| Show taxation of mortgages in tho present session of the idaho legislature the taxation of mortgages I 1 H up for consideration the banry silver hammer says the propped prop ced law to tax mortgages should be defeated no western state that hi yet tried it haa found it anything easo than an expensive aggravation aal a bother aal while the intent is good enough in operation always works directly the opposite the borrower will have to pay the taxes one dav or the other and no law can be la which will p event it ahen acain it baa the effect of keeping out foreign money while the local moneyed men will enjoy a monopoly and exact in one w or another more io bereit to meet the taxes and human natured as he is a little margin for his trouble in utah we heard the same kind of arguments if but the money lend ers were excused from taxation on their mortgages interest would be cheaper A law was framed excluding from tax secured by mortgages interest was made no cheaper and the territory loit some forty or lifty thousand dollars in revenue which the poor men had to make up in extra taxation in one county n moneylender who had some fifty odd thousand dollars out on farm mortgages and used to pay from two to throe hundred dollars in taxes hid his taxes reduced t les than three dollars atif farmers paid him the rate of interest iu terest and had thel taxes increase in d the brune taxation elsewhere the territory wag brought by iho law excluding notes secured by mortgages from taxation without any appreciable benefit by a lower rate of interest it was clearly legislation in favor of the money lendaris and against the poor ann but it could not be rectified when the last legislature met and it was proposed to make the men of money bar their just proportion of the expenses of government there was such a noise raised by the press of the capital as one heard from eastern goldbug papers when it is proposed to restore the pec ples money free silver coinage we were told how disastrous it would be to the business interests of the territory how the rate oi interest would bs raised etc just as ve were told that the rate would be lowered if the moneyed men were exempted from taxation the result was that money again won the day and the nah can loan their thousands in utah draw their ten and twelve par cent interest and not pay a cent of it in taxes all of this is done for the encouragement of capital and to be in keeping with the false sentiment of the country that makes this proud nation bow in homage to the men of money the of the nineteenth century some day the people will grow tired of such class legislation and if our lawmaking law making bodies will not dare to do justice the people will take the law into their own hands and money lenders will be taxed more than on their mortgages |
