The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1908-09-29

appraised at q fraction of its just val
ne. To suddenly raise the appraisal
to comply with the statutory require
ment, including the full value of all
standing timber, and to levy local
rates of taxation ON this appraisal
year after year, would impose bur
den which owners Of this class of
property would not endure when it
could be avoided by immediate close
cutting.
1t seems to us that something, even
in the way of experiment, is better
than to allow the present conditions
to continue.
Respectfully submitted,
Orion NJ Barber,
Ernest Hitchcock.
Leighton p. Slack John H. Senter-
With exceptions and recommends
tions as hereinafter set forth.
George w. Pierce. A. Allyn Olmsted-
With exceptions and recommends
lions as hereinafter set forth.
Dissenting Report Of Mr.. Senter.
1t is a matter of regret upon my
part that / am unable to concur with
all of the recommendations contained
In the majority report but | am con-
strained to dissent from the recon-
mendation as there made for a uni
form tax rate of five mills per dollar
upon intangible property.
/ do not believe that we ought at
this time to change our present sys-
tenn of taxation for state revenue as
our present law Is working well and
yielding sufficient revenue so as to
avoid the necessity of direct state
tax.
| do not believe, even IL a uniform
low rate system is TO be adopted at
this time. that seven mills per dollar
is too high for Vermont. Our condit-
ions are so much different here than
in those states where lower uniform
rates on intangible property have
been adopted that | am of the opin-
ion that seven mills will be no higher
taxation, comparatively, and no more
burdensome upon the taxpayer all
conditions considered than are the
respectively lower uniform tax rates
on intangible property in Maryland
and Pennsylvania.
But while am fully convinced from
my study of the question that the
principle OF a low uniform tax rate
upon intangible property, is the cor
rect one and the most practical and
just system, yet ! nm not fully per
suaded that the time has come for
Vermont to adopt this system to the
extent recommended by the report. II
will be noticed that the recommended
ion contained in the report does not
include all intangible property but ex
pressly excerpts bank stock from the
operation of that system for what the
majority say are practical reasons,
but they admit an exception with
which | concur but would go still fur
Their and recommend a uniform rate
of seven mills, only upon debts which
are secured by mortgage upon real
estate in Vermont, wherever the own
er OF such mortgage Indebtedness re-
sides and that such tax be paid into
the treasury of the town where the
mortgaged real estate is situated.
In my opinion such a tax will I'm
some measure tend TO reduce the in
terest rates upon mortgage loans and
will materially reduce the local tax
rate in towns where the real estate
is heavily encountered by mortgages
and thereby in a great measure les
sen the burdens arising from so called
double taxation.
| believe that such law would work
for the best interests of the state
and that 1t would tend to bring about
more equal and just basis OF taxat-
ion. If it be found 10 work as bene-
fcially as | feel confident il must, il
may result finally in the adoption of
the uniform low rate system for all
intangible property.
i believe that this is as far as we
ought to go in that line at this time
and until we have an object lesson
as to the way such law as I recon.
mend operates under the conditions
we have In this state.
II seems to me that this recommen-
dation is the only one contained in
the entire report that will in any
manner tend to relieve the evils of
double taxation.
] do not deem It wise to give the de
tails in this report of such law as /
have here recommended; such as re.
lates TO the proper method OF ascer-
tanning the amount of the mortgage
Indebtedness, the residence, the own
err and the method of enforcing the
collection of the tax as they have
nothing to do with the principle in
volved and can, If desired, be embod-
led in bill for introduction into the
General Assembly.
In every recommendation and sug.
gestion contained in the majority re.
port except as above stated, most
heartily concur.
Respectfully submitted.
Jonn II. Senter.
Dissenting Report of Mr.. Slack.
| concur in the suggestions and re.
concentrations contained in the ma.
jority report except as to the taxa
ton of stock In foreign corporations
which is taxed in the state where said
corporation is located.
This is double taxation pure and
simple. We have spent too much
time in attempting to find an escape
from this evil for one class OF tax
payers to now recommend that Il be
inflicted upon another class.
Undoubtedly we have authority to
tax this class of property; but might
Is not always right.
To my mind there Is no force TO the
argument sometimes advanced that
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