Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1903-05-27

To put tie al yalorem system into
operation an appropriation of $4,000
was made One can imagine that it
will cost a co0d deal to make the as
sessment. to gather the data, etc.
Exemption of Credits.
Thus two great measures were en-
acted. A third-the exemption OF
credits from taXation-failed. This
was a measure recommended by two
of the tax commissioners and passed
by the senate. AS the governor has
said a good deal about the importance
of standing by the tax commission,
this discrepancy has made much tax.
The governor has strong views on the
subject and believes that what are
called credits" should be taxed.
A mortgage taxation bill was en-
acted. 1t started in the assembly and
there was a good deal Of comforting
before a satisfactory bill could be
framed The senate passed subStl-
tute which provided that the mortga-
COR and mortgage might enter into
contract specifying which one should
pay the tax on the mortgage but 1t
was agreed to strike out all reference
to contracts il the bill. and to provide
that the mortga gor might at his option
have the mortgage assessed separately
from his equity in the property mort
gagged, In this form the measure went
TO the governor and received his appro-
val 1t is the same law that exists IL
Massa chusetts. The law further pro-
vides that mortgages held by insurance
and trust companies and other cor
porations that pay taxes on their earn
ings shall be exempted on the theory
of double taxation.
Commission and Rebate Business
The two big railroad bills that failed
were the ones to establish a commits
sion for the regulation of railway
rates and the bill to es-
tablish the rates Of June Is, 1902,
as the maximum rates in the state.
There was also a bill that failed which
prohibited the giving or receiving of
rebates. This does not mean that it
was blocked by the railroad lobby any
commission bill in the assembly means
that the lobby controlled that body.
Rather it means that each side was
| playing politics and it was felt that
good faith was lacking; that being so
| the merits of the bill were obscured.
School Tax and Tnheritances.
Whereas the schools enjoyed mill
last year which lowing to full assess
ment) gave them more money than
| they needed, this year or of mill
| assessment is provided for with an APP
preparation of 100000 instead of $780,
| 900 from the general fund.
If you die leaving more than S1O.-
| 600, the state gets share. There has
been such a law in Wisconsin before,
but the supreme court invalidated it.
Thus estates up to this time have es-
capped, though it was necessary to pass
| estates to recover
Under the new law there is tax of
| one per cent. on the excess of all prop
erty exceeding $4,000 for the hus-
band or widow and $4,000 to each child.
UP to $4,000, of / per cent. Between
| $4,000 and $4,000 the tax is III per
cent; from $4,000 to 100000 it pro-
vides for per cent: from 100000 to
| 100000 it is 27s per cent; and over
| S5OO,OOO is per cent. This is for direct
heirs. Brothers and sisters pay u of
| ] per cent more than direct heirs; un-
| cles and aunts pay three times the
amount of a direct heir; great uncles
and aunts four times in excess: any
| heirs further removed pay five times
| the sum a direct heir would be re-
Quire to pay.
Thus a widow inheriting $1,0OO,OO0
I pays $4,000 into the state treasury
quite contribution. This form of
socialism has spread very rapidly of
| late years and is generally accepted
| New York state has such law.
The banking law of 1852 has long
| been obsolete and the banking bust
ness hampered by its provisions and
| the constitutional amendment was a
| happy thing ii that it authorized the
| legislature by a two-thirds vote of the
| members to amend the banking law.
| On this basis a new law has been en-
acted. The bank commissioner is Civ
en- full authority. and can act effective
| ly should he find any institution con-
Quoting it's business in a reckless or
careless manner Limitations are pre-
| scribed for the amount which may he
| loaned to any one person firm, or cor
poration, the amount of the overdrafts
! is limited, and banks are required to
have prescribed percentages of cash re-
serve. Especially does the new law
reach after private banks and in GU
rious way. Unless banks are incorpor-
ated. they cannot come under state SUI
| pervision The anticipated result is
| that nearly all such private banks and
| bankers will incorporate for it is evil
| dent those that do not will be at dis
advantage in seeking patronage.
Never Such Veto Governor.