Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-06
escapo their proper share Of the burdens

chief omission consists in giving in aD-
surdly low valuations Of horses, cat''e.
crops. etc. But In correcting the eVi'
which undoubtedly exists-though posi-
h,v not 10 ms great an extent as Is Dopu-
larry supposed--we would have the Legs
lature be sure that II is right pe'oic
going ahead.
House BIN No. %. known as the Parks
bill, may or may not be In conflict VAIN
the Federal Constitution when l. seeks
10 prevent the collection of note when
has been omitted from tax-iist. but as
Stunning that 1t is liable to no such op-
lection, it ought to make clear the ;nten-
lions OF It's trainers. For instance, baEks
are in possession Of great numbers Oh
no.es. Some of these they have DIS
counted. Others are held By them as COL
lateral; others still have been depositeu
with them merely for collection. mas
much as the bank pays tax upon It's
stock. it would doubtless be held that
IT would be exempt from taxation upon
its notes. but how will Il be as to the
notes that 1t holds as collateral or on
denosit for collection? VIII 1t have to
list them, each separately, for taxation!
This would seem TO be a question of inn
portance.
Upon our first reading OF the bill we
were under the impression that If man
had a note, say, for $1,000, but which was
really only worth 500. he would have to
pay upon its face value. but VIC now sup
pose that this case IS covered under the
provision making it the duty OF the com
missioner TO value all securities. Some
thing more than that seems desirable, If
not necessary. Many real estate notes
are. not worth their face value. The
practical working of the law would prob
ably be that the shrewd taxpayer would
can the attention OF the Commissioner OF
| the Revenue to such notes and secure re-
! auctions which else would rot be made
! The bill in question has attracted COM
paratively little attention. This must be
because il is not thoroughly understood.
At any rate. we would advise all mem
bers Of the Legislature, and especially all
senator's. to give it very thorough con-
! sideration.
If the scheme proposed is just. fair, and
constitutional. and is to be but part Of
a system for tightening our revenue laws
! without reference to the fact whether
the tightening falls upon town or toun-
try, why it ought 10 become law-other-
wise, il should be rejected.
The bill in full (omtting the long title),
is as follows:
Be it enacted by the General Assembly
of Virginia That the first subdivision
of section s. chapter 1! of an act entitled
an act TO provide for the collection of
| taxes on persons, property, and incomes,
and Oh licenses to transact business
and imposing taxes thereon for the sup
port of the government and public free
schools, and to pay the interest on the
public debt. and prescribing the mode OF
obtaining licenses to sell wine, ardent
spirits malt liquors, or any mixture
| thereof. in cases where a court certificate
is required, approved March 6. 1890 be
amended and re-enacted so as TO read as
follows;
Section g. On personal property chooses
| in action, moneys, credit, and capital-The
! Commissioner shall require each person
residing in his district, city, or town. TO
make out and deliver to said Commits
sioner a list in detail Of the date, amount
for which originally given, but not the
name Of the debtor, the dates and
amounts Of the credits thereon, the balance
due. and the time of payment of all
bonds. notes, stocks. and other evidences
of debt due and payable 10 such persons
in excess Of SEQ, and a statement Of the
aggregate amount of all bonds, notes,
stocks. and other evidences of debt I'M
der SlOO each. The Auditor of Public
Accounts shall furnish the necessary
lets md CT
the Commissioner of the Revenue. This
list and statement shall be signed and
sworn to by the taxpayer before the
| Commissioner of Revenue, or some notary
public or other person authorized to al
minister oaths, who shall certify that
said list was signed and sworn TO De-
fore him The Commissioner shall sigr
the list and determine the value of the
bonds. notes, stocks, and other evidences
of debt therein enumerated, subject 10 an
appeal from his valuation to the county
or corporation court. The said list anc
statement shall include bonds due from
railroad and canal companies, bonds OF
counties cities, towns, and bonds OF
other States and corporations, certificates
| of stock in any Incorporated company
bonds of individuals, and all demand:
| and claims however evidenced, owing OF
coming TO such person, whether due OF
not. from debtors residing out of or with
i'm the State or county whether secured
by deed of trust, or by judgments, or not
deducting from the aggregate aSoun
thereof all such loans, demands, o.
Claims not otherwise deducted owing u
others from such person as prlncipa
debtor and not as guaraDtor, endorser
or surety. but no bond, demand. or claim
constituting a part of the capital as de
fined in chapter of this act of a business
done out of this State or any capital use'
by any merchant or manufacturer AM
. taxed under chapter ] of this act, SHAH D.
included in this section. The list ant
| statement herein provided for shall D
Z delivered by said Commissioners TO th'
clerk of the county or corporation cour
of his county or city, who shall ME IN
same I'm his office properly labelled, Keep
ing the list for each year separate pu
said list shall not be subject to inspec
ton by any one but the said Commis
sioner Of the Revenue and the SAID tax
uaver. except on the order OF thf prope
court If any person, firm, or corpora
ton shall with a view to evade the pay
ment of taxes, fail or refuse TO max
ont and deliver, under oath, such list ant
statement as herein provided Tor OF an
bonds notes. stocks, or other eVidenc
of debt which are subject TO assessmen
and taxation under chapter of this ACT
tben the omitted evidence OF deDt snal
not be recoverable by action at law,
sutt in equity I'm any of the courts o
this Commonwealth, or by any legal pro
-cess or by sale under deed OF trust,
otherwise. until they shall have been re
: norted for assessment and the tax pal