The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-06

the owner OF the mortgage isa nom resident
Ut i Wiling TO commit perjury In order 10
swear on his tax. II no Offset Of debts
against personal property assessment were
permitted temptation to fraud and perjury
would DO removed and, on the other hand,
AVIATION OF the severest type would prevail.
lhe ordinary holder Of mortgages Is
not indebted In an amount greater than
ms mortgage holdings He lends his
money at tho constant risk OF taxation. He
charges for this risk In fixing the rate Of
interest. II he escapes taxation he re-
ceives a higher rate Of interest, and II no
pays the tax the borrower bears the burden.
The pending bill substitutes tax on one
half Of per cent for the general property
tax on mortgages, without deductions for
debts or exemptions on account Of non
residence
Its natural result would be to reduce
rather than 20 increase the rate OF inter est
by raising vast sums now deposited In
savings banks or invested outside the
state In order to escape the heavy burden
OF general taxation, This fact may ac-
count for some Of the opposition by the
moneyed interests to this legislation.
Existing mortgages are not taxed under
the pending bin unless the mortgage
elects 10 avail himself Of it's provisions. It
looks only to the future
The Stock Transfer Tax bill imposes
a tax upon those who escape the burden Of
direct taxation and who clamor for taxes
that fall with greatest weight upon the
poorer classes. AS under the feudal system
the mobiles were largely exempted from
the land tax and the Weather classes
largely escaped the tax burden, 30 at the
present time the rich are constantly de-
handing exemption and special privileges.
Such a system breeds a righteous discon-
tent among the people.
4 regret that there seems to be differ
ence Of opinion as TO these measures. /
realize that you are sincere In feeling that
they are unwise, and know that those
who favor them are equally sincere and
believe them to be for the best interest Of
the State. have not attempted 70 dictate
as 10 the manner Of passing bills since
became Governor. nor as TO what these bills
shall contain. know that I am credited
with forcing through legislation. never
knew a Governor who did not force through
legislation, according TO general idea. Bills
are said TO be damned through whether
they have been considered three months
or three days. These measures have been
considered for a long time. the mortgage
tax bill for FIVE years. cannot say that
they are wholly satisfactory 10 me. It
would be more pleasing to me II there were
no tax at all. But the expenses Of the State
for charity. education, public works and
the courts must be met.
i cannot interfere with the procedure
Of the Legislature, You were elected for
the purpose Of legislating. Ihave no desire
TO avoid responsibility for any legislation
that meets with my approval. The only
have made as 20 legs
lation have made by message to the Legis-
lature. We need revenue and am not In
favor Of going back 70 direct taxation.
The Legislature must provide the ways and
means. There are two sides 70 every ques-
ton. and am quite sure that there Is as
strong q sentiment N favor Of these bills
as against them, and still stronger senti-
ment against a return to direct taxation
for State purposes.
Il shall give the matter most careful
before final action on these
bills My sole desire is TO be just to all
the people Of the State and TO promote
I he greatest good Of the greatest number