New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-16
RECORD MORTGAGE TAX.
SAY ODELL MEANT THIS.
Would Raise SIS, 100000 a Year for
- CanaLs-This City affected.
TpY rrLrGnApu TO THE rRrBuyE.I ]

Albany, Jan. 15-Discussion by legislators
during the present week of the probable method
of taxation which will be employed TO raise the
money necessary to build the new barge canal
has disclosed a rather striking unanimity Of
opinion that at least measure which the
Governor had in his mind at the time he sent
his message TO the legislature was record tax
on mortgages. The assertion made at the
Capitol this week by person entirely familiar
with the subject of taxation that IL the gem
eral impression in New-York City among those
who had given the matter careful thought that
the Governors plan when IL was finally made
public would be purely and simply this. the tax
being in all probability five mills. Such a tax
would raise approximately S3.000O0O annually.
the sum which. it will be remembered. the Gov
ernor believed would be necessary for the first
two years
It will be recalled that in his last message
Governor Oden called the attention of the legis-
lature to the subject Of a mortgage tax. and
said. with what was believed at the time TO be
of considerable significance:
Much of the assessment I'm New-York City is
occasioned by taxation upon mortgages. which
should not exist. and which Is positive burden
pc, es az sfst sssrsrslss tss5af k.5en S. uy Fsys
Pssss err should be vested somewhere FOR sush
treatment of This class of personal property in
its contribution 70 the expenses of government
as would tend 10 minimize the unjust proportion
CT payment Of taxes
In two previous messages Governor Odell has
dealt with the question Of n mortgage tax and
has recommended the abolition of the direct tax
and a one and two mill record tax. He is known
still strongly TO advocate the abolition of the
direct tax, but il is the opinion of those who
are best informed the subject that the
abolition is a matter which requires several
years more of education for the public This
opinion was expressed only the other day by a
New-York City official whose ideas carry weight
in this matter. The prevailing notion is that
both in his reference in the message and in his
two previous recommendations of a more di-
rect character the Governor foreshadowed the
line of action that he believes the legislature
should take in raising the $1O1. 100000 necessary
for the construction of the canal
This new record tax will not affect, it is gen.
orally believed. any existing mortgages, but SIM
ply apply to mortgages. The minimum
sum raised annually by such tax IS estimated
at 81, 10000 That this may be too low an es-
innate, and that the Governor has been able to
figure a larger income, is also suggested. The
burden Of this tax. as, indeed. of any tax for
the canal would fall New-York City and
II has been reasoned that there will be a con-
siderable effort made to defeat such measure
although. of course. until the matter is definitely
known. action can even be conjectured. It
e. however, undoubted fact that il is along
this line that the real estate and financial In
terests are looking for the taxation plan.
The question OF when this important measure
would be introduced has naturally occasioned
more or less guessing. 1t said at the
Capitol yesterday. with some show of cred,bility.
that whatever measure was introduced meet
this necessity would not make its appearance
before the middle Of February. The only canal
interest of present Importance is the appoint
ment by the Governor of the canal commission.
The names of this board expected next week
z. A. Bond. State Engineer. is generally be-
lieved to be slated for place on this commits
sion.