STATE TAX COMMISSIONER. xiii

Legislature can grant, are vouchsafed to him, while he who
relies on his intelligence and industry will succeed in spite

of adverse circumstances. Only such manufactures as sup-
port themselves without being a burden upon the com-
munity, are a benefit and source of wealth to such com-
munity.

If any one thing has a superior claim to he exempted from
taxation, it seems to me it should be the pavings of the poor
who are making efforts through the instrumentality of home-
stead or building associations, or of savings institutions, to
provide themselves with homes for their families.

This does not apply, however, to large land and loan com-
panies, which have immense sums invested for gain and
profit to the stockholders.

Many of these institutions really do a banking business,
and should be taxed to the value of the capital thus
profitably employed.

The banks are subject to severe taxation by the Federal
Government, and their shares of stock to equal taxation with
other properly, by the State, counties and city, and it would
seem that other corporations doing a business in the nature
of a banking business, and receiving a profit equal or greater
than that made by the banks, should enjoy no greater
privileges or immunities than are allowed to the banks.

The masses of the people demand that the inequalities

complained of shall be remedied as far as it is in the power
of the General Assembly to remedy them, and that the
equality of taxation as prescribed in the Bill of Rights and

Constitution of the State, shall be maintained to the full ex-
tent of the power of the Legislature.

The question of the taxation of mortgage debts has agi-
tated the people of the State since their exemption from tax-
ation under the law of 1870.

The holders of large amounts of these debts advocate their

exemption as a general rule, while the masses of other prop-
erty holders demand, that they shall be taxed at their true
value, as other investments. It is asserted by the holders of
mortgage debts, that their taxation is a double taxation, but
this can only be maintained where the mortgage debt is for the