The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-03-19
Mr. peRoer and offsets

Ah Will NC pOeu Ny us idtebl du-
dress Hon. Joseph A. DeBoer has
somewhat modified his views on the
offset question and is not now in ia
vor of the complete doing away with
Offsets on account of debts
owing There is no question that the
Offset privilege is very seriously abus-
ed by disonest men seeking to avoid
their fair share OF taxation, but there
are other cases where 1t would be
grave injustice to deny offsets. In
the opinion Of the Banner the tax re-
form that would help develop Yer
mont most is that which most faTors
the borrower. Vermont has plenty
of money, but II is largely loaned out |
side the state and much Of it goes
there to avoid taxation. We can see
no harm in permitting either q low
fiat rate or no tax at all on money
loaned in Vermont to farm owners,
home owners and for the increase OF
Vermont industry and manufacturing,
provided that the money Is loaned at
a low rate OF interest such as Az per
cent. More than one hundred mil
lions of Vermont money Is loaned out
side the state. Could half of that be
brought back here and put to work in
Vermont, the population, business and
property values of the state would
double in few years. Our present
system of taxation is wrong In two
ways for it favors the sending of
money outside the state and at the
same time compels a high interest
charge on money loaned here.-Ben-
nington Banner.
The Banner refers, in the first part
of this note, to Mr.. De Beers speech
at Barre last week. By modifying his
! former incorporating attitude with
regard to the abolition of offsets, we
! believe Mr.. DeBoer has greatly
strengthened himself before the vo.
| ters. Remembering how insistent he
was on this point, and mindful of how
strong personality like his would be
apt to count in framing a reform of
the tax policy, many persons who do
not favor the abolition of offsets have
hesitated to endorse him for the gov
ernorship. We have read the report
OF Mr.. DeBoer's speech as it appear
ed in the Barre Times, yet beyond his
statement that he had modified his
position. we confess we hardly under
stand just what he holds at present.
The report said
in discussing the abolishing Of
Offsets, Mr.. DeBoer said that his views
had changed some since 1908, that he
had learned that some might profit
by such action while in the interests
Of others its effect might be directly
opposite Under the law as 1t now is
the prosperous man who has personal
property valued at $4,000, might pro-
duce a manufacturers bill of sale and
thereby create an offset, but In such
an instance II would be an evasion.
II such is truly justifable, why cannot
a laboring man produce a mortgage
on his home and demand an Offset?
The possibilities of such a practice
are enormous; towns might in time
lose their entire grand list If for
instance. such bill OF sale can be
produced and offered to the listers
under the law, the man who has no
debt can create a false debt and thus
eyade the law. Just so long as Yer
mont has Offsets under the present
system, Justification OF values and
perjury will continue to increase. The
fault lies with the statutes and not
with the people. Even as the practice
OF actually buying elections prevails
because a system allows IL and not
. haPnpgn ~ rttlur candidate Il
guilty of such practice, so are the
statutes. rather than the men who ex.
ercise the Offsets. responsible for its
evil results"
We infer from this that while Mr.
DeBoer concludes il would not be best
TO remove Offsets altogether, he is
struck with the abuses of the system
and with the tax evasion possibilities
that 1t offers. Naturally, a mind so
fertile as his must have some remedy
In view to prevent the abuses, while
retaining the merits. We await with
considerable interest n further eluci
dation OF this matter. II is an ad
mitted evil, for which there should be
some correction.
Reverting TO the Banners further
comment, We thoroughly agree with
II that the tax reform that would
help develop Vermont most is that
which most favors the borrower" Nor
do We demur to its opinion that nc
harm can come from trying the exper
iment OF low fat rate or no tax al
all on money loaned in Vermont pro
yided that the money is loaned at a
} low rate Of interest. sufficient TO pass
the favor extended to the lender on
to the borrower. This provision is
the nub of the whole matter. Be sure
the borrower will reap the ADVANTAGE
and make the concession n the lender
In taxes conditioned on his making
! like concession to the borrower IN
) interest. No unconditional concession
to the lender. as the fiat rate scheme
proposed. with the mere hope and ex
pectation, but no positive assurance
that IL will filter through to the Dor
rover, who is. as the Banner SAYS
the deserving and needy party.-Ran
dolph Herald and News.
HADn tn W0DK