The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-13
win Shell the Woods.

II lis proposed to mail circular let
tiers to every real estate agent in
the State; all county supervisors,
mem bers of the assembly and pros
pective candidates. and to all organic
ed bodies urging cooperation. The
committee expects to devise ways and
means of reaching by direct influence
all OF the candidates for the assem-
bly, of 1914 in this campaign of edu-
cation and il possible pleding the
various candidates TO vote for the re-
form OF the ubiquitous statutes.
The present statute imposes an an
nual tax upon both borrower and
lenders in effect a double tax
and Is persistently evaded, to the
loss Of the State, because of it's in
justice, and still operates to drive
both capital and home builders from
Virginia. What the exchange wants
to sec is the repeal Of this law and the
enaction OF q substitute law similar
TO those successfully tried out by
other States; such as a single tax
of one-half of one per cent, col
Iectible only once--when the mort
gage is recorded.
Promise of Cooperation
Though the matter has been agi-
tated ia a general way by the ex-
change only a short while. letters
have come from real estate men of
prominence and trust companies all
over the State voluntarily Offering CO.
operation in its campaign. The spe-
ciai committee. of which Leroy f.
Brown, is chairman, was appointed a
short time ago. and had its first meet
ing yesterday.
Following is the report which the
committee submits to the board Of
managers:
Committees Suggestions.
Your committee on campaign to
amend the mortgage tax raw suggests
the following.
First. That this board take Official
action by adoption OF "A preamble
and set of resolutions. as follows:
Whereas. it is apparent that the
/ mortgage tax, as now enforced in
this State is double taxation and is
driving money out of this State that
| otherwise would be in circulation
here: that the law works a hardship
upon all the people, ard is matter
that especially and seriously affects
the farmer, in that ii makes it almost
impossible for him to borrow money.
and also the working man who Is en-
ueaFor1ng to secure his home we
| feel that legislation on the question
OF the real estate mortgage AK should
! nave the support of every one in this
State.
IL is a hardship upon the builders
and contractors in that IL Is diflcult
for them to secure loans at the legal
rate OF interest to carry on their
business, thereby curtailinE the
growth of taxable values
1t also works hardship upon our
/ financial institutions as 1t is an alb
solute fact that millions of dollars
were sent out of the State previous to
the tax return period
Co
the morals of the people in their at
tempts to evade payment of the same
by legal and questionable methods
wh~'.s have recently been referred to
ny several OF the grand juries as
leading almost to perjury itself"
And, whereas, it has been proven
by large number of progressive
States. such as New York. Massa
chusetts,s New Jersey. Maryland.
+ Florida, Onto, Nebraska and many
others which could be named, who
have long since modified their laws
and enacted new laws now in force.
that The revenues Of the States have
| been largely increased by such amend
ments. and the burden Of taxation
eQualized and made less burdensome.
and lessened the tendency of the
people to stultify themselves in their
attempts to evade the same. be it
resolved
First-That il is the sense of this
exchange that the people and State
wonid be very largely benefited and
many evils removed by proper
amendment to the mortgage tax law
of this State.
Second-That we recommend and
will lend our assistance 20 the adop-
ton OF laws similar to those now in
force in the States aforementioned
/ besfdez many of herS--Ubich TN suh
stance. is a single tax of one-half OF
one per cent upon the amount of each
I and every mortgage. colleetabie only
snce and upon, the recprdation OF the
| instrument securing the same and to