The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-04-10
MAKE CONVERT At
TAX REFORM TALK
BIG BUSINESS MAN CAPITTLATES
AT CLOSE OF THE b. NJ. C.
LUNCHEON.
! AN OLD-TIME. REVIVAL
HENRY w. RoUNTREE CONVINCED
THAT REFORM OF MORTGAGE
TAX LAW Is RIGHT
THING TO DO.
AN OLD-TIME REVIVAL

With only one dissenter-and he
was converted before the discussion
ended-the fifty members Of the
Business Mems club. who gathered at
the regular weekly 'table-talk lunch
con" yesterday agreed that the real
estate mortgages tax law is unjust
and inequitabie and that the time has
come for its reform.
After william Todd and Leroy T..
Brown, the father If this particular
tax reform movement, had made
strong indictments against the OBJ
noxlous statute, Henry w. Rountree,
who was known to oppose the move
ment was called upon to express his
views After he had talked ten min
utes John c. Easley was called upon
TO finish out the remaining two min
utes of the allotted hour, and made
out such a good case in favor of the
reform movement that Mr.. Rountree
threw up his hands in token Of sur
render while the business men APP
plauded vociferously and laughed
good naturedly at his expense.
Denounced as Double Tax.
Chairman Todd, who presided at
the luncheon, made a brief eXplana-
tory statement of the purpose of the
Real Estate exchange. which recently
launched the movement TO reform this
particular statute. AS matters stand,
the property owner not only pays a
tax on his property, but an additional
tax of l IA per cent on any of II
that il mortaged. 1t is a double tax,
he explained, unjust and unreasonable
and consequently largely evaded.
/ What the exchange seeks is an amend
ment like unto the law of New York
State. which imposes a tax of one
half of ] per cent when the mort
gage is recorded, which cannot be-
cvadAd and will yield the State &
greater revenue that 1t secures al
present from this source.
Mr. Brown. who liz chairman of tht
legislative committee of the exchange
and started the movement and framed
the recent pamphlet issued by this
organization which etucidates t~u
proposition thoroughly, would not
impose upon the time of the luncher:
with details. At each plate was g
copy of the pamphlet which he re.
Quested those present to take away
and read and digest at leisure. In &
the subject is exhaustively covered
He did observe that while there were
some excellent features to the Nir-
ginia mortgage laws, among them he.
ing the absence of obnoxious redemp'
ton feature and the necessity OF liti-
/ CATION for foreclosure, in addition Il
! the fact that they are founded on 6
conservative valuation basis, the ia,
evil more than outweighed the good
/ features. He believed the amended
| law, such as the exchange wants
would benefit all classes of business
/ men, and he asked cooperation in the
/ fight.
/ Held Opposing Views.
| Mr.. Rountree held the view thai
the statute did not impose double
taxation and that 1t would be "a seri
Gus mistake to amend the present Law
4 because 1t might lead people to re-
sort to mortgages to escape all taxa
ton. and. Furthermore. 1t would o'
a mistake to make real estate loanl
too ttractive-money should b.
forced into manufacturing enter
/ prises and investments that would
benefit the community. He deploret
the language used in the pamphle
issued by the exchange, which he be
lieved tended to encourage evasion o
the laws, and declared that even 4
the mortgage tax law was not what |
ought to be. that IL was a serious mis-
take to direct efforts upon that on
Continued on Second Page.)