Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1902-06-12

erty IN Az hands 1t certainly would b
property Ia BIS. OF course the average pop
uiist, the Bryan kind of get-somethfng out
is property because A could sell it, forget
ting that price-sale-is not the property
test-(honor and virtue may be sold)-and
erty but merely claims to the property. The
horse is the property. Hence credits are
not property and when in the form Of
within themselves, as they then do, title
to property taxed elsewhere, it is strange
there should be any one or any State with
sight and reason so perverted as to attempt
to duplicate the tax.
Mr.: Whitehead is absolutely right in say
ing that stock, bonds and mortgages repre-
sent property already taxed In other form.
title to the portion Of corporate property
owned by and belonging to him; II that
corporate property be a saw mill and Is
vidual share holder should not be taxed
again on his share Of 1t. The bond is the
mortgage on the corporate property or mu-
sents, conditional title to property already
taxed Likewise the mortgage Is conditional
title, provisional deed, Of the farm, the
store or the factory, and taxing it. without
exempting a like amount from the tax on
the property mortgaged, is as the Outlook
says, placing a heavier tax on property
by While to tax
credits at all, the State is doing violence
to right add reason, and attempting that
which VII. lis, is co our to economic law. and the
collect tax on from 2 to per cent. of
such items proves it. Yet my measure, No.
2S4A, did not attempt the whole reform at
once
Strikes Workingmen.
The mortgage being the usual form Of
long term credit common to the masses,
common to the BODYBUILDING debtor-the
workman mortgaging his dwelling, the
young farmer his farm for the balance of
purchase money-application was confined
complishment, and the rights Of most de-
easily secured. say fights" advisedly
present law is enforced, the mortgaged
debtor is taxed twice. Giving him his
rights will remove one tax and 1t is not
class should be favored by law. All classes
are entitled to their rights On roll call
there were but thirteen votes In opposition
to 2s4A on final passage in both houses,
unanimous legislative approval Of the meas
ure.
As to the present law, as already said,
spots or not at all. Frequently whole eoun-
ties have disregarded 1t entirely. Nonen-
forcement, or enforcement only in spots,
is unusual effort made to enforce its pro-
visions more universally and we rejoice
that such attempt Is made as It will tend
to aid in showing up the fundamental alb
surdity of the law that has SO long dis
graced the statutes Of great State. 1t is
expected that large increase In volume
in the credit classification will be listed for
yet no permanent, abiding system win be
established that will continue to operate
successfully year after year. Why? Be
ute law that Is counter to economic law.
Only the absolutely conscientious people will
continue to be caught. Even now a rumor
being loaned in his county astounds a GER
tain register of deeds. The man with a
flexible conscience will loan his money In
entious man will call in his loan and buy
property farm, a store, or stock In
local factory, and rent the farm, or store,
and be thankful that modern legislative
leases.
Our State is only following in the foot
Tesp Ohio, with far more drastic laws
unsuccessfully attempted the same PROPOSE
ton, listing less credits for taxation from
year to year though the State expended a., %
classification in endeavorfng to collect 1t,
in SO doing violating another axiom OF
taxation ethics. viz, THAT taxes should be
possible amount for collection. If the pres
emit strenuous attempt on the part OF the
State to enforce the law results In awaken
end that 1t may be superseded by a measure
more In harmony with reason and equity,
well and good, but meantime many small
lenders will see a large portion Of their
income go for taxes this year, and II the
present law still remains and Is enforced
interest rates will tend to rise to the Dor
rover to the extent that credits are sue
cessfully taxed. Even 2 per cent. gov
eminent bond would not sell If the holder
could be taxed 21L per cent. on 1t in the
city where he resided.
Very truly yours,
FRED. ]. FROST.