The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1907-03-22

any marine craft, as ships ana yes
sells, or other property holden under
the laws and Jurisdiction of the
courts of this state, be the same at
home or abroad; provided. that the
ships or vessels registered in any
custom house OF the United States
within this state, which ships or ves-
sells are used exclusively in trade be-
tween this state and any of the is
| lands, districts, territories, states of
the United States, or foreign cOun-
tries, shall not be listed for the pur-
pose of or subject to taxation in this
re, such vessels not being deemed
property within this state; provided,
that mortgages, notes, accounts, mon
eys, certificates of deposit, tax GER
| tificates, judgments, state, county,
| municipal and school district bonds
and warrants shall not be considered
as property for the purpose of this
chapter; and no deduction 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
property. New York taxes mortgages
at one-half of one per cent. Mass
achusetts exempts mortgages, but
| taxes savings and deposits OH d
graduated low scale.
Washington is the first and only
| it's money and credit form to come
| to her, untrammeled and unmatched
| by revenue ferrets and spies.
Already there are noticeably desir-
able effects from the enactment OF
this law Bankers and custodians of
| funds say that the transportation and
shifting of bank accounts in order to
| evade taxes has not prevailed this
year, and thereby business transac-
lions have continued to be normal.
In its moral aspect it is hardly neces-
sary to say that the act is beneficial
| for taxpayers are now relieved from
| making false statements, and then
swearing to it, as many of them have
| done in the past Mortgage buyers,
| who have heretofore confined them
| selves to what are known as ''pur-
chase-price mortgages" are now in
viting sale of all kinds of MORTGAGES.
1t is up to the commercial bodies
of this state and to similar civic or
CARNATIONS properly to advertise that
the state of Washington invites own
| ers of this class of property to come
| here. The invitation should need
little urgent pressing when the fact
| becomes known in the financial cir
cles at the money centers. With
ample legal safeguards existing in
this state, protecting investors, and
with absolute freedom for their in
vestments in credits, mortgages,
| notes and warrants, there exists
every reason why they should do
fluid, and, like commerce, follows
| the lines of least resistance. A tax
upon money in it's several forms acts
| as dam to stop it's ready flow. With
| out taxation, such as the statute now
provides, it will naturally flow in
this direction. Even if the statute
should be held to be unconstitutional,
it expresses the temper of the people
| of the state, and should the supreme
court decide the act to be unconsti-
| tutional, there is no doubt but that
an amendment to the constitution
| would be passed by favorable vote
| of the people; 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 this state. They have welded a
| potent influence in shaping this, as in
other legislation, by emphasizing the
fact, supported by their opinion,
| that the state is inviting this class of
| property to come here.
1t is a great feather in the cap of
the state of Washington that it
should have been the first state in the
union to make money free from taxa
ton.