senate. They
not confident this afternoon. however
of its passing the Assembly since the Repuhl1-
cans of that body up to O'Clock had held no
caucus. and it was known that many Republ-
can Assemhlymen opposed to the bill
SENATORS FRANKLY EMPRESS OPINIONS.
a good many of the Republican Senators this
afternoon in chats with The Tribune corre-
spondent frankly expressed their opinion of the
bill There was considerable comment the
fact that the mortgages of charitable and re-
ligious societies not exempted from taxa
ton. Possibly this is Of the amendments
Senator stranahan had in his mind when he said
that amendments could be made to the bill
year.
The views of several Senators are here given:
Senator Stewart think it a poor party policy to
hr Ia q
exempt all mortgages from taxation. l think the
burden of this mortgage taxation will come upon the
borrower eventually and tend To increase the inter
est upon mortgages. instead of decreasing It. as
as the result of the passage of this law. The
upon s rs M f9 sre pa s st. per p cent
Senator Raines-There will be a difference of
% TAX law is s pSssed ST Those who % now @ @ pay @ tax as
sheS % o IN % OF @ per ce9 boS @ wbe p
escape taxation of their mortgages now will dislike
Senator Sherwood, of Hornellsville ! have mort
cages hut l am wiling to pay my snare OF taxa iaNa-
now that ] do not believe this bin will raise the
they paying a go rate on mortgages. viii
they not welcome a law which imposes upon them
Senator Armstrong; may vote for the bill, but
! regard it as most absurd 10 tax charitable in
surance companies and title guarantee companies
go scot free.
sTRANAHAN REPLIES TO CRITICISM.
Senator Stranahan-The criticism has been made
that insurance companies. trust companies and
savings banks which have mortgages will not be
taxed under the Mortgage Tax act 1t would not
be just do So because this year bills have heen
condition OF almost exemption from taxation they
have passed into one where they pay large
amount in state taxes.
Senator Feeter-The Mortgage Tax bill has in
quistoria features 1t peers into every mans bust
ness. / hope ii will be beaten. My constituents in
Otsego and Herkimer counties are opposed TO It.
Senator Green-I first In favor of exempt
ing mortgages from taxation. but since big moneyed
people say that rate Of 2i2 per cent is now i'm
posed mortgages in many cities and they would
be glad 10 pay only one-half of per cent. I shah
support this
Senator McKinney-My constituents in Long ISL
and soliiIy opposed TO this bill. myself
personally opposed IT. The chief that the
bill framed is Objectionable is that It is
impartial measure. II exempts some classes
and lays the burden others. Indeed il is i'm
possible to explain what and what not
eu1pted
Senator Davis-As member of the Senate will
for the bill but only because II has been made
a caucus measure. Personally, / am opposed to it.
and believe the people whom represent are also
opposed to it.
Senator Slater-Thirteen Of the Republicans op-
posed We bill in the and | think that this
shows how unpopular the bill is. All mortgages
should be exempt.
The Democrats from New-York present a
solid front in opposing the bill.