New-York tribune., 1905-06-05
ALL THE BIG BILLS APPROVED.
THE SUBSTITUTE MORTGAGE TAX, WATER And GAS
MEASURES SIGNED THE GOVERNOR
FraUy Boring Bill VetOedTota State appropriations s2661e0
s57a37O Less than Legisanre Wanted-Eeonomg Shonn.

money. Provision has been made to meet the
deficiencies of previous years and the extraor-
dinary expenses of this year by strengthening
the present tax laws and by taxing transfers of
stock, rather than by raising the rate of taxa
ton on property or reSorting again to the home,
the farm and the factory. If no deficiencies had
existed and no unusual expenses had been i'm
peratively demanded. the record for economy
would be plainly apparent l satisfied with
the record. and believe the people will give it
their approval.
REPLIES TO MORTGAGE TAX CRITICS
In signing the mortgage tax bill. generally re-
garded the most significant in many respects
of the legislative acts of the year, the Governor
submits memorandum discussing in detail the
whole field, replying TO the critics of the meas
ure frankly accepting the challenge that the bill
may iniure the Republican party, and declaring
that he does not believe this statement but
CARDS the bill in the interests Of the people,
who more numerous than any class and
want fair play all around" The memorandum
follows:
This act imposes in lieu of the present general
property tax an annual tax of one-haIf of / per
cent on all mortgages recorded in this State
after July l. 1868 except mortgages given to the
commissioners for loaning certain moneys of the
United States, of the several counties of the
State and mortgages owned by the United States
the State or any corporation. or association
organized exclusively for charita bic, religious
educational purposes; and also mortgages on
D.
COO, the same piece of property, executed by
the shareholders, stockholders members of
the local building, loan and savings associations
incorporated or organized under the laws of this
State, the business operations of which associa-
tons shall hereafter be confined to a single city
village town.
Mortgages are by the act exempted from tax
alton by counties, cities and other local sub
divisions of the State. Holders of the existing
mortgages may at their option avail themselves
Of the privileges Of taxation under this act but
existing mortgages not otherwise affected
When a mortgage is placed on record after July
l. 1905 the tax thereon must be paid to the
first day of July next following, and annually
thereafter Payments made TO the record
ing officer. The proceeds Of this tax are divided
equally between the State and the local sub
divisions of the State It is estimated that it
will produce q revenue to the State in the first
year OF its operation of not less than 81 500 600
MODERATE AND UNIFORM TAX"
Mortgages have heretofore been subject TO the
general tax rate in every locality in the State
except when held by exempt holders, non-resi-
dents. persons whose Indebtedness is in ex-
cess Of their personal assessment The local
rate averages at least per cent and in many
localities ii is much higher. When MORTGAGES
have been taxed, undue hardship has been the
result when they have escaped taxation dis
elimination has been made. The tax imposed
Continued on third page)