Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-03-06

plish it; but | say that at no time in
the history of this or any other coun-
try has it ever occurred that you could
corner bonds and money. for the sim
pie reason that money is king; 1t IS
that which We are all reaching out for;
it is that which every industry under
the sun is getting Incorporated for; 1t
is the whole thing.
In tine state of Massachusetts they
passed d law taxing equities. The ink
was scarcely dry upon the bill enacting
that law before the printing presses
were striking out instruments in the
shape of a new form If mortgage in
which was Incorporated clause to
the effect that the borrower should pay
the tax Has the law IL any single in
stance succeeded in accomplishing the
purpose for which Il vas originated.
In my own personal experience and
observation | emphatically state that
it has utterly and absolutely failed. 1t
all comes back to the borrower and
he must pay it. The gentleman from
Portland (Mr SARGENT who appeared
before our committee neglected to
state in the course of his remarks that
while he paid Il per cent. at one time,
he is borrowing all the money he wish
es. today, at 5 per cent In my own
town of Caribou they tried to adopt
method by penalizing one or more of
our money lenders. They went to the
records and found that we had one
who had several thousand dollars worth
of real estate mortgages, and they pen
allied him for that, and he went be-
fore the selectmen and established the
fact that he had disposed of part of
them. and that every one of the re-
naming number had been cut down.
Wouldn't it be better that all of this
S70000,000, which has been mentioned
as being invested out of the State, and
in all probability invested there because
of this taX,-wouldn't it be better that
a portion of that money be brought
back into the State for the purpose of
developing the State.
1t has been said here that We would
lose $75, 900. In the event that this bill
should be passed exempting savings
banks and trust companies from their
mortgage loans, in the event that this
would open the door TO let back into
the State 100000 of the $4,000 900
invested out of the State, and it would
give to the State treasurer $4,000 and
give to the several municipalities of
the State four or five times as much
tangible property to assess taxes up
on. Isn't it better when we realize
that we cannot reach this money. that
we permit money to be invested and
entire money to come back here in or
der that we may better our State and
create more taxable property that will
largely benefit the State.
Mr.. AUSTIN of Phillips: Mr..
| Speaker, l think at this stage of the
game it will be impossible to get l.
| true and fair sentiment of this House
upon this question which | submit IS
| of great Importance to all the people
| of the State. And on that account, !
move that the matter be tabled and
| be specially assigned for tomorrow
morning, and that all other matters
| which today should automatically CONT
| off of the table be tabled and assigned
for consideration tomorrow. as we'll
as those matters which were specially
assigned for today
The motion was agreed to.
| Mr. Plummer of Lisbon moved that
the vote be reconsidered whereby the
bill relating to the registration Of
dentists and the organization of the
board of dental examiners. was passed
| to be engrossed.
| Mr.. Austin of Phillips moved that
| the motion of the gentleman from Lis
| bon, Mr. Plummer. be laid upon the
table and assigned for consideration,
| tomorrow morning
| The motion WAS agreed to.
| On motion by Mr. Austin OF Phillips.
| Adjourned