The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1931-07-06
Individual Attention

Although concerted or state action with re-
gard to securing lower interest rates on real
estate mortgages was encouraged by Mayor
Quigley of New Britain and Governor Cross
at conference with Bank Commissioner
Bassett at Hartford last week it was perfectly
plain from the outset that the new commits
sioner was not entirely in sympathy with the
proposal. Personally we are inclined to think
that the situation will work itself out in the
end without the state being required to take
any action through the Legislature or the
bank commissioners office. As matter of
fact number of Hartford banks have already
discussed and acted upon the plan of lowering
mortgage interest rates.
Doubtless this precedent will be followed
by other institutions in different cities of the
state. Certainly something will be done to
prevent too many people losing their property
simply because hard times have reduced their
incomes to the point where they are unable
to meet all obligations. The number of
foreclosures is large. but we don't think that
any individual or company is especially de-
srous of foreclosing today for the sole pur-
pose of acquiring the property. The real
estate market is not such that banks or loan
companies or even private individuals care to
have many pieces of property on their hands.
In discussing the conference that he held
last week with persons representing mortgage
holders in all parts of the state Commissioner
Bassett remarked that. 1T was the general
opinion of the group that it was not practical
to attempt to bring about any concerted action
throughout the state looking toward the re-
duction of interest rates. 1t was pointed out.
however, that there is already a growing ten
dency towards such reductions and that already
some slight reductions have been made. 1t
was also pointed out that the matter of tax
alton entered quite largely into the present
situation and that taxes which under ordinary
conditions would be promptly met have
become burdensome to many property own
ers owing to present conditions of unemploy
ment. the difficulties in collecting rentals; and
similar conditions. -.
That last statement is significant. Taxes
are indeed problem today. Not merely those
that our city imposes upon US for the various
Improvements that we expect and demand.
but there seems to be steadily growing list
of taxes imposed by city, state, and federal
government. 1t costs more money to run
government today. therefore money must be
found Legislators too often are inclined to
take the easiest way out by taxing something
in common usage. The less Objectionable of
all taxes were certainly those on beers wines
and spirituous liquors. When the various
governments were deprived of this source of
revenue gap was left that not even the most
ardent prohibitionst has sought to close.
The question today is where are we going
to find the money to pay for increasing costs
of government. We don't think that it can
be found, unless new sources of revenue are
turned over to municipalities or the state or
nation goes into business and completes with
private enterprise. That will never be popu-
lar though it is encouraged in many fields.
Ofhand liquor taxes should suggest them
selves as a solution. but that involves con-
troversy that seems endless. Lower costs of
government then must be substituted. And
once more we are in for controversy