The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1914-10-24
VERMONT TAX LAWS
c. F. Smith Thinks There Had Ought
to Be d Change

10 De Ondnge
Editor of the Banner:
An honest Offset, is just law as no
property should be taxed twice.
have always held that the law, which
was repealed at our last legislature
should have remained in force until
some other provision was made to
relieve double taxation once heard
member of Congress from Vermont
claim that there was no double tax
alton in our state. If A had a horse
priced at 5000 and kept il, he would
pay taxes on 500. But if he sold ii to
b taking BIS note for 5000 each would
pay taxes on 5000, making "A fictitious
list, or $500 instead of an actual list
on 5000 of property. All fictitious
lists rob the poor man and help the
well-to.do accordingly. If our legis-
lature had abolished all Offsets out
side of the state and allowed each in
dividual one or two thousand dollars
Offset they would have retained near
ly all honest Offsets and eliminated
nearly all dishonest offsets.
| am a firm believer that cheap
money would stimulate all kinds of
business, both agricultural and manu-
featuring also, that there is a lack of
cooperation between producers and
consumers, money borrowers and
money lenders, as, for instance, when
tha.f 70 10
a bushel and the city consumers pay
IS cents peck, or when the people Of
Vermont get per cent interest on
about $100,000000 and the man who
wants to buy farm or improve the
one he already has, has TO pay per
cent interest and then taxes on his
Indebtedness. Our laws have made
cooperation between borrower and
lender impossible. All notes bearing
low rate of interest should be ex-
empt from taxation, so that the borro-
er and the lender could deal directly
if they chose to do so.
| would like to see the state (Which
is the people, use its credit 10 help
develop the state The farming land
of this state could support several
times its present population 1t is an
opportune time to try to attract till
ers of soil, a much more desirable
and permanent population than some
of the manufacturing industries
would attract. Nearly all European
countries have some kind of farm
credit system. For twentyyears the
New Zealand government has been
borrowing money and lending ii to
farmers. II has now loaned
$60,0O0.00O, taking GO per cent of the
value OF the farms This brought the
interest rate from per cent down to
l-2 per cent. New Zealand is one
of the most progressive countries in
the world today. In 1902 a drought
in New South Wales caused its Gov
eminent to use its securities TO loan
money to the farmers at per cent
interest The benefits were so great
that the policy was made permanent.
Denmark, with state aid giving per
cent interest on farm loans, has enab
ed larger percentage of her farm
ers to own their farms than has any
other country | would like to see
state (the people, issue bonds bear
ing "a to per cent interest and
loan the money on real estate at
per cent or IA per cent interest
The business could be done on one
fourth of one per cent, as that would
give 100000 to look after $40 100000
of mortgages. One man, giving al
of his time, with two or three helpers
in each county, giving part of theil
time, could look after that amount o.
business
Such a law would tend. not only Il
keep our boys in Vermont, but also tt
attract people from all other states
Hundreds of thousands of dollars
that are now going to develop Other
states would be wanted here in Yer
mont, and ou- rural population, which
has hardly hel its own for a genera
ton. would increase rapidly. Farms
would be divided, new buildings built
old ones improved. up-to-date machin
cry bought and a more intensive ag
riculture seen throughout the state
These conditions would stimulate all
other lines of business.
G. T. Smith.
Morrisville. Vt.