Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-04-16
THE RICHMOND ENQUIRER.
FRIDAY, APRIL l8, 1855.
A COMMON SENSE TEST OF THE STATE TAX on
VIRGINIA RnNDs
" RITCHIR a. DUNNAVANT.


VIRGINIA BONDS.
When any object oan be attained directly with lesl
trouble. with less expense, with more absolute Ger
tainty, more fairly, more openly, candidly and i'm
partially, than the same object be attained by In
direct means, no man of common ssnss and CONNIE q
honesty will deny that the direct means is the best
Let US apply this sefevident proposition 10 the
existing mode of taxation on State bonds. The
State pays to every resident bondholder an In.
terest amounting to six per osnt on the par value
OF the bonds In bis possession The bondholder re.
oeives elk dollars on every hundred dollars worth Of
oond'' the State payingthe cost of the disbursement
Then the State evies tax of forty cents on The elk
dollars. The State pays Commissioner of the Re.
venue to enlist the six dollars. II also pays sheriff
or other collector per centage for the collection of
the forty cents The sheriff has to account for and
transfer the same, after deduction of his fee to the
auditor of public accounts. The auditor must 40.
count for the and transfer the same to the tres
sursr Who must also make out an account. After all
these transactions, this forty cents minus expenses
incurred, returns to the treasury from whence it Is
sued few months before. In all probability, an.
other bond OF 800 is concealed by its owner from
The investigation Of the commissioner and esoapes
taxation altogether
all this is done, we are calmly informed by our
Legislators, in order to equalise taxation Now Il
'snnot possibly be denied that there is simple and
obvious mode Of s1ecting this same equalization,
which will also dispense with all opportunity on the
'art OF bondhoders to eyade the tax and with all The
ist of disbursements, percentages costs charges en-
lstments, collections transfers, payments receipts
md accounts above mentioned.
Suppose the clause OF the tax bill providing for the
axation Of State bonds should read as follows:
All bonds, loans and other evidences Of debt issued
y this Commonwealth, and held or possessed by any
itizen resident Of the same shall be taxed in the
blowing manner, to wit: Whenever the interest on
uch bonds, Sc, shafr become payable, the amount
G3 per cent on the said interest shall bs reserved
y the Commonwealth in lieu of taI thereon.
This would secure the same result 30 far as the
onest bondhoder is concerned, as is effected by the
resent system OF taxation, and it would Immediately
azure to the State the undiminshed amount of the
II on every bend in Virginia. without any Of the e1
enses and troubles attendant on disbursement and
oleotion.
Why was not such system adopted by The Ls
slature Of 1857 Why did they resort to the con-
sdictory and unnecessary expedient of paying mo.
ey out of the treasury, merely to have it paid back
gain, Minus list Of costs1
The answer is unavoidable. The originators Of the
sasure saw that their design to make State bonds
less to the holder than the State had promised to
BY, could not have obtained the tolerance of the {
ensral Assembly, had it been presented In direct
I'D papable terms. The originators of the measure
coeeded in an attemptto efsot indirectly and with
spence to the Commonwealth, what they did not I
,nturs to attempt in direct form which would have
volved no expenditure at all. &
The truth Is that the real nature and effect of the
opposition had to be concealed much as possible
herwse. it would have received the sanction
tha Aaar | -