Section 1

Section 1. Be it enacted, &c., That all mortgages, money owing by solvent debtors, whether by promissory note or penal or single bill, bond or judgment, also all articles of agreement and accounts bearing interest, owned or possessed by any person or persons whatsoever, except notes or bills for work or labor done and all obligations given to banks for money loaned and bank notes, also all shares of stock in any bank, banking or saving institution or company, now or hereafter incorporated by or in pursuance of any law of this commonwealth, and all public loans or stocks whatsoever, except those issued by this commonwealth or the United States, and all money loaned or invested in any other state, any all other moneyed capital in the hands of individual citizens of the state, shall be and are hereby taxable for state purposes, at the rate of four mills on the dollar of the value thereof annually: Provided, That all mortgages, judgments and recognizances whatsoever, and all moneys due or owing upon articles of agreement for the sale of real estate shall, after the passage of this act, be exempt from all taxation, except for state purposes: Provided, The provisions of this act shall not apply to building and loan associations; Provided, however, That moneys loaned by building and loan associations shall be subject to tax the same as money loaned by individuals.