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

TO oppose measure which gives relief
10 the poor class all over the State be-
cause III the two sections of York and
Houlton they are peculiarly situated.
| NOW | will leave the matter of re-
odced municipal revenue, and with
your permission will take up the mat
Ter OF whether it eXempts the rich man
from taxation. Some of my friends ac-
cuse me of leaning towards the Henry
George theory. l do not care what it
is 1t has been my principle and prac-
ice tha>if l discover anything which
| believe to BE- right and proper in my
legislative capacity | am going to do
II IL stand alone. Fortunately five 9TH
Ell good men on the committee ON taxa
tioil believe as l do. and there vas no
attempt TO run anything through this
committee, one of whom is present and
VIII bear me out that there was full
ana Tree discussion of the matter, and
the committee voted to submit the re-
port.
L think I have shown conclusively
tllal III a majority Of the towns and
cities i'll this State we do not tax tie
money IN the hands of wealthy men be-
cause IL will either drive them out or
because it will result in added tax up
on the man who borrOws. very body of
men who have examined the tax laws
IN our different states have been unan-
llncus upon the point that the borrower
rays an added interest rate, whatever
tax you put upon the money which he
| horroWs, and in many of the states
| they have relieved entirely the loans on
| n!ortgaged real estate; and wherever
You find Il state contiguous to or ad-
joining another. like New Jersey, that
| eXempts YOU will find in every locality
| here they exempt money from taXa
| ton that the general tax list is wonder
| fully increased. You will find those
places built up wonderfully. The Mas
sachusetts law was noticed. They had
some trouble. us we are, to get whole
some and progressive legislation, and
| they finally compromised on the Massa-
chusottS law which makes the mort
gagor and mortgaGee joint owners for
purposes of taxation. That seems fair
on the face of it, but Immediately in
every mortgage there you find Il fore
closure clause which says that the bor
| rover shall pay the entire tax upon the
real estate. and in consideration OF that
he has the money at lower interest
| rates. and today the loans on first
| class mortgages i'll the city OF Boston
are 31a per cent. on par with the saw
ings banks and everything else.
| IN this State wherever you find Il
money lender loanng his at per cent.
you will find he is charging his neigh
bOrs anywhere from 21a to 3 per cent.
more, because he is subject to TAXA
| ton.
| When you cannot get a dollar at a
| reasonable rate of interest in many
sections. ana you know that gentlemen
| can sit there and not contribute a cent
| toward that municipality by dumping
it into the saving banks, l say there is
great danger of creating Il prejudice
against the savings Institutions of this
State.
| | hope the senators will vote for the
maiority report. for if you do not you
| will be doing II great injustice to the
plain people of Maine. Any argument
to the contrary is falaCious, mislead-
| Ing, and led UP to by prejudice and
| self -interest. rather Than on the broad
| plane OF what is the best interests of
| our people. And | hope when you vote
| upon this matter that YOU will vote for
| the majority report of the committee
on taxation ought to pass
| The question being put. upon the mo-
| ton of the senator from PenobScOt that
| the bill in new draft eXempting mort
| gagged loans from taxation Ought to
pass" the yeas and nays were called
| Tor and ordered.
| Those voting yea were-Messrs Aver,
Kurdish. Gardner. Morse, Philoon. Pike,
| Tlummer. Potter. Shackford. Shaw
Staples Stetson. Sturgis, Turper-li.
Those voting nay were-Messrs. Bailey,
bartlett, Irving. knowlton, Mills
Owen. Fierce. Putnam-S.
| The following pairs were announced
| Mr.. Curtis of Cumberland voting yea,
With Mr.. Allen of York voting nay: Mr..
| Simpson of York voting nay with Mr..
| Randall of Cumberland yea: Mr.. Tar
| ire of York nay with Mr. CLARK OF Han-
cock. yea.
| So the motion prevailed. and HE bill
WAS read and assigned.
senate document al, relating to
| State printing. WAS at the request of
| Senator Stetson of PenobsCot, taken
| from the table and Mr. Potter of Cum
| bctland stated that he would assign IL
| di.y for consideration of same ut the
NEXT session and the bill was tabled.
| ON motion of Mr.. Morse of Waldo,
bill in relation to An Act to incorpor-
ate the Milbrid9e and Chcrryiield
Street Railway was taken from the
| table ana under suspension of the rules
| referred to the committee on railroads
| iii concurrence.
ON motion by Mr.. Aver of I<ennehec,
the Senate adjourned to meet on Fri
day. March 10, 1905. at 10 O'Clock in the
forenoon.
HOUSE.