| Show A LlIXG tJESriOX The Tnviitloii of Xotcs Secured I J j MurtsraKC Now that the execution is over and the House bill providing for the taxation taxa-tion of notes secured by mortgage has been slaughtered in tweCouncil without i with-out the formality of a hearing will I The Herald give space to a few lines I written by a supporter of that measure and one who is ardently opposed to the exemption law passed by the Legislature Legisla-ture of 1892 as the press of Salt Lake appears to be in love with f That society may be protected and the development of mankind promoted governments are necessary and that the laws by which governments are maintained and the subject protected I may be executed revenue must b provide Revenue can only be provided by taxation and the question which has for ages been and still is agitating the minds of both people and statesmen is huw can this levenue be provided so that the burden will fall most equitably upon all the rich and poor alike paying his quota I for the protection he receives under the law lawThe The revenue law of 17S proi ides Piuperty other than money shall be assessed as-sessed at a fair cash valuation Money Mon-ey loaned on hand or on deposit shall be assessed at Its legal value Under the piovisioTS of this law the revenues of the territory were assessed and collected col-lected for thirteen years without protest pro-test on the part of the people because they regarded i a just and equitable The Legislature of 1S32 added to the list of property exempt from taxation the following Motgages and trust deeds of real or personal property and the notes and debts secured thereby whenever such property held a security secur-ity is taxable Now I have for years been an as sessjr and collector taxes and wish breifly to refer to the operations of this law as it lias come under my personal per-sonal observation 1 T illustrate I quote from attn of the assessments rolls of this territory for the year 1S01 as follows John Doe I real tate thirty acres 900 Improvements I Improve-ments 1COO total value of real estate es-tate and improvements S500 two h3cs 175 wagon 75 three cows 73 swine l3 mowing machine and take 100 personal property not enumerated enu-merated 50 total valuation 3000 total tax 5G Ilichard Roc Lot 4 block 108 city survey 2000 Improvements 5000 total value of real estate and Improvements Improve-ments 7000 two horses 200 carriage riage 200 money loaned on had or on deposit 20000 property not enumerated enu-merated piano household effects etc 600 total value 28000 total tax J3J6 i In 1SOJ I again assess these parties i Witch I question John Doe he says Well 1 believe my property is worth a much a last year Crops have not been very good prices have declined one of my horses died and I was obliged to buy another on time which Is not yet paid for I own a pretty big bill at the store but I dont want to hirk my taxes you may put me down the same as last year I visit Richard Roe Well he says there has been no change In my real estate I have mat no Improvements my home and surroundings arc the same I have the same carriage and horses you may assess as-sess me on these articles the same as last year How much money shall I assess you Mr Roe I have no money that Is subject to taxation But I assessed you 20000 last year and I understand that you have received receiv-ed a much more from your fathers estate since that time That Is true but tnt loans are all secured by mortgages and under the provisions pro-visions of the law passed by the last Legislature money so secured Is exempt from taxation There is no alternative the cash part of his assessment Is stricken off the roll Mr Roc collects from 10 to 24 per cent Interest In-terest bn his money lives In luxury and the state Is deprived of 4SO revenue reve-nue to which it Is justly entitled John Doe tolls on his farm all summer he consults with his wife and they devise economic measures by which money lay le provided with which to meet I the taxes they Know the law will If exorablj demand when the first day of Noiemlter actives This picrure > hbt overdrawn I havei bei in t homes of a multitude of taxpayers In this territory I know the struggled hardships and deprivations iWlffchare cheerfully borne by the agri ulUrl part tit our community to furnish fur-nish their part of the funds necessary tp provide revenue for the state while their more fortunate neighbor who by methods not always the most praiseworthy praise-worthy has accumulated I fortune In gold or sliver is exempt from taxation The present law practically exempts all money from taxation for i all potes secured by mortgage are exempt lenders len-ders will see to i that all loans are c secured by mortgage The unjust discrimination of the present law as against one class of productive property and another as It applies to individual Is not Its only Objectionable feature The effect of such a conditionis disastrous to the state as well as the unfortunate citizen citi-zen against whom i operates In that it is deprived of a large proportion of the revenue to which It is entitled greatly to the disadvantage of the ter litory at large and every county in tIn t-In one of the outlying counties alone the effect of the present law has been to remove from the assessment roll 50000 No class of property is more available than money No class of property brings equal returns with the same amount of laboc and risk as money loaned In no class of investment 1s there greater protection and security under the law why should not money assist in the maintenance of the su premaoy of the law which affords it such ample protection I Is urged that the repeal of the present law will not give the desired relief That the lender will evade the law that money wiW be removed from the territory that money cannot be found to place on the assessment roll that the lender will simply increase the interest and the burden after all fall on the borrower bor-rower the result being double taxation taxa-tion tonI Is true that thee arc rogues in all the avocations Of life and money lenders are no exception to the rule A prominent money lender said to me the other day Money ought to be exempt from taxation you pass that law and I will get off the assessment roll altogether Because there are men who evade the law and refuse to be governed by i is it proper that the law should be changed so that such roguery is madelegal Money sought investment in Utah before be-fore the enactment of the present law more readily than i has since why should a repeal of the law frighten it away 9 I the rate of Interest will be increased under the old law why did the lenders not reduce the rate of interest in-terest when the present law went into effect Let assessors and boards of equalization do their duty and money will be found and assessed and there sshll be no injustice because of double taxa tonI ton-I have been a subscriber to and admirer ad-mirer of The Herald from its birth I have regarded it and still regard It as the devoted friend of the people but I will pardon me i I say as a friend and supporter that I cannot understand un-derstand why the organ of the peo pie the exponent of equal rights to all special privileges to none can advocate advo-cate the idea that while the farmer the mechanic and merchant shall be taxed for the last farthing of property he owns the Shy lock who never fails to demand his pound of flesh shall go scot free A W IVINS |
