The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-03-26
VOL. NV.

snail not be listed for the purpose of
OF subject to taxation in this state,
such vessels not being deemed property
within this state; provided that mort
cages notes, accounts. moneys, certifi.
Gates OF deposit tax certificates, iudg-
ments, state, county, municipal and
school district bonds and warrants
shall not be considered as property for
the purpose of this chapter; and no de-
duction shall hereafter be allowed on
account of credits.
Even Massachusetts and New York
tax mortgages and money, though at
lower rate than other classes of proper
ty. New York taxes mortgages at
one-half of one per cent. Massachus-
sets eXempts mortgages, but taxes saw
ings and deposits on d graduated low
scale.
Washington is the first and only
state in the union to invite capital ia
its money and credit form to come to
her, untrammeled and unmatched by
revenue ferrets and spies.
Already there are notlceaby desir.
able effects from the enactment of this
law. Bankers and custodians OF funds
say that the transportation and shift
ing of bank accounts in order to evade
taxes has not prevailed this year, and
thereby business transactions have con-
tinued to be normal. In its moral as
pect it is hardly necessary to say that
the act is beneficial for taxpayers are
now relieved from making false state
ments, and then swearing to it, as
many of them have done in the past.
Mortgage buyers who have heretofore
confined themselves to what are known
as purchase-price mortgages" are
now inviting sale of all kinds of mort.
cages.
1t is up to the commercial bodies of
this state and to similar CT vic organiza-
tious properly to advertise that the
State of Washington invites owners OF
this class of property to come here.
The invitation should need little ur'
gent pressing when the fact becomes
known in the financial circles in the
money centers. With ample legal
safeguards existing in this state, pro-
tecting investors, and with absolute
freedom for their investments in
credits, mortgages, notes and warrants,
there exists every reason, why they
should do business in this state.
Money is fluid, and, like commerce.,
follows the lines of least resistance.
A tax upon money in its several forms
acts as dam to stop its ready HOW.
without taxation, such as the statute
now provides, it will naturally How in
this direction. Even if the statute
should be held to be unconstitutlonal,
it expresses the temper OF the people
of the state, and should the supreme
court decide the act to be unconstltu-
tiopal, there is no doubt but that an
,,,en6ment to the constitution would
he passed by favorable vote OF the
neonle. but danger that the statute
will not be upheld is not great
A notable feature in this legislation
is the hearty, earnest and intelligent
support given by the country press OF
cbis state. They have welded
potent influence in shaping this, as In
other legislation, by emphasizing tne
fact supported by their opinion, that
the state is inviting this class OF prop
erty to come here.
It is great feather in the cap o,
The State of Washington that 1t shou'u
have been the first state IN V'le u"io"
To make money free from taxation