The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1913-04-02
AN UNJUST MEASURE.

What is known as the Wright
BIZ received a serious setback
Monday when it was placed upon It's
passage in the Oklahoma house I'll
representatives. Unfortunately the
measure did not receive the lasting
defeat which it merited and it is yet
liable to pass the lower house at the
extra session as it did in the regr
lar session.
The Wright bill passed the house
IN the regular session but died in the
senate. On Monday, the bill having
been re-introduced in the special
session came up for passage and re-
ceiyed forty-four votes for as against
thirty votes against-lacking only
six votes of the number which is
constitutionally required.
The Wright bill provides for the
exemption of all real estate mort
cages from direct taxation on the
grounds, first, that the taxes are in
c!uded in the interest and are paid
by the borrowers and, second, that
the tax on the mortgage constitutes
a double tax on the real estate.
Taken upon the face of it the bill
is seemingly one of fairness to all,
but close study of the matter re-
veals a rider" hidden in the meas
ure which robs it of all its apparent
failless, 1t provides, among other
things, for a small percentum tax
"to be paid at the time of the regis.
tration of the mortgage in lieu of an
valorem levies." This small per-
centum tax is, of course, to be paid
by the borrower. 1t amounts to fifty
cents on the one hundred dollars-or
five dollars upon each one thousand
collars paid.
Add this tax of fifty cents on the
hundred dollars to the taxes which
the borrower already has to pay In
the matter of commissions and other
readily seen that the state would by
the passage of this law, be adding
to and piling up burdens which the
shoulders of the poor men of this
state are already bowed under. Il
would release from taxation those
who are collecting the interest from
the money they have invested in
loans on real estate and adding to
the burden of the man who is strug-
Cling to build a home.
Oklahoma at the present time needs
laws which will give the greatest
possible degree of elasticity to the
borrower that may be given without
fear of interfering with the welfare
Of good business. Oklahoma is to-
day borrowing state. We arc
young yet IN all our business ven.
lures and in all our home building
efforts. For years to come the ma
iority of the people of this state will
be paying interest on moneys borrow
ed with which their homes have been
bought. The men who are fighting
against the odds of adversely and
paying for their homes through the
state with the sweat of honest toll
are the men who will feel the rigors
Of the fifty cents on the one hundred
dollars which will have to be paid
should the Wright bill become a law.
Friends OF the bin allege that ITS
enactment would lead u the cutting
down Of the rate Of interest now paid,
from two to three per cent. But this
seems to be an allegation only, un-
supported by any proof whatever.
knowing the conditions which now
exist IN oklahoma and knowing thar
these conditions will exist for the
next twenty years, or more. until the
immigration from the older states has
increased our population until our
public institutions are on a self suj-
tanning basis, it seems to be an act,
not only Of common justice, but Of
patriotism IS we'll for the law makers
of the state to study carefully all
matters which benefit the mortgage
broker to the detriment Of the man