The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-11-23
BENNINGTON, VT. NOV. %, 1871:
Avoid Deadlocks.

It's the fiat rate against mortgage
exemption at the capital, with the
Senate already on record for the lat
ter: with the administration support
ing it; but with the House inclined
toward the fat rate. The fear is OK
pressed that the outcome may be a
deadlock and nothing accomplished.
Yet it appears as if members were
not so firmly welded to their own
preference that they would not eX'
change it for some other plan rather
than adjourn with no step taken.
The old feeling of awe when the
tax question is approached has given
way to one of firmness and determip-
alton. The fear of doing something
wrong. which has entrenched the
faulty system we have for many years
has about lost it's spell. 1t is appre-
ciated that some eggs will have
to be broken to make the omelet. The
aim will be to secure what promises
the most good with the last i'll effcts.
Mortgage exemption at fixed rate
and most direct step to brinS relief
to the mortgagor The loan escapes
taxes-providing the loaning rate is
sufficiently low. Banks and individ'
ual lenders would be on a parity
then. Objections to this plan are
that il would lower the local grand
lists to the extent of the exemptions;
would reduce the state revenues TO
the extent that savings institutions
availed themselves of it; and that, II
limited to real estate loans, as pro
posed, it would aid only certain
class of borrowers, instead of all Dor
rawers. A law like this has been in
operation in New Hampshire several
years with, 1t is said, good results,
The advocates of the uniform low
fiat rate on all kinds of intangible
property claim that their remedy
would be far-reaching. 1t would swell
instead of reduce, the state and local
tax revenues, and by making money
plentiful il would tend to help the
borrower, not only as to his inter-
est rate, but as to the nature of mis-
security, enabling men who need
money to get it when now they can
not Several states that have the fiat
rate show enormous gains in tax rev
enues. Whether the borrower has
profted in his interest rate is not so
clear
While it will be best for the legis-
lators to consider well what action
should be taken, it is hoped that the
of the rival remedies will
not result in no medicine for the
needy patient 1t may be possible,
if the subject is approached with
open mind and not too much prejud-
ice, for some combination of the
plans, some alternative arrangement
whereby both schemes shall be in
cluded, or some reasonable COM
promise to be adopted.
Another important subject comes
up in a somewhat similar manner
and may need similar disposal-the
primary law. 1t is taken for granted
that something will be done in this
line and half a dozen bills are already
in. The chief point at issue is whet-
her. in any new nominating system,
Vermont should adopt the statewide
primary, as it exists in most other
states, or should preserve the pres
ent delegate convention plan, with
delegates instructed through prefer
entail vote cast at the primaries.
The statewide primary means the
end of the party convention as We
now know it, Smoe gathering of NOM
inees or of party leaders would be
to keep up the party MACH
merry, and to frame a platform. but
would be made at the
primaries. An aggregate of all the
votes cast throughout the state, dis
trict or county, would determine who
the nominees should be. A plurality
would nominate.
On the other hand, il we choose
delegates at primaries and instruct
them by preferential vote, We can re-
tain our present nominating system,
so far as its machinery goes, with the
present adjustment of representation
as between the towns, and with the
party convention, educative and in
spring as they are; yet with the
people in full control as to the choice
Of candidates. Under this latter
method the small towns would sur
render none OF their strength, where
as the statewide primary would take
much of it from them. Likewise, we
should preserve the form OF majority
rule, rather than plurality.
II these two ideas clash, we hope
there will be no falling between them
but that. after full and fair discussion
the assembly will adopt the one that
seems best fitted to this states needs.
AS is he case of the tax law, a two
years trial would neither make nor
break Vermont, and IL IL proved faulty
II could be amended or repealed
Herald and News.