River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1905-07-13
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diQOI dId lNpiiJ - ~ $50 liz 49,
| fidence out. A man whom we
highly esteem and on whose judy
ment we had relied gave US a tre-
mendous calling down for saying in
the JOURNAL "mortgages are not
property but mere evidences of IN
debtedness." "It is outrageous to
make such statementp' Now as
we had been accustomed to be cuss-
ed for delinquencies in monosyllables
of only three or four letters it oc-
Cured to us that to be condemned
| by a word of three or four stories
| the offense must be of commensurate
proportions. So with good deal
of trepidation we have carefully and
cautiously reconsidered the outrage
GUS statement, and ruminated over
it in fear and contrition, firmly de-
termined to crawfish if we discover
ed the error.
During the last five or six years
the question of taxation has been
gravely considered by the legisla-
lures of this and other states and the
newspapers have entered largely IN
to the discussion. The question is
one of the fundamental ones upon
which governments are administer
ed. It affects all classes of citizens
most intimately. 1t is the duty OF
lawmakers to adjust taxes equitably,
so that the burden shall be borne by
the people without discrimination.
Legislatures, in passing laws calcu-
lated to enforce taxes from credits
have made dismal failure, and
economists have generally come to
the conclusion that the taxation of
mortgages and other credits is radi-
cally and intrinsically wrong. All
agree that it is impossible to enforce
such laws. therefore inexpedient to
enact them; that the attempt as SO
far made to relieve the debtor class
BY the endeavor to enforce such
laws has resulted in imposing upon
them heavier burdens; and that in
trinsically credits are not property.
The JOURNAL has published from
time to time articles in consonance
with these declarations of writers on
economy. That the articles were
considered worthy of consideration
is proven by the fact that they were
largely copied from the JOURNAL
by exchanges-in some instances by
the metropolitan dailies. We have
kept in intimate touch with the
sentiment of the editors of the lead
ing papers of Milwaukee and Chi
cago on the question. Articles on
the subject of the taxation of credits
have frequently appeared in the edi-
torial columns of these papers and in
every instance that has come to our
attention the editors condemned the
taxation of credits, claiming that
they are not property. So if we
are on the wrong side Of the ques-
ton we have mighty good company,
the company of men who are ac-
customed to think.
We have heretofore discussed the
taxation of credits from the stand
point of the political economist-the
practical side. The question has its
sentimental side-what some would
interpret as moral aspect. Some
day we will endeavor to show the
virtues of that side.
Property is defined as Gan estate,
whether of lands, goods or moneys"
Certainly "credits" are not involved
in that definition. Credits are call
ed by Missionaries ssintangible prop
erty,' paradox in itself, a contra
diction Of terms. ssIntangible," be-
cause that kind of property car
neither be seen nor touched. Which
explains the failure of the assessor to
find it-for instance in Douglas coun
i ty. In this county of 10000 inhabi-
tants, which includes the city OF
Superior, in 1901 the amount 0
MONEYS and credits combined on TIL
assessment roll was SEQ, five
eighths of a cent per capita!
A man loans ST. 900 and takes
mortgage on real estate for security
Has the giving of the mortgag
doubled the amount of property in
volved? IF not it has added nothin,
1t has not made the mortgag
property. The man who borrowe
the money pays it over to some
body else, this man loans it agar
and we will assume that this pro
g easS hoe haan ra,,aafed fnY-fxv +;,,,eS