The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-03-30
MORTGAGE TAXLAW Is
HANDICAP TO BUSINESS
Unjust and Obnoxious the Statute Not Only Burden the
People, But Fghtens Capital From the State--Propos
ed Amendment by Real Estate Exchange
Will Remedy the Situation


the commemorative Many States
nave followed the lead Of New York.
Wh1ep adopted in lieu of all taxes
upon nehuS ana mortgages, straight
TAX 81 ohe~half OF ] per cent. collects
ell al the time Of recordation of the
In"Fte2ge, this being the only tax DUR
'Hs tAe we ~ the mortgage.
ne aA"Ee Ia" has been recoYrs-
ihea1e4 Ia the state of Virginia, IL
mas been approved by many Of the
HdhktHs institutions II has been rec
1hiHehdeu bN the grand 1urtes of the
cues OF Richmond and Alexandria,
ana ny the grand Juries Of many OF
the counties, 1t has likewise been
extensively and thoroughly discussed
10y the large financial institutions nf
many of our cities. and has been ta-
ken up extensively br he press. which,
almost as "a unit, adds it's endorse
mont To the plan. The object Of this
article is o. present the proposed
amendment To people Of the State irs
such shape as to enlist their svrnna-
thies and active co-opnratfon in The
efforts Of the real estate exchange IA
Richmond to have this law enacted
at the next session Of the taetsIa4u~a
How, t,,,. rr,,,r.,,,, ,..,..,..4 ,.rs,.
T',.'0t u. tei''''aA''ie "in
r. 81, ~ ,i,i Wv -,
tl,at tt,t a,.,.t... =. ti'e
~ ''''I'li1 nlei% wa ih9ie IMAM
In 80, .-tl"e " t!'e 9eise' Y
az az" HitiiloiS 20 the clfchlatfoh
'i'ol''. ~ ,'@ 9eate' anu WIN r.
- t't@te' 'ttle tae rate ot interest
ne exchange believes that under this
~ '"'te W" ge suCft surplus OF
"i'H'S 9StNl'is investment, ana now
Pttoeu IN low paying government ana
"tteF pohas. that All persons desiring
19ans' especlaIiF the farmer, the me-
ehah.e ana the nome builder, will be
enabled to secure what is now III many
instances almost an impossibility.
IL Is q well known fact that the law
is grossly violated and evaded, and by
the adoption OF the amendment sug-
Eested In this article such evasion
would be impossible. The taxes would
pe Collected by the State automatically.
thus insuring a constant daily revenue
To the state, whereas, under the pres
ent law, the State collects but once
year ana then at the end Of each
year Such collection would obyiate
the necessity, as has often been the
case In the past, OF the State bor-
rowing money 10 meet it's current ex-
penses, pay It's schooi teachers and It's
officers.
CUtSIue OF the mortgage tax. the
laws or the state Of Virginia are es-
pecIaiy attractive and favorable to
the lenders OF money, and thousands
or dollars would be sent to the State
on y lrglna Tor investment by citizens
OF many other states, whose laws at
e 80, No. = $3.50 ~ Hot Hg1iis ~
-, - - 80 - : 'ati''
)" - 's 90.
Nv. p''el,' - ~ 9ta.e - iiu Vt,
- 60 'I.SlN =" iist t'ts dsetdee liz
- q NV. - 10 supposeu ~ N7s e'sn
r5a &c 49,, -
- - =
,4t43tt..,.i -7.9 ss, p .r
''Set ~ viz AiaS
$3.50, - - ~ Z. rs al1e
e;no 49,, I''9 % , 1laas u
15a%et1t.' aha .nS
80 ~, -. ~ ~
~, " cs W al1flose 1l'l l'ossinie,
-. "uI'N iss sllsse
- - .ii - y =" roy -" eAistiiiss
'1'o1"V - e"tsAiS oolftth.iis io4its
,,~i,,,~ 49,, - s.so1lc
3 ~ ~ 4is'iy siiousa 'ios ~ solaAIst
az a,,1 ~ - US - lose
500 ~ i'NS "ta,Sh eiii oesIs enter
49, 80 - tilI.l .lasf io
~ ra,i1,9 ~ ti'e e1ios'tleaa nsau "
~ 3.S, ~ - e.l@ aIs. ioIse
, SIi0 t@ptta . tes'"o ~ oui oMh people
navy 1llfe91it'eI'es o0eStae ehe stats.
~ "t'Aot ,...1, "e Hilsn1
t ,I- 'ut our lIiiiited space prevents
theIF enumeration. We feel tnat
talf, Feasota ple NINA, taat the state
ilSelL "ouid % the greatest nenenciaxy
ny the chanse.
Benefits to the Individual.
The proposed amendment will en-
able the farmer TO secure loans to tide
him over a drought or failure in crops (
II Will enable him TO improve ana
modernize his premises. and win A.
ford him capital with which to condufsf&
his farming enterprises on a scale Tar
in excess OF that now entoved by him N
II liz a notorious fact that applications
after application is made to money
lenders in the cities in Virginia ~
farmers from all over the state far
loans for the purnosas ahaya rray,- III
TONED and nine times ont of ten thasr
opnIiratinns are aitbar CONSIGNED m n
me waste basket. or a brief negative
reenonse made of the inter inah5Jstv ~
fba narties "a nagotlata such j lnar
Iarralw dfn to the ohnnxia,,s tax th~s
is in,nosed nnon the hordar ~ sa~r
leans
T. s.bo e,era,.at o,;,fo,, +rat - 80
= ,,,er5, ,,.sr,t no adoptad II x..os,ls
%ra9te 80, o., fnn,,x ~ r,;tat ;ss.ss
y, 80 A4,A'~N ~ N@pA,At& tssN8es
- tk4&n