Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-03-10

on real estate is the man who needs az.
sistance. 80
could quote several towns and cities
III TINS State which practically nav No
IN uilcer the column 3f money at in.
terest' ana If l had time ( should Xix.
to go over these: and | will ask Won
lC Iialter now this question goes to-
gay, III the interests of future progress.
sINe legislation. that you will look tn,
matter up, ami 1 submit that Won vii
find valuation of over million and
d haiI ~hlch docs not pay tax unde,
me neau OF money a interest Riddle.
ford, Old Town. Brewer, Lewiston Il,
not pay anything. Portland does no,
Pay anything that amounts to any.
thlnS III proportion to the amount OF
| money they have; and l 6m going f.
dSsume-not that these gentlemen ar.
| dishonest, or that they intend to do any
| INJURY. but that they have reached a
final conclusion in favor of the rich
man; ana if YOU take from the money
i'll any locality you eithe" add to the
li!te rest rate or dive the money from
tfat locality into another class of in
| VoStmentS.
l will leave that matter there. so far
|
a tax on money ut interest You will be
as surprised as have Lern to look this
over, and | submit that any CITY ar
| town that does not find any money for
| purposes Of taxation under the column
Of money at interest certainly will
| not have their revenue cut off. And
| am going to say that any town or city
that does find it-and 90 not exemDt
| wen the mortgaged prorerty-I sub
| nit thai those towns in Il very short
| time, by the inCrea - I'm building. by
| the amount OF Rooney you encourage to
| come i3tO that locality. will have the
| tax list Increased enough to rally
| many times Offset what they lose in the
attempt to tax Intangible property.
| think the senator flom southern
-Aroostook, if he was not fearful of the
people in his locality would censura
Kim for stepping out on the broad plane
| Cf the greatest good 70" the largest
r.umbcr in this State. l believe he
| would be convinced that if YOU did not
tax money at interest loaned in mort
| gagged real estate in hts town, it would
| give an added incentive for men to in
vest money in that class of property in
| his town. and IN a short time would
| have the realty increased SO as to get
| many times what it is EoW. l am go
| ing to be personal about this question,
| and | say that | knOT, in spite of the
| representations which the Senator has
| made. that they are ic fact taxing their
| wealthy men there on the doom plan,
| under compromise arrangement to
| tax them for what they vii! stand: and
| | know one gentleman to whom person.
I'll refer cnce has been made ten times
| over, a man VINO has n;Orey invested
IN mortgages. They say he is taxed for
| something like 100000. ] have known
very recently that that gentleman, q
| former governor Of this state, had one
mortgage that amounted to $50 600.
| They Hid not tax him 70" that.
| Mr.. PUTNAM. The mortgage is paid.
| MI GARDNER. 1t never has been
on the tax lists. and he has never been
taxed for ii. | lso know that the same
gentleman sold valuable tracts of tim
| Der land in the northern part of our
| state and received payment therefor.
| and | think ] am safe in saying that
a llrge portion of that Went into loans
| III ArDoStoCk county.
| Mr. PUTNAM. would ask for the
courtesy of an opportunity to explain,
if YOU will permit me we will take
that matter up later and thresh it out.
| Mr. GARDNER. | will yield as a
| matter of courtesy.
| Mr. PUTNAM The reference of the
| Senator is quite pointed with reference
| to an ex-governor IF our state. That
| gentleman has owned 100000 acres OF
| wild land in ArooStOok and PenObScOt
| tor two ye4rS. He sold that. and in
! most cases gave bonds for deeds and
took notes back The title is still i'll
| Sim. and consequently is not subject
to taxation i'll iluulton. The select
men of IICultun have Il young lady who
| goes to the Office. and who makes Il
| copy of every mortgage, and | will
| wager thtl he has not any 50 invested.
Mr.. GARDNER. If the gentleman
has the notes in his pocket for the sale
of all that land the paper company
that bought are paving the taxes
| upon it. | will submit that he is not
| taxed on one-tenth of what he has got,
| and will say it is on the doom" plan,
ana if he Las those notes in his pocket
tie could eVad" taxation for many
thousands nf collars. He is taxable for
money dt interest. | Will submit that
the arrangement in HOuIton is this
| that the distinguished former governor
of our state. one Of their wealthy men
| there loaling Large sums all over
| MooStuok county. and they collect an
intereset rate which is more than they
can get in the Fourth National Bank
| in Boston. which the governor owns
or upon amy Investment in first ella -
bonds They get larger returns and
pay in Houlton just what the asses
sorS See fit to doom them for. and the
revenue they collect from the poorm IN
there goes into their trousers pocket
And that is why they accumulate
wealth there. 1t was my good for
tune to drive around ArooStook Coun-
ty with the former governor on the
stump i'll the last campaign, and you
could hardly so through Il section but
he could name from one to ten farms
ne had mortgages on. UauGhter)
| | will submit that when YOU tax him
according to your own statement for
one-hHlf of $4,000. when we know he