Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-30

tsatemcnt az herein provided for OF any
bonds notes. stocks. CT other evidences
OF indebtedness which are subject 10 as
sessment and taxption, then the holder
thereof shall not be permitted to enforce
the collection OF the same by any suit
1t law OF any proceedings under deed OF
trust or otherwise. until the tax thereon
and penalty. as provided in the pre-exlst-
Ing law. have been paid. And as II to
remove any possible cause OF doubt as
TO its meaning, and scope, the Parks bill
by express provision declares. as we have
seen, that mo bond, demand, or claim
constituting a. part OF tho capital as de-
nned In chapter Of this act, OF business
done out OF this State, or any capital used
by any merchant or manufacturer, and
taxed under chapter / Of this act, shall
be included in this section"
THE ONLY CHANGES.
From the foregoing It will be seen that
the only changes In the law as II has ex-
listed in Virginia since the 9th Of March,
1880. Is to require the taxpayer to fur
nish the Commissioner an itemized list
or all bonds, notes, stocks, and evidences
OF debt owned by him as of the LIST Of
February, the value on which several Sc
curities shall be assessed by the Commits
sioner. with the right OF appeal on the
part OF the taxpayer, TO the court; and
this list mot, however, including the
name Of the debtor whose obligation the
taxpayer holds), shall be lodged with the
Clerk OF the court, so that in the event
their collection is attempted by suit or
otherwise, the proof will be on hand, and
within easy reach, TO show that the tax
payer who invokes the aid of the Com
monwealth to enforce his rights has en-
70 h0f -fxrf1 l,trr oxrfrt
his jusa share of the public burdens.
AS has been shown, the principal DIFF
ference between the Parks bill and the
pre-existing law, is that under the latter
the aggregate amount Of the taxpayers
securities was furnished the Commits
sioner; whereas, under the former an
itemized statement Is required, and the
penalty which the previous law sought in
vain to impose upon the delinquent tax
payer can be enforced with greater GER
tainty.
The foregoing recitals, Mr.. Editor, set
forth, believe, our tax law with refer
ence to bonds, notes, stocks, and evidences
of debt held by the general public. as 1t
existed previous to the passage Of the
Parks bill, and the scope and effect Of
that measure. 1t will thus be seen at
glance that so far from being radical
measure, destructive 10 the business In
terests OF the State, IL is a reasonable
and laudable attempt on the part Of the
law-making power to compel taxpayers
to list for taxation a species Of wealth
which has admittedly, TO great extent,
heretofore escaped taxation IN this Com
monwealth. Not only should the owners
Of this class of wealth bear their share
Of the public burdens, but every conside-
ration Of patriotism should impel the
press and people to hold up the hands OF
the Legislature and the law officers of the
Commonwealth in seeking to secure for
the State just revenue from this source.
which her present-and more especially
her rospective-liabilities so Imperative
ly demands.
I do not appear as the champion or
apologist Of the present General Assembly.
The time has not yet come to pass Judg-
ment upon its acts; but do insist that
the great problem which confronts us Is
how to provide sufficient revenue. with
out increasing the rate Of taxation, TO
meet the present demands Of our state
Government, and to provide for the In
crease In our liabilities which will occur
when the interest on our century bonds
passes from to per cent. per annum.
If default is made IN that interest-if our
people are again confronted with the
question Of increased taxation or partial
reputation, shudder to think Of theide-
moralization and injury which will result
to the Commonwealth. A law. however
easonable-especially a tax law-cannot
be enforced unless the efforts Of the off,
GERS Of the State are encouraged and sus-
tanned by a healthy public sentiment.
Because Of this fact. and because this
law should be vigorously enforced. ear
nestly invoke in its behalf the sympathy
and support Of every man who cherishes
the honor of Virginia, and prays for her
prosperity and peace.
Respectfully yours,
BEVERLEY B. MUNFORD.