The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-01

money or commercial greatness, 1t with
improve the morals and honesty Of its
people--a people morally right can
not be legally wrong. There would
be no need of grand juries to force
q mortgagee to make proper re-
turn or a fiduciary to give In his
report and tax-dodging would be un-
necessary. Is there man In the sound
of my voice who believes that one-half
the NEUTRALITY-SUSPICIOUS. payment
notes and like securities-held in this
city alone, are reported for taxation
How many of our rich people live
in the counties. and how far Is this
mortgage tax law compelling motive
that makes them do so7 Don't you
know people who actually reside in
distant cities and States. and pos
sibly so per cent Of their wealth Is
in Richmond securities, How many
thousands are driven cut and In
vested in other States and other
stocks and bonds.
2. 1t will increase the reHnues Of
the State, not only by the listing of
the mortgages. existing in this state,
but millions Of those outside sectr.-
ties, secured IN other States, and
owned by our people here, which are
largely not reported.
8. 1t will simplify. quicken and
lessen the cost of collection, for by
this automatic collection" of the
tax when the deed Is re-
corded the State receives the en-
tire mortgage tax at once, instead OF
at the end of the year. 1t would
give them funds Immediately avail
able, and there would be no need
of either city or state borrowing to
ployes, school teachers, &c, as has
been the case in the past. 1t Ia so
simple and easy. the wonder Is that
1t has not been adopted before. What
boon 1t would be, could this auto
matte system Of collection OF mortgage
tax be extended to the other reve-
nues. There would then be less de-
faulting treasurers, suicidal collectors
and expert examination Of county
books.
Now for few advantages to the in
dtvfdual
First 1t would lessen the rate OF
interest, by making available for i'm
mediate use, thousands. II not mil
lions. that Is driven from this State.
or tied up in three or four per cent
bonds. AS incident and proof of
this the Times-Dispatch reported the
IlfTHltH dIteT tue rear estate exchange
fret asttated this subject a well-to-
do citizen came to my office and told
me II the New York mortgage tax
law was adopted by Virginia he would
ir ediatelv sell $4,000 Of low pay
inS securities and lend It. on real es-
tate Another told me that the law
had Just interferred and broken up
a 100000 transaction, that he other
wise would have gotten through.
which would have added a great In
dustry to this city.
Second. This abundance and over
flow Of money that would be on the
market from a repeal OF our present
mortgage law. could not be consumed
locally. and would Of necessity seek
an outlet, and no better outlet, would
u find than to accommodate the hun
dreds Of farmers who now call vain.
ly upon Richmond for loans to Inn
prove their lands, make their homes
more comfortable, but who call in
vain. 1t - q shame and discredit
to our State, city and people that
those people who are considered the
very backbone and mainstay OF the
are denied, on ac-
count Of these obnoxious mortgage
tax iaws the means to improve their
wasted land. modernixe their homes
ana increase their crops. II Il not al
most q daily occurrence that We have
or this very nature that
we cannot supply. and haYo "a turn