New-York tribune., 1903-04-07
ODELL URGES ACTION.
Continued from first paKe.

sociations ana religious benevolent and charitable
This recommenda ton. when presented TO the
majority of the legislature in caucus was adopted,
propositions which had been presented IN the three three
Yea vet wII desire to TsTTs sd aganst
them i was led to acquiesce in the sugsss.lon on
far as to waive the exemptions which were sug-
g . in a my o, is f sFeby @ it would
now that this proposed legislation was AGAIN ,o he M
and unjust discrimination was to be continued
during the next year The gravity Of The srua4 ion
propriety and the justice Of the demands OF % dh9se
and that if the present average rate of ~ per
cent is to be imposed it shall be imposed upon % all
reduction of the tax upon real estate pes ae end
gravest and defect in tax laws
THE AIM OF THE PENDING MEASURE
The pending measure should not be called a
measure to tax mortgages because this Is @
TO the truth. 1t is measure TO reduce % me aaee
of taXaon @ % upon and ha Tne bH the VARIOUS
Institutions and associations for which urged e4-
emption, could well afford by subsequent Snp
oversight of these institutions and societies py
and thus perhaps place eventualIy no greater
burden upon them than that which they are ensd no~
to stock certificate 1t represents the the Fa1re d b 6e
payment OF which the property is held liable in
stead of individual ndorser. stock certificate
f and ID f has been the policy Of
the State = exempt the stock OF tep eq
ests from personal taxation, because addi-
9ef t99if' wod on be t" nanifSsy double taSaton
sessment and collection of taxes against the cor
porations of the State fnGs parallel in the
It may u be Of interest to STATE that While the steam
railroads of our m paid o IN as5 dydeha5 a f
the corporation paid for taxes s1 1665 i24 &c.
while the street railroads paid in dividends
50 343 70 and in taxes S26SS1 81 In other words
the steam railroads, which probably own all the
more than 60 per cent of the amount which they
IN taxes about 81 per cent of the amount paid
dividends This latter percentage would be in
before the Court of Appeals should he decided in
favor OF the State. II is well known that the
average rate of assessment in the State is not be
yond 90 per cent While the recent raising M g Of the
York may make some sght difference in the aver
it cannot affect it ateTaly @ il If pT0perfy fyo is
rental value is s per cent upon the investment 1t
ton purposes. that is, that $1,000 house, assessed
at $500 upon a per cent rental yaluation would %
So if are TO regard mortgage tax in the same
iaIatf@n he rea1 estate which it represents should
pay greater portion, or the mortgage OF tsell
should bear a proportionate share of the taxation
The bill now before the legislature adopts the lat
ter method and proposes exemption from an 9t!ls M
forms Of taxation taking it enlIrfy OUTSIDE outs GI ine
and that which is unnchmbered SO that there
would be nothing of personal property 10 assess
of stock and bonds and other evidences OF des or
foreign corporations. credits and stocks OF mer
thus reducing to a minimum the double taxation
which is now the bane of our tax system
NEGLIGENCE OF ASSESSORS
But it is claimed that the borrower would pay
Seeies S & of ana xaon 9S Would in effect place The
burden upon the borrower and render hiLn Iaote
ter Of fact however that since the agitation upon
! ago there has been scarcely mortgage drawn
which does not bear part of the penalty In
taxes levied by the State shall he paid by the bor-
rover BY ths satei OF course Is gqH' bv his nro
posed bill should not become a law That the Dor
I have stated. averages about 2la per cent Is que
TO the nessence and II may say so ohe regnn eT,a1
to the means at their command in assessing prop
the books of the various county clerks and regis
nnf m fegT that instead Of the and per
interest which the borrower is paying he may at
burden and that TOO, without any interference or
anv4 additional legislation upon the part Of the the
measure earnest in their interest in the 6or-
Tb ebt because it Would relieve the borrower
Of the fear of the difference between a four mills
and 212 per cent rate, and would make more Ger
tain the influx of money into this state for invest
~ q. roinir9un tax would remove from the borrower
any obstacle in the way of lower interest rate.
Interest rates made UP of two parts; first.
9 5 rar which represents the fear Of the lender
that he may he assessed upon the money winch ne
ow ia rate Of interest az per cent sell readily
par while MUNICIPAL and state bonds free from ON
fear Of those who buy these bonds that they may
mo cent 56gapd are soid readily because in every
bond II IS explicitly set forth that taxes upon
such bonds shall be paid by the corporation which
rainers not only in REDUCING the percentage of in,
terest which otherwise they would be called upon
hv escaping from the taxes which absolutely
and lawfully due the State.
PROPER EXEMPTIONS FROM TAX.
There is more reason. however, that the bonds
Which ad are now s SO ha bdsane tsXed
they are paving larger pr2nortion @ or the state
sn TOO with the savings banks While they may
have perhaps outgrown their original purpose pos
Of the banks and trust companies of the State
g peaoeT Hf tey Of the State and their
should have our earnest consideration and support
panies bear somewhat similar relation TO the cti
zens of the State by offering an avenue for invest
/ rnept hy competency for ones fam
/ ilv and whatever may tend to lessen the cost of
I o as at shown to
banks So too with building and loan associa-
STATE oste and which encourage frugaty Religious.
benevolent and charitable associations because OF
the work which they are performing, are deserving
Of encoura cement from every progressive citizen
But these companies and assocla ffpTesent out
state savings banks have but $3.50 900 600 invested
@ cs lions nroba DIV SO 600 600 at the outside
This is but small proportion of the s350000 0O of
mortgages, including those Of corporation which
investiga ton 50 per cent OF the property assessed
as personal property to-day IS represented by the
and other corporations while the 20 per repre-
sents the amount assessed upon other personality.
Assuming therefore, that all the personal property
assessed against indivduals consists Of this 20 per
books of individual personal assessments.
PLEA FOR NEEDED CHANGE
No party no man. ever gained political or per-
sOral advancement favor through the fear