The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-23
SIGNS MORTGAGE TAX REPEAL.
nav RfeagNs WSs'T ear HIs
OefVION AgAfNsT IEeIsGAsfR G's

-4s
geaaa6 90 Nstaatfaaa An eaSatss NIll ef8fa
f1~na aaas..ftss 4. latfse ONfg les
- ~-- ----... go.
$3.50 - =.
w NH4'FA H"'ef""'"Fb """FT
- 49, ~ at-.aa.E..amnaa
~ NepeHH wv fetr-Haa " 1880
HBpftasns az ~ snd NiuN@"1tihh Nv ~
fHrpF3iHa taf ~ hsnffeAaHs THA Nv tat
IaW Chapfay ~ w Hi9hlhe M WI
uss NleaiVa Hgat 4 ps~aWnysatktfH, Nv whieh
be mys
49,. ...a.. 80
w ..aa..Ss 90
- ss.t
w s'H'H w. y 80
weFn sir1tsea~t w $3.50" pI~''
wv htoy Wh'' w. ~
'FlN Wv w w w
wy" w W. onr 10" w
w NC Nta'e
N"fieaFcs ~ prnpettI Nv" o,u..
ptotFttr, sh1u'" Nv tas"u I"t wv NnpF'I.
w faNrfnfn.ht, eshefH. "nu ~" 49,
'at"s IN lsHHt aFe shfIten W we ,shsH, 800
On ~aftlrlss w nefchanntss Wv We $3.50
aru ,stes IN Wses,ris ~
tranet"fes, 20 me fhst!lns 500 Ihot'snc" Wv
'stH'I"u4 ny Wv " st"'~u 80
w heturN' thtnws upon W. poIfyv', v"S'A1
~ mortgages y fednetiob ~ w" Use ON
en fnSftease leans me snnua' ". On .not,.
easrs impnard by hs act 0f lgs Ienuosu
the tat on snuh nof,Haar@ - prsV1ou-t! nsu
beeh tated WV " hs9 p"-h es'lns.s" tHst
more IMAM W per cent " au mro'sss.A WFrs
efher etemri ny law from the general ptop-
ettv tat or else sncceaaIhllv eVan"n tata''"n'
therefore In the bfief year ~ tt'sl ahd espefl..
mrht the Ahnusl mortgage taN, Whlch leachen
Ill mortgages, has. Through the wOthlhR oi
that Instinct ~ sell. preservation which con
trols IN" business transactions OF capital'
resulted IN raising the rate OF interest nv an
amount eaual TO the annual tat
am still ~ opinion that Q nfed low
rate Of mortgage taxation. tn" law OF
supply and demand. composition among
money lenders and exemption from the
risk ~ general taxation would ultimately
bring che rate OF interest on mortgages down
TO Oue.half Of I per cent. In excess or the
rate of interest on noh-tayable securities.
and would thereby result IN q real benefit 10
the borrower.
The recording tax Ia an int " ovement on
the unfair. unequal and indefensible gen.
erai property tax Oh mortgages. II has
the support Of two-thirds Of the member
of both Houses Of the ~ legislature. who should
know and reflect the views OF their constit-
vents.
II does not devolye upon the executive to
thwart the peoples viii "a the same has
been deliberately. emphailcaliy and repeated.
~ oppressed oy the mN h,ah,hs uepas,m nvuI
~ Nv t,od on ,mnor,sn, and xsII co,sidcred
be eArrcisFu on lhpol,an. """ y a'I W.. ,ha
matters WIN ,h' kIea'rs' 'a'''o Wv w "
most substantial rea@ohS'
The present bill Ia not free from technicai
defects. My objection TO the former hlIl.
a. Indicated in my veto message, has been
met in the letter rather than in the spirit. 1t
IS. however. needless for me 10 pick flaws in
the text. / approve the bin. II for no other
reason, for he satisfactory one that the
constitution sets the deliberate and twice
oTnrsssed Judgment OF two-th,rd, OF the
,nam,Lars .Iec,e cd to eacb House above the
I,dnnoon, or ths Executive II matters little
Juuenneh, !. ~ - bII, rra. n,t nassaJ nras
that teohhlcaiiy TINS ~ was not passeu "
my veto ana that II IS noM III my p m 70
dispose OF u oy a pocke veto, ~ al! intent,
1t was so passed over my veto when this OH
was repassed in It's present FORM and have
no desire to defeat the bill by awaiting myself
of strategic advantages
I have before me no other bin on which
apparent public opinion has been so en-
phatically and mistakenly expressed as on
this measure. The Governor should repre-