The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-14


notes, stocks, and other evidences Of
debt IN excess OF one hundred
dollars. and a statement OF the aggregate
amount OF all bonds. notes. stocks and
other evidences OF debt under one hun
drcd dollars each, - deductinS from
the aggregate amount thereof all such
bonds. demands, or claims not otherwise
deducted owing to o theirs.
Is The recent act of Assembly Great ting.
commissioners Of valuation Of personal
property and incomes makes 1t the off,
GERS duty (see section q ito ascertain
and report = annually as OF the
list of February OF each year the val1la-
ton of the following personal property.
+ belonging to individuals,
namely: First all moneys. bonds, notes.
or other evidences OF debt and all stock.
and shares of stock
The same act, In section Z, declares that
'tno personal return to the several COM
.missioners of the revenue of the pro-
perry reported under this act shall here
after be made by any individual. frm,5
or corporation for State taxation. 80
+ While, finally, said act. in section 49,,
provides that "all acts and parts OF
acts inconsistent with this act are here
by repealed
- 1t IS believed that the commissioners
of valuation act does, therefore, il this
most material respect, change the tax
laws Of the State.
MATTHEW r. MAURy.
Richmond. Va, March u, 1850.
Mr.. AIaury is in error. The commits
sioners of valuation have nothing to do
with imposing taxes. Their duty is to
ascertain the quanturn of certain classes
of personal property and incomes which
are taxable under the pre-existing tax
laws of the State and report the same.
TO the commissioners OF the revenue in
their respective territories, who will ex-
tend the taxes thereon. The commission
ers of valuation will operate under the
act approved March 6. $780, ITO provide
for the assessment Of taxes on persons,
property and incomes" etc, as amended
by subsequent acts pertaining to the
same subject. In chapter l, shedule c,
section 9 of this act it is provided that
On all personal property in chooses in
action. &c. and toll bridges, tLrrpikes,
and ferries. and moneys in currency as
embraced in this schedule, there shall be
a tax OF thirty cents on every hundred
dollars of the value thereof the pro-
cccds of which shall be applied to the
payment of expenses of the government;
and further tax Of ten cents on every
hundred dollars of the value thereof,
which shall be applied to the support of
the public free schools of this State.
Here, then is the tax law of the State
relating to these subjects Of taxation,
and when the commissioner of the reve-
nue. comes to extend the taxes under
this provision he will. of course, have to
refer to Schedule CT the schedule indi-
Gated, and he will therein find it ex-
plicitly stated that ''the said laws and
statement shall include bonds of rail-
roads and canal companies. bonds of
counties. cities, towns, and bonds of
other States and corporations, certif-
Gates of stock in any Incorporated COM
pany, bonds of individuals, and all de-
mands and claims. however evidenced,
owing or giving to such person. whe Their
due or not from debtors residing out or
within the State or county, whether Sc
cured by deed of trust or by judgments
or not, DEDUCTING IRON THE AG-
GREGATE AMOUNT THEREOF ALL
SUCH BONDS, DEMANDS OR CLAIMS
NOT OTHERWISE DEDUCTED. OW-
ING TO OTHERS AS SUCH PRTNCI-
PAL DEBTOR" etc.
This was the law before the commits
sioners of valuation act was passed, it
is the law to-day, and 1t is the law I'M
der which the commissioners of yalua-
ton will operate protided they operate
at all.