Virginia gazette. [volume] (Williamsburg, Va.) 1893-192?, 1904-10-29
CITY FATHERS
ASSESS THE LEVY
ANNUAL TAX RATE GREATLY
INCREASED.
Thirty-Five Cents Higher Than
Last Year.

sess the levy tor the fiscal year ending :.
Iuue SOth 1905.
After reading the minutes, the Coun-
eli cot down 70 work on the levy. Item
after item was called over and adopted
with practical unanimity. liz was soon
ascertained that the disbursements for
next year would greatly exceed last
wear. the aggregate being >+.4Po.sS.
Then followed the two important events
oi the evening. The hrst was what
amount OF taxes toe TWO banks should
DAY 70 the city. Mr.. Bird coutendeo
that the banks should be assessed on
the par value of their capital stock.
Capt. Lane took the position that The
hanks should be taxed N their capital
stock. plus their surplus ano undivided
profits, and should pay itJust as indi-
viduals. lie oontendsd that the State
collected its tax on this basis and that
II N oulo Ok msniiesJly unjust and unfair |
10 the taxpayers not TO require the |
banks 10 pay taxes according 10 the
State plan. The argument beeame rsth-
er heated between Messrs. Lane and
| Bird. the former contending that, as
| Cashier Phillips had givenin the amount
At So, 200 tor the Peninsula Rank that
that institution should pay on $50 ,OOO,|
Mr.. Bird was firm for taking the capital
stock of $50. 900 as a basis. Mr.. Bird
when il was mentioned that be was a
J director IN the bank mentioned, and
naturally interested. said er1phatioany
that be was not representing the bank,
but the people.
Mr.. Bird then moved that the banks
be taxed on tho par value OF their eapi-
tai stock. SIR. Lanes motion was that
, the banks be assessed on the returns
! made bv the cashiers. At this point
some one referred the president 70 the
law on taxing banks. " hich in part say s.
"No tax shall be assessed upon the
cauital Of any band OF banking assooa-
ton organized under the authority q
this State or OF the United State,
but the stockholders IN such banks, shall
be assessed and taxed on the market
value Of their shares Of stock therein
Fab bank. on the FIRST day Of
February IN each year, shall make al
and return 10 the commissioners Of th
revenue, $50 report, IN which shal
be given the names OF the stookholder'
their residences, the number @; share
owned or held or controlled by each. an
the market value Of said stock. Fror
rbe total market value OF the shares q
stock Of any such bank. banking assoc
alton. trust or security company ther
shall be deducted the assessed value Z
rs real estate otherwise taxed 10 thi
state. and the value OF each share {
stock shall be IT'S proportion Of the n
- maiuder. provided, that the mark'
value OF said stock shall lie estimated +
sum Of not less than the aggregate
the capital. surplus. and undivided pr
6ts Of each bank. banking associatio
L trust and security company. as sho"
by It's last published statement prior
the drst OF February Of each year. aft
deducting from such aggregate the val
ofits real estate otherwise taxed 90 III
state"
This put an end 10 the discussion IN
nes few minutes. a compromise being eiie
ar ed. but practically adopting the eout'
rch ton Ut Mr.. Lane. Each bank was
ley sessed on the returns Of its cashier, i
assessed value % real estate.
-ou This vas not in accordance with I
on law. but az no one seemed 20 ha
ons known anything about the law u
&C February. this Was though The quick
gal wav.out Of the dilemma. Next year
banks will probably not overlook
eec law, and Individual stockholders =
hen pay taxes OF the market value Of Il
70 a bank stock
After The objects Tor taxation had
nth been settled upon cams the second ri
gal Of The evening. IL was upon the II
On motion OF Mr. Cole the rate '
made 81 on the 500. Then Mr..
sold moved That tax Of twenty-five G
peh. on the 500. be levied and TO be knc
a. the Special Improvement Tax p"
vas suggested that a special tax &C
not be levied. Mr.. Bird then made
-, motion that the tax rate be fixe
81 Is on the 500. SIR. Cole move'
.;,ed amendment fixing the rate at Sl-l5
crest A recofoea vote iesu''eo a. 'on'
Ayes-Bird, Morris. Seymour and +
tor. Soes-Lane and Cole. The