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

| Wnell the facts are that it includes not
| only the amount of loans on mortgages
real estate, but includes any loans of
| collateral security or chattel mortgages
or loans on notes of hand; and l sub
NIT it is unfair and unreasonable to
assume that even large percentage OF
| that amount is on loans of mortga ged
real estate. And in this connection !
| wish to refer to an argument which
was made-and | imagine it was made
| somewhat carelessly by the senator
from southern ArOostook two years ago
as to the amount of money
Mr.. PUTNAM: 1t was a different
| bill.
| Mr.. GARDNER: The meaning and
| intent of the bill is the same. This bill
| applies only to mortgages of real es-
| tate. The question has been asked me:
Why not exempt personal property
| from the conditions of this bill, if logi-
| cally 1t is fair 90 DO 50? In answer to
| mat l Will say-it is the loans on notes
| "f nand, Chattel mort Cd Ses, and things
| Of that sort, that need not necessarily
De recorded. Ii is the class of loans
| on intangible property that escapes
| largely, and IL mortgage is IL matter of
| record. l say that to exempt mort
SaSeu property from double taxation is
10 DO a great favor to the borrowing
| class and the poor man in this State.
| because it is the man who must Dor
| row who wants to build a home. and
to develop his business, who gives Sc
| curity for a loan to secure money to
| carry oil his business. 1t is the mon
| OIL the poorer classes. who are
| obliged to give security. and it is upon
| the mortgage of real estate. The man
| who borroWs morey on notes of hand
| giving as security collateral such
rs bonds, stock. or ANYTHING of
| hat kind that man can take care of
| aims If; but the man who is obliged
% have record Of IL mortgage and
| security on real estate he oWnS-he is
| the man who ought to have relief. be-
| cause ii Is double taxation pure and
| simple.
Now as regards the revenue to mu-
| ricipalitics. the total amount in this
State is only eleven and one-half mil
| lions. and includes all these classes of
negotiable and personal property which
| have named, and | say it is unfair
| To assume that any large proportion of
| hat is on mortgaged real estate-tnd
| ;he figures are given by one of the tax
| assessors III Portland. \. NJ Smith,
| Who presumably knows what he is
| alkinS about. That gentleman states
rankly and freely that from his in
| iestiSation. and such research as he
| GAS been able to make of the question
| - an assessor in that city. that in
| 'tcad-aS the Senator from .ArOOSt took
| ~tated two years aSO-POrtlaud would
iose something like $4,000 in taxes of
| he total amount Of recorded mort
| cages in that city, which cover during
| period of three years, believe he
| says. less than 100000. 1t is evident
| that one Of two things took place:
! either that the people in Portland.
| because they wish to put money in
| there to develop the city to such an
| ,xtent as they ar" able. are tax dodg-
ars on iIortgased real cstate-jnd that
| brings me to Il point here.-the present
| law drives Il man to one of two, con-
| illusions. y man who will not adopt
| my method of tax lodging in his own
| town must do one of two things, to
secure a fair net revenuc,-he must
| either charge his neighhor whom he
pbl;Ses with ii loan Hn added rate of
| interest. OF he must dodge taxes.
| submit that in every case the
| 'tndcr includes III his interest rate
what II" fcHrs and assumes his risk of
| taxation will be- and that the borrower
| pays it. | submit that that is axio-
| matte; YOU cannot get away from it
| the borroWcr pays the tax.
| Now. in going over the reca pitui;tion
here i'll the list of what the different
| "ountics. under the column money at
| interest. which. as I say. includes all
| hese classes of pronertY.-I find. first
| that the county of .And.oscoggin, in
that entire county, has $1l1.0S0 of
| money at interest. There is but one
# two conclusions you can draw there.
| It timer the assessors and officials in
he county of .Nndroscog2in have been
| IriVcu to multiplying that law in order
TO keep their money at home. or else
there is 80 money in the county Of An
iroscogein: and | submit again that
If sou follow down this list in the
| tolunn of money at interest" You
viii find it is the practice in every
|
| 10th Houlton and York. to tax under
he doom process. In other words
| in spite of what the Senator from
southern Aroosto"i may say. | be-
iicve that in his town. as we'll as in
other towns. that they by an arrange
Icnt-not public-but by general ac-
Iuics"cnce in this arrangement. that
| hey doom the wealthy man for what
| they think those wealthy men will
stand. without being forced to put
| their money outside the town limits
got into bonds. saving banks. or where
it will be hidden from taxation.
| | submit ii as a proposition that III
| .1oulton or York they cannot tax tn,
| moneN-lendcrs for the full amount OF
| Ven up To that proportion which they
tax real estate. and have the money
stay there and not dodge taxes. or &c
| rom that locality into other classes
of investment. You cannot get away
| from the fact that the nan who has
$1,000 in his poke ready TO loan-it is
| tree mnnpE--hp has IL To iuyac. (