The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1905-04-05
REVENUE BILLS PASSED.
Senate Adopted Stock Transfer Tar
and Mortgage Tax Bills.

Albany, April 4.-The senate last
night passed by party vote, ayes 49,
noes Ia, the two administration reve.
aue measures adopted by the Repub
lican party caucuses in both houses
One Is the so-called stock transfer tax
bill, prescribing stamp tax Of 2
cents per 800 Or 50 per 100 shares on
the sale or transfer of stock securi
ties; the other provides an annual
five-mill state tax in lieu of all Other
taxes on all mortgages recorded after
July / next, one-half of the proceeds t.
go to the state, one-half to the local
ity
There was two-hours debate on the
stock transfer bill, which was opposed
solidly by the Democrats, led by Sen
ators Grady and McCarren. The six
senators from Greater New York
Cooper, Drescher, Elsberg, Gardner
Page and SAKE and Senator Hinman
Of Binghamton, all signified their op
though under emphatic protest, be
cause bound by caucus action.
The mortgage tax bill was passed
with little debate.
Senators Cassidy and Tully strove tc
amend it so as to exempt mortgages
held by building and loan associations
but they were the only Republicans
who voted with the Democrats for the
amendment.
The passage of the bills was in the
nature of a surprise, although Senator
Raines said last week that he would
bring them up Monday or Tuesday,;
it had been generally believed the bills
would pass the senate today
Senator Grady declared that the
whole indirect taxation scheme was
evolved to blind the farmers to the ex
travagance of the state administration
and with Senator McCarren bitterly
arraigned the whole system.
Senator White declared that the
Democrats always lined up solidly
against the down-trodden and for the
money corporation interests Of the
state. He recalled that the second day
after the senate Republicans caucused
in favor of the measure the record
price was paid for New York stock
exchange seat.
an Difference to the sentiment that
has arisen in my community" said
Senator Elsberg of New York city, 81
cannot Join my Republican colleagues
in voting for this bill without record
ing my regret. This might well be
called a bill to drive the Republican
party out of New York city and I want
to tell my friends that they are max
ing it impossible to elect Republican
mayor"
He declared that all six Republican
senators from New York city voted for
the bill under protest.
Senator Hinman Of Binghamton was
the second Republican to voice a pro.
test He said, however, that he was
willing to see New York city taxed to
help the rural communities pay for
the $1O1 100000 canal foisted upon
them.
Senators Page and SAKE of New
York city expressed views like those
of Senator Elsberg declaring that they
voted for the bill only because bound
by caucus action.
Senator SAKE declared that in so
voting they were committing political
suicide.
Senator Marks offered an amend
ment taxing 'all telephones SO and gas
and electric light meters so cents a
year. explaining that its main purpose
was to distribute the indirect tax
more evenly over the whole state.
Senator Marks amendment was lost
and the bill passed by a vote of 93
to IA.
The mortgage tax bill was then TAX.
en- up. Senator Cassidy presented an
amendment eXempting mortgages held
by building and loan associations,
which was supported by the Democrats
and by Senators Tully and Cassidy,
both Republicans. The amendment
was defeated and the bill passed by a
party vote-33 to IA.