Year: 1876

THREE BILLS AS TO TAXATION OF MoRTGAoEs-


THE GENERAL SAVINGS BANK BILL DIS


cUssED-REGuLATNG THE RATE OF IN


TEREsT.


TRENTON, Feb. "a 1876.


In the Senate to day Mr.. ALBEIT introduced threo
bills relating to the taxation OF mortgages. One pro-
vdes that il shall be lawful for the owners Of lands sit
the counties OF Hudson, Essex Union and Pas
safe, and in the cities of Trenton, New Brunswick
Camden and Atlantic to agree for themselves
with the holders Of any mortgage now in exist
ence or hereafter to be made not to apply
for any deduction by reason OF any mortgage
the taxable value Of such lands embraced In such
mortgage. In case any mortgagor or owner ofland
shall have agreed not to claim any deduction from
the taxable value of lands described IN any mortgage,
shall claim deduction therefrom In violation OF such
agreement then said mortgage agreement shall
become Immediately due and payable and the amount
of tax paid by the mortgage shall be added to the
principal Of the debt secured thereby and recoverable
herewith with interest from the time of payment.
Another bill provides that hereafter no mortgage or
debt secured thereby shall be assessed for taxation
unless deduction therefor shall have been claimed by
the of tho land and allowed by the assessor and
such mortgages shall be subject to taxation and shall
be assessed by the assessor and the tax thereon shall
be collected by the collector OF taxes II the tax re-
mains unpaid for sixty days after maturity suit be
brought for the recovery thereof before justice OF the
peace. The justice OF the peace shall in five days
warrant leyying for the tax in by distress
goods and chatels, and in goods found the
body of the delinquent may be taken in custody and
kept in close confinement until the tax is paid Mr..
Abbetts other bill relates to Hudson county, making
II lawful for the mortgagor and mortgagee 10 agree
about the payment OF the mortgage tax.


The bill appropriatng IS, 900 annually for five years
for the completion of the geological survey OF the State
was passed


In the House several petitions were presented in
favor Of the Five County act and several remon-
strances against It,


BILLS INTRoDUcED.


By Mr. GRIGGsFixng the rate Of interest at five per
cent per annum throughout the State providing, how
that it shall be lawful to discount at
rate not greater than six per cent This bill does not
affect existing contracts or debts


BY Mr.. HALsEY-Authorzing John Hood of Camden,
to compile and publish an index of all the public and
private laws OF the State including those passed by the
Colonial government to be arranged and printed in tho
same manner as the general index OF New York pre-
pared by T. S. Gilet at Albany, in 1869 The work is
to be supervised and approved by the Chief Justice of
the Supreme Court.


BY Mr. VAN RENsALAER-Making IT n msdemeanor
for any person TO transfer property or procure loans
thereon with the intention of evadng the payment of
taxes, punishable by ino OF S., 900 years i'm
prisonment for each offence.


BY Mr. JAcoBUs-To consolidate and make into
town, to be called the 'rOwn Of Unon,n the town of
Union and the township OF Weehawken.


The bill approprating S. 900 to deray the expenses
of the State Board of Education the Centennial Ex-
position was, after sharp debate, passed by vote Of
40 to To- Seven democrats and eight republicans voted
in the negative


In the afternoon the Joint Committee on Public
Bills discussed the General Savings Bank Bill Both
houses adjourned until Monday evening next