Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1902-06-09

erty In AS hands Il certainty would be
property IN BIS. Or course the average pop
of-nothing fellow, win argue that the note
is property because A could sell it, forget
ting that price-sale-is not. the property
that when selling the note 4 sells not prop
erty but merely claims to the property. The
horse Is the property. Hence credits are
stocks, bonds and mortgages, embodying
within themselves, as they then do, title
20 property taxed elsewhere, 1t Is strange
rnere should be any one or any State With
sight and reason 80 perverted as to attempt
to duplicate the tax.
ing that stock, bonds and mortgages repre-
sent property already taxed in other form.
The stock share Is the individual holders
title to the portion OF corporate pToPsrty
corporate property be saw mill and is
taxed as such to the corporation the indi-
again on his share Of it. The bond is The
mortgage on the corporate property, or mn-4
n1cipality, and ever stands for, and repre-
sents, conditional title to property already
taxed, Likewise the mortgage is conditional
title, a provisional deed, of the farm, the
store or the factory, and taxing it, without
the property mortgaged, Is, as the Outlook
says, placing a heavier tax on property
he held by debtors than on property debt free"
credits at all, the State Is doing violence
TO right and reason; and attempting that
Which rs Is coUntsr to seonomc law and the
collect tax ON from to B per cent. Of
such items proves 1t. Yet my measure, No
284A, did not attempt the whole reform at
once. ~" "%-, 49,.
Strikes Workfngmen: $685.
The. mortgage being the usual form Of.
common to the. home-buflding. debter-the.
workman mortgaging his dwelling, the
young farmer his farm for the balance sot Z
to it. as results seemed more certain sr G0 Of ac
complishment, and the rights Of a most de-
serving Glass;, the mortgaged debtor, more .
snd % sssgrS mean az Toa sayfeG
present law is enforced, the mortgaged
debtor is taxed twice Giving him his
favor and should not be so regarded TNo'
class should be favored by law. All classes
are entitled to their rights On roll call
to 284A ON final passage In both houses,
unanimous legislative approval Of the meas:
AS to the present law, as already said,
1t, In the. past, has been enforced only In
spots or not at ALL frequently whole coun-
ties haves disregarded 1t entirely. Non-en-
forcement, or enforcement only in spots,
cannot justify a bad law This year there
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 abb
r adtG the law IT that p1 has g tong dis
in the credit classification will be listed for
1et ne s Sea abiding sse VIM be
established that will continue To-; operate.
successfully year after year Why7 Be
Gte law that Is =
comfy confnns to s. ea5g 7t gRR 9p Fn NOR
being loaned in his county astounds a GER
tain register of deeds !. The man with a
flexible conscience wifi loan his money in
entious man viii call in his loan and buy
property. farm, a store, orr stock In. a.
local factory, and rent the farm OF store
folly has not as yet attempted to tax
Our State is only foll!cwing. IN the foot,
respect. Ohio, with far more drastic laws,
unsuccessfully attempted thet%same 5pFopesi- j,
ton listing less credits fGF taxation from
classification in 'endea7oring to collect it.
taxation ethics VIZ, 'That taxes should be
so levied by the State as to cost the least
possible amount for collection. II the pres
ent strenuous attempt on the part. Of the :;
State to enforce the law results in awaken :
ing the public to the absnrdity of it, to the
end that it may be superseded by measure
well and good, but meantime many. smaH
lenders will see a large portion OF the lei
income go for taxes this year, and II the
interest rates win tend to rise to the Dor L
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 21h per cent on 1t in the
city where he resided. 3..,sr;':,A "i.a.: = 1:
very u NY FRED: T. FROST Is
Drives Honey Out of the State.
Populism drove money out of Kansas,
made it impossible for the farmer, the
merchant and the manufacturer to borrow
without paying exorbitant rates of inter
est. The veto of the Frost mortgage taxa
ton bill by Governor La Toilette has al
ready started a stream of money out OF
Wisconsin. The Appleton Post, in long
editorial devoted to the subject of mort
gage taxation, says.
owe are credibly informed that within
the past thirty days, upwards of $500, 900
has been sent from Appleton to Chicago
for investment in securities there, and this
is only the beginning of the flight of capt.
tai from here and elsewhere in this state, If
we are to have a continuation of La Fol
letteism with its plan for "a more equal
adjustment of the tax burden" Under it,
any one can see that the borrower as we'll
as the lender of money gets blow in the
solar plexus."
A dispatch from Racine, detailing the
results of the assessment IN that county
under the direction of the county super
visor of assessments, states that mortgages
to the amount of 81 900 900 have been I'M
covered. The account closes with this par
agraph:
"Moneyed men became alarmed and in
less than three months nearly $l,OOO,OOO OF
mortgages have been transferred to other
states A Citizens league, composed OF
300 wealthy citizens, has been organized.
Money is being driven out of the state,
the rate of interest on mortgages is ad-
.vancing, those who have mortgages coming
due will be required to meet the payment
or face foreclosure proceedings. Surely
this is Populism.