New-York tribune., 1903-04-01
FIGHTS MORTGAGE TAX.
&c. NORRIS rs. GOVERNOR
Bankers Also Oppose Bill, Which
Man Pass .Somephat Amended.
Try TELEGRAPH TO TIE TRIBUNE

49, s.oor nv the Taxation Committee of
.ha co,a,a on the proposed mortgage tax Of four
ronls we the strenuous opposition Of Robert c
ATo-r5s chairman of the Republican County Com
- ,f New-York County. and the statement Of
Governor Odell &c a committee from the savings
hsnks OF the State that the State had no DISPOSE
80 N inopose a heavy burden institutions
which had the savings OF ehe poor OF "I0h q"
couraged thrift
there had been no intimation that Mr. Morris
vo1,ld present such protest against the bill. and
therefore his action was received with surprise
The Senate Chamber crowded at the time with
representatives Of large proportion Of the lead
ing savings banks OF the State who had gathered
70 oppose the bill
Nj Morris the first to address the COM
rnittee and be was followed by his associate mem
Der of the committee appointed to submit the pro-
test Henry L Stimson, formerly law partner
OF E.ihu Root.
IT is understood that President Morris did not
make his protest antagonize the policy of Gov
e-nor Odel OF of the Republican leaders in re-
gard TO taxation but solely TO express local sentt-
rnent in New-York opposed TO this special measure
It is understood definitely tonight that despite
the opposition OF the New-York Republican county
organization and the demands that the Dill be ab-
solutely abandoned, Governor Odel has decided
TO push the measure 10 final passage
The Senate committee has announced a meeting
for tomorrow for the purpose Of discussing the
measure in executive session Senator Green said
that the bill would probably De reported without
delay It is probable that an amendment will be
from the provisions Of the act, the surplus
OF savings banks is already under l per cent
the par value
On coming before the committee Mr.. Morris said:
MY remarks embodied in this letter. which
I VIII read:
To the Honorable George E. Green. chairman. and
Members OF the Committee Taxation and Re
At a meeting Of the executive committee of the
Republican County COMMITTEES of the County OF
resolution was unanimously adopted: That the
the iegisstuTe at Albany psTticGisry those which
in their operation will work to the detriment o5
the officers OF the county committee and the
sideraTion. and that they be authorized to repre-
as 10 the matters embraced in this resolution TAX
ing such action respecting them as they may see
1T under this authorization"
the county committee and the chairman Of the ex-
ecutiVe committee called a conference of the rep
resentatives Of the several Republican organiza-
mona SIS 04 which has been fooWed 6y several others
and in the name Of the executive committee Of the
the oficers of the Republican County Committee,
Vel as the representatiVes of the county organiza-
lions of the counties Of Queens. Kings and Rich
submit their joint protest against the enactment OF
Public Sentiment in greater New-York condemns
mortgage taxation The position has been often
mercial. labor and real estate organizations
questions involved are not familiar ones Possibly
no question of State. distinguished from ma
6seassed foP s fong % period The Sentiment
sesinef mortgage taxation must be considered.
fferefore fnteiiigentiy and firmly held It is based
upon experience. and upon knowledge OF various
forms Of mortgage taXauons IN other states. as
well as upon the experience elsewhere OF the plan
9 eKep6ng ~ ef te fFo ity Of NeYork
as long ago 1870 urged the injustice Of taxation
has continuously and consistently held TO thosP
The opposition Of real estate interests has been
SO fervently voiced that it is not necessary TO
Estate. the Real Estate Exchange OF Brooklyn and
. few 5avs given evidence of their attitude.
The views OF our commercial tapor and uCpan
formed people in the rural districts. but many OF
fei1avz citizens In those sections have not yet
Ssa-1ed that q morfFaea tax falls Inevitably upon
the borrower. nor rid themselves Of the idea that
e+fGenoe Of their wealth. although the property
T5e MoTtgaee se Tax bi in question has been in
troduced in order TO avoid a possible neeq 70 m m
subject is considered a variety Of considerations
direct tax levied in the usual manner, falls
almost entirely real estate. II the collection OF
AVOIDED by collection for state of equal sum
from mortgages on real estate IN T,af oni1 in this
way that part OF real estate which belongs 10
9pe pee who NO bT PsT df 70 t Whe the peop
well off whose properties are Inortgageo: VII VII
Of the class whose property is not mortgaged.
,n5irec fis taxes must always be guarded in an ex-
way II Injustice is to be aVoldeo an
economic taxation. Money is wanted ana Is Sc.
71T112 2
tTsdtiorai TAX system Of the State. higher levy
would be made that would extend TO eFery Qo4Isd S
State. that could be found and assessed by the
taxing authorities Under the d1rect TAX system
bear a special levy One day it is savings banks;
another day insurance companies, on anotner + qag
trust companies affected. and on stlli anoIner
5ay liquor dealers. - . -.
indirect levies has long prevallea m in
past it been pursued with careful dlscTeioc n AZ
rsoent yeaTs % IsTm has alreadv come to
80 of voters CneI II - dill
element in the political situation Benett haS a. a.
crlIed 10 the rural sections, ana extra
drains have been put upon uI pan i scfe6 and
sections know the facts, ano pom NJ. r1er
viii act view OF this knowledge II teIluo, -
haps. TO Republican streIlgt LPP 1aad Ter Re
Democrats strength n the cues. a4u g. tl7rre
Is no sentiment stronger among the people IN our
cities than that favoring home RUE .i,, boIn poii
limited II must 20 70 all essential ana lrnpor rIaI!I
interests IN reasonable way 70 Laastori ti of s,b
iecfs Of taxation as well To 3 normal control
q expenditures -. 80 ss,,
S24oo1000 year; on the city, say Slg009V1. dLIs
State. however. can draw upon all the stare ailu
= LsrIs OT T - his LeV Eew-york CITY shou3a
needs ara he interest Of the state in the taxable
u5iects ~ NewYork city is then s60oo00o against
rbe local interest Of s00JJ)0o0 This proportion IS
roughly one TO six Il IS about one 10 nine II
Re fai[inF therefore, Of one-thrd Of the revenue
from snv special subject OF taxation. or WIla1 L
worse one-haIf as proposed in this bill and in the
as II the Of trust companies and SAVINGS
banke is open 10 the gravest condemnation
lust regard then 10 right economic views o.
merit o. tae subject: lust regard for right bal
snce Of taxatcn on real estate: just regard for
fair application o the policy OF lnHrect La'lo5t
inst regard 10 right balance OF taxation between
the city and the State irnperatively demand that
this mortgage tax measure should be abandoned