STATE TAX COMMISSIONER. XV

portions of purchase money, ) is a novel idea, inculcated by
the holders of mortgage investments, notwithstanding the
Court of Appeals of the State has repeatedly decided that it is
not a double taxation, and this argument has been successful
for some time in securing to such holders immunity from
taxation. A mortgage debt is personal property, and goes
to the executor or administrator as other personal property,
and was always liable to taxation, until the Act of 1870 ex-
empted such debts, except in the case of unpaid purchase
money, the mortgages for which had been exempted a short
time before that date. There is now another theory, which
is not so openly avowed, but which is commencing to be agi-
tated by interested parties, namely, that nothing but real prop-
erty should be taxed. If this should succeed, it is clear, how de-
plorable the condition of the owners of real property would
be in this regard.

The fact that so much of the interest bearing capital of thia
State now escapes taxation, throws an exceedingly unjust
weight upon the holders of tangible property, and any increase
of that weight would tend to a further depression of real prop-
erty. So great is this depression already, that no astute busi-
ness man in the City of Baltimore prefers to own his own house,
it being much cheaper and easier for him to rent one, and leave
the burden of taxation, repairs, water-rent and other, expenses
upon the shoulders of another. It has heretofore been held as
an axiom in the good government of a State or country, that its
legislation should be so framed as to encourage the owner-
ship of the soil by its citizens; and especially that every
man should be interested to own his own home. That such
is not the fact in this State, now, it is only necessary to
stale, that in the City of Baltimore at this time, every build-
ing association or land company which lends upon mortgage,
regards as the worst calamity which can befall its inter-
ests, to be compelled to become the owner of real property.
The possession of a considerable amount of real property by a
corporation, has been repeatedly urged as a valid reason f or an
exceedingly low assessment of its shares of stock. This is
true in all instances, notwithstanding the fact that the as-
sessment of the real property is deducted from the aggregate