Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-03-25

charter was rather broad, but did not
! believe it was within our province to take
away any rights they had under their ex-
listing charter. We believed that they
came here in good faith and asked Tor
| their charter 10 be extended and we
/ thought it should be done.
en- motion by Mir. Staples of Knox the
rules We're suspended and the bill recciv-
cd its two readings and was passed to be
,nSrossed.
ON motion 10y Mr.. Millikcn OF ARGOS
| took. Senate document No. LAG, An Act
for the better protection of the herring
/ fisheries. was taken from the table.
Mr. MILLIkEN: Mr.. President, | live
up in the woods where we know very lit
! tie about herring. except when We buy
what are supposed to be herring we like
tn have herring. l tabled this in the alb
sence of the senator from Hancock and
| now turn II over to him.
ON motion by Mr.. Mayo of Hancock the
lii was indefinitely postponed
ON motion by Mr.. Noyes of Kennr-
bee. Resolve in favor of Michael Burns
WAS taken from the table.
on further motion by the Same SEN
this resolve. ought not To pass" was
accepted in concurrence.
on motion by Mr.. Miliken OF troos-
took, House Report OF the committee
on taxation, on Resolve in favor of
the Ar"ostook State Normal school.
ought to PASS was accepted IN con-
currence. and on further motion by
the same senator, the rules We're sus
pended and the resolve was gi"rn its
two readings and was passed tn be en-
crossed
Bill. An Act to appropriate moneys
for the expenditure oil government for
the Year l@ll, came from the House,
that Branch having accepted the re-
port of the committee on appropria
tions and financial affairs, ought to
pass"
The report If the committee Was ac-
copied in concurrence and under suS
pension of the rules, tie bill received
is two readings and WAS passed to be
eneroSScd.
on motion by Mr.. MiIIken of Aroos-
took. Senat" Document No. POI, An Act
to provide for the better collection of
Inheritance taxes, was taken from the
table.
Mr. GOWELL of York: Mr.. Presi
dert. pending second reading. l move
that tle blll he tabled for a correction.
The motion was agreed to.
ON motion by Mr.. Irving OF ARGOS
took, House majority and minority re
ports or House Bill. No. 626. An Act to
provide for the recording of tax ON
mortgages. was taken from the table.
seems to be a little confusion in regard
to this bill, for according to the Calen-
dar it is an Act providing for tax on
mortgages. and the House report is for
the exemption of mortgages from
double taxation.
The PRESIDENTS: The title is incor-
rect on the calendar.
Mr. IRVING: Mr.. President. | move
that the minority report ought to
pass" be substituted Ter the majority
report. Upon that motion | will say
that the bill We are about to discuss
is the exemption of mortgages rom
taxation. House Bill NJ. So. 1t amt nds
Section 6 of chapter Of the Revised
STATUTES relating to tax ,tion and pro-
vides for the exemption of mortgaged
real estate from double taxation. In
that Section OF Chapter 9. | think
there have been already II exemptions
made. and this is the Eth. and il reads:
"Nll loans of money made by any in
dividual or corporation and secured by
a mortgage on real estate situated III
this state
This is an old bill. 1t came into the
Legislature, at least it was here clam
VII To
the Legislature in 1905. 1t has always
come regularly every session since. 1t
has always come from the same place,
Portland. and strange as it may APP
pear, always from the money lenders
of Portland, and still stranger Il comes
in the interest OF the poor man, ac-
cording to the proponents of the bin.
The claim made for it is that it will re-
duCc the rate of interest so that the
poor man can make loans at
a less rate OF interest, but as
/ have observed the workings
of the law in places where mortgages
were exempt from taxation. l find that
does not obtain, that that does not estab-
lish the rate of interest. To illustrate
how it does not work. | would call your
attention to how the rates of interest
have been in my community for the last
10 or T. years. Prior to this last year,
money in my county has been easy at 6
per cent. Money has been seeking loans
on real estate at per cent. notWithstand
ing the fact that mortgages were taxed
During the last year money has been
scarce owing to the fact that our main
product up there-potatoes-has been low
and we have not realized much money
from it. Money has been hard and the
banks have been loaning it until thew
have loaned to their limit. The demand
for money has increased and the rate
has gone up. which goes to prove that
it is not the fact that mortgages are tax
ed not taxed that establishes the price
of money. 1t is simply the supply and
demand. Money is a commodity; it has
its value and that value is determined
by the supply and demand. If the de-
mand is great and the supply. limited, the
price goes up.
Now the claim is made that this bill
will help the poor man. but it strikes me
that it will impose greater burden on
the poor man if we exempt all the mort