The sun., 1903-04-02
TIE MORTGAGE TAX BIZ.
Practical Objections Based On Minute
Exa minatisS Of II.

To raE EDITOR OF TBE SUN-Sir: The at3-
vocates of the Mortgage Tax bill say this ac'
will reach the lender OF money and take RON
him the tax Not so The man who borrows
viii pay, so this will put an additional tax on
the man whose neoessities require him 70 Dor
row. IT will be done this wsy. Ninety per
cent of existing mortgages are due or can
be called. They will be called and new mort
cages executed for higher rate Of interest by
one half of one per cent. where the mortgage Is
less than per cent. II at Q per cent. which is
the rule regarding farm lands. the mortgage
will be called and the farmer Will be called
upon to pay the charges Of the lenders lawyer
for preparing an agreement Of extension OF
the mortgage for one year or for new mort
gage for one year. In these charges viii be
included the State tax. This will be repeated
each year. casting upon the borrower each
year the additional expense OF lawyers and
recording fees.
Attention Is called to the onerous duties
put upon holders Of mortgages by this act.
and the great expense. The mortgage holders
must first examine the list" or send careful
lawyer who will have to stand In line for hours.
ss there is but one official list. before he can
get the Information necessary.
Then carefully pre- pared appeal must pc
prepared in triplicate by lawyer u any error
fun amount Of prin cpal OF all mortgages must
be entered on the list, no matter what pay
Ali owners Of lands isI upon no which unsstisied
marked obsolete. II the holder cannot do this
some trusty person to sign for him and pay for
this. III the mortgage has given the mort
gage or & satisfaction piece OF ne mhorIsage no @
gagor can then pay the taxes, record his salts
faction piece and sue the mortgage for the
and counsel Counsel fees r. 81 and nd ali his his EXPENSES. s
This provision, section sos, will stop the
great majority Of persons who invest IN
vicious, The lowest estimate Of the eI-
pense which this act VIII put upon the hold
e5s snts e, resarac Is ss N1oe Ihe
examlnations Of hs The list the record and The
lawyers. all @ f be- paid f'' for' II is wrong il
rlnciple for the state to single out any spe-
cine form Of SECURITY to tax IL four rh mils T.
deposit there ali papers with lawyers to at
must be produced under section sol.
The worst feature Of this bill is the GER
tdainty that t the owPer Of Land VII get into
missioners, and until they are settled he
cannot get his mortgage satisfied Of record.
Vces Of 70 ana the Sisn possbe ess
OF sale OF his property.
No debts Of the MORTGAGE can be Offset
=, What nice questions will arise undoi sec,
tion 2s2 when the mortgage covers real and
personal property The State must first
determine the value. OF the personality, as
that cannot be taxed under the law. How
will the State do this? BY more petitions
and delays and expense. Each section in
ours expense and delay.
This act is not workable. IL doubles ex-
penses and makes dim cult and dangerous
the investment In mort CAGES. II compli-
cries dealings In real property and adds an
other heavy burden to that already heavily
taxed species OF property. real estate. This
bill should not pass JOHN II. JupoK.
NEW YORK, March 81