Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-03-22

| lore $tuOO why don't you say that thu
mort gagor in possession why don't yo,
pass bill that the :nortgagor in pos
session shall be exempt from taxation
TO the extent of his mortgage? Ther
you have struck the right end Of it
you are helping the poor man then
| (Applause) You can never help the boo,
man by beginning at this end, by re.
iieving the rich man. I was talkins
with one of the leading Democrats o,
this State recently and he said, IF YOU
pass that bill will devote six months
time OIL the stump before the next cleo.
ton in the back towns and districts Of
Maine on this subject" Gentlemen, ]
say to YOU that in my Judgment this Is
Dill that should never be permitted
10 pass this House. What does the
county Of Cumberland pay as a tax on
money at interest: There are over &C.
VtW'OOO in the county of Cumberland. Do
the other counties of the State want
TO help pay the tax of Cumberland to
the State: The State tax at two and
three quarters mills is 1890 The lit
tie town of Brunswick has $751;, 464. Its
municipal tax is 1856. Its State tax is
solo. VIII the gentleman from Bruins
WICK go back to his constituents and
say. Il have voted for law which
| gives the rich men Of my town a
| chance to place in a safe channel all
| the money which you are now taxing
as money at interest" and plao-
ing tax upon the very men that
| these people are claiming to help.
The city of Bath has $3.50. 900 now at
| interest. If this bill becomes operative.
the municipal tax is $15.660, will the
gentleman who represents Bath go
back to that city and tell them that
| s15.6s0 must be put upon their vessels
and their stores. their houses-to re-
| lieve whom? The men who Of all men
on earth are able to pay, the rich men
of the city Of Bath. The State alone
loses in the case of the city of Bath a
State tax of $ls72. tell you that some
| time the people will know that the per-
son whom you have relieved from tax
alton is the rich man and not the poor
| man. Skowhegan has $17S.250 of money
to be taxed, money at interest. I find
| if this bill passes and that money goes
| into the channel where it will go that
there will be S3666 exempt from taxa
ton which will fall back upon the peo-
pie.
This bill depletes your State treas
| ury of thousands and thousands of
| dollars. An not only that, but I want
to call your attention to another mat
ter your collateral Inheritance tax.
You pass this law which says that no
| loan secured by mortgage on real es-
tate shall pay any tax-this very last
year we collected from the collateral
,,,1,
thing to hinder me from willing to a
| man who lives at distance from me.
who is no relation of mine ten bonds
secured by mortgage on real estate
Could you make him pay that collat-
eral Inheritance tax which is nov four
per cent. upon all sums over $500? My
own town has $260,000 Of money at in
terest and not only at interest, but
loaned on mortgages. In round num-
bers our tax is $4,000 that we get from
that source of taxation. 1t come from
the rich and the wealthy of my
village and if you pass this bill we lose
the whole of it. and every mans tax
will be two and One-half mills more
upon the same basis as 1904. In other
words poor man will have to pay q
tax Of two and one-.lalf mills more on
every dollar if this bill passes. The lit
tie town of Patten, if this bill passes
loses in its municipal tax 1899, and the
State S129. l am not going to say whose
money that is at interct, but it is GER
tainly the money of the wealthy class.
1t is certainly a class above all others
that can afford to pay. Will you allow
the men who have the money to pay
with to escape taxation for the sake of
helping the rich centres, and thus
bring the burden back home upon the
poorer classes? Mr. Speaker. l move
that when this vote is taken that it be
taken by the yeas and nays. Gap
paause.)
Mr.. STEARNS of Millinocket: Mr.
Speaker I have listened to the gentle
man from Houlton with great deal of
interest. l would like to ask the gen.
tleman a question relative to the orig
inal draft. Senate bill No. %. l would
like to ask him if he would favor tina:
bill?
Mr.. POWERS: No Sir. I don't know
as l should, because there are many
things in it that ara Objectionable 1t
does not start at the right end. Start
at the end where l said. relieve the man
who has given the mortgage to the eX
tent of his mortgage and | will be with
you ana hold up both hands and vot )
for it.
Mr. STEARNS: The gentleman would
have YOU understand that this is a meas
ure for the better protection of the rich
as against the poor. That does not meet
with my views on the situation or the
aims of the bill. I represent a small
town, not a money town. My constitu
ents are not money lenders but money
borrowers. Our town does not assess
money at interest because We have no
money lenders. We suffer to a certain ex-
tent from the fact that the present meth
Cd of taxation on mortgages of real estate
in effect is a double taxation. l will say
that | am interested in real estate 10 Il
certain degree. | am interested in get
ting money, for these poor men who wish
to build homes for themselves and | am
confronted with this proposition when
go to money man and ask him il he has
money to loan on real estate. He will say.
ycs under certain conditions. l went to
the town of Houlton within year to
negotiate a loan on real estate in our
town. He asked how much | would pay
for it, | told him that per cent. was
good rate of interest. He informed ma
that he would have to have eight Ter cent.
He said he had to pay taxes on mort
cages and consequently he had to be pro-
tected to that amount. Now, this is true
not only in Miilinocket but throughout