Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-30
eGAYEsT MANHATTAN."
THE PARKS LAW.
An Explanation of IL from the Hon.
II. ID. MunfOrd.


II. Ii. MunfOrd.
u the Editor Of the Dispatch:
have been approached by so many
rtzens with anxious inquiries as 20 the
law recently enacted by the General AS
sfmblv. popularity known as the Parks
.llr and there seems such widespread
trisapprehension as to its scope and effect.
MAT you will pardon me for attempting
T. explain its provisions, and 10 point
brt the changes made in the pre-existing
law.
Briefly stated, the object Of the bill is
rof 10 include any class OF people or
rvocation not taxed under the former law,
nor any species Of property not already
fable. nor 10 change the rate Of taxation
thereon The bin is simply designed 10
secure from the owners OF BONDS, stochs'
notes and evidences of debt (Which were
already liable for taxation under the ex-
listing law. an honest listing OF TINS Grass
af nropertv for taxation, and a more
accurate entertainment by the Commits
s.8ner Of the Revenue of its value. The Dill
d.sis solely with bonds. notes, stocks
and other evidences of debt, and II taxes
This class OF property when owned by
the same class of people or corporations
who were so liable under the pre-e1ls'ins
law. Before the passage OF the farAs
hu neither merchants, manufacturers
hanks or building and loan associations
kgcre required to pay taxes upon Donus'
iofes stocks. and evidences OF DEBT own
ed by them, for reasons when = wiz WIZ
presently explain. Under the PARKS Dill
absolutely no change has been MADE III
the laws respecting the aboVe-menioieu
classes Of taxpayers. Not since 1nS
9Th Of March, 1890, the date OF our s ilvlsli
tax-law Of. indeed prior 10 that llinel'
have merchants, MANUFACTURERS paiNS'
= snd building and loan companies been re-
Zrired 10 furnish any list or statement
H. This class Of property to the Commits
n Toner Of the Revenue; nor does the pas
K re of the Parks bill change the law III
W respect. 80,
A moments examination Of our genera
tax-law will serve to explain the who're
subject. and make more evident the lru.n
o. what say. Our general tax law Is
dIvdol into various chapters, sections
and sub-sections. and by reference 10 the
Parks hin IL will be seen that only the
fr-t subdivision Of section s, chapter Is
sought I'm any way 10 be changed. ms
subdivision does not refer to merchants,
manufacturers banks, and building ana
loan associations-which are proVlueo Ao'
g. other and distinct sections OF the sen-
tral TAX law. Thus, 1t Is proVloeo Dy se0
ton l7. that the stockholders IN every
bank or banking association shan 49, pe O.
fr..e5 q, the market value Of their shares
a. stock which tax. so assessed, the pahK
g. re1uired 10 pay into the treasury. ms
rct enables the state 10 collect not oniy
mon many resident stockholders VINO
might otherwise evade taxation Dy theH
nure 10 list their stock with the COM
missioner. but also 10 collect tax upon
stockholders living beyond the borders OF
Virginia. BY the payment OF u.lS ." a,
e. assessed and so collected. the panK ~
eEonerated from any other tax upon Us
capital
MERCHANTS LICENSE TAX
I'M the same way, under sections z ana
p O. ,,erebsnt for the privilege Of con-
Clclng business, pays hcehseeaA .
graduated upon the amount or MS Put
chasos which tax so assessed, when paio'
&, by the express provisions OF me
statute 10 be 'fn lieu Of all taxes Tor 9,1eo
purposes on the capital actually empty
el' boy the merchant IN MS Dusni s...c
And though II IS true that tue n'.leU sS
further proceeds 10 declare tnat .ne w.
capita" shall include the actuai ainoun'
Invested IN goods, wares, anu 80
chandise. constituting the stock III u@ ~.
Set It has never been contended Ior ono
moment that under the PROVISIONS -
Sections q and q a merchant was re-
pl.rad 10 list for taxation D0nds. ho'e9'
O. evidences OF debt which consutu'e
Portion OF his capital in business. Ano
y such has not been the construc'ivH %
The law heretofore. there is manliestly
y reason 20 suppose that the passage .,
te Parks bin, whose provisions ! wiz
hereafter explain. can in any way a,i '..
these two sections OF the present sta'u,o'
which remain absolutely unchanged;
oefd. II there existed doubt. this ooup'
has been removed by the express protis.
ION o. the Parks bill. which declares ,has
mo bond. demand. or claim. conspttntlns
part Of the capital. as defined IN chap.
ter I Of this act. OF business Done guy
o. his State. Or any capital used ~ a"s