The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-11
Diamonds are found in dark places
Of the earth; truths are found only
\ In tho depthc Of thought.
25 Victor Hugo.
Rich1nond's Finances and Her.
Tax Rate. aa

Rich1nond's Finances and Her
n Tax Rate.
Some recent fcnarks by Councilman
4 II. r. Pollard, Jr., regarding the city's
finances have become the subject of some
little discussion In the course Of an
Interview with II newspaper reporter Mr..
"A Pollard made these observations: That,
If Richmond really wanted the various
i Improvements which her more progressive
citizens are now demanding, an advanced
tax rate would be inevitable; that Rich
noiid now has d lower tax rate than
i any other city OF considerable size in
the country; and that Richmond city
bonds had undergone drop III price.
On at least two of these cornts, and
possibly upon all three, It occurs to The
Times Dispatch that Mr.. Pollard has
been more or less misleading.
no call attention to "a depreciation IN
e city bonds In such n context can only
mean to suggest, 1t would appear that
h the growing desire to spend money in
Y the city's credit Nothing could be
further from the truth. Transient tluc-
Y tuations in stock reports provide no
figures to conjurc with The drop In
ssRichmond's bonds was due to perfectly
Il ordinary ana ineligible market condi-
$sEtions, and was shared by other securities
of equally unmpcachable value. On the
e: day before Mr. Pollard directed attention
8to 1t, new issue of Richmond as was
eagerly contested for ut "a premium. In
N lis whole history, indeed. the city's credit
was never SO good
324s AS to the relative place Of Richmond's
&c tax rate among other cities of similar
& size, it is we'll to state that comparisons
sin this field are at best uncertain mental
sSproccsses.s5 Tax rates are based upon
'values,s and values, like bond quota
tons. are varying quantities; a substan-
tial basis Of comparison, however, un-
5s8doubtedly remains, and facts are incon-
testnbly facts. While The Times-Dis-
patch sincerely wishes it were otherwise,
Richmond's rate is far from being, as
5tlic sipNCst W u
American cities in its class. This city's
A taxes are at the! rate Of s140 on u 20 per
cent assessment. Atlanta, commonly re-
II gnrded as the most progressive of South
S ern cities, has rate of s1.2o on a GO per
cent Valuation Los Angeles, a city Of
more than twice Richmond's population,
and one of'thc lvHst towns In the United
Il States, h.is 4 rate of ST. on Il 50 per cent.
valuation Kansas City's rate is s1.35 on
a n 40 per cent valuation; Viewpoints is
$3.50 on a .75Aper cent. valuation; Pitts
Y burg g IS sl25 on a &c 2-2 per cent. valua-
ton; st. Joseph's is sl.3O on n GO per
cent. valuations Little Rocks Is 5000 on
40 per cent basis. Some other cltios
which enjoy a lower tax rate than Rich
,nond are Dallas. Texas; Fort Wayne.
Ind; Quincy, Ill; Reading, Pa; savan.
nah, Ga; Topeka. Kan, and Mobile, Ala.
5 The tax rate. obviously, is no infalli-
BILE barometer of a city's disturbances
as place of residence or business. A
relatively high rate IS cmnently worth
while where those who pay 1t get n vis-
y
ind prosperity. II this city cannot have
the improved equipment and service
which its citizens are coming more and
more to insist upon, without an advance
In It's tax rate, by all means let the rate
be advanced. Those who set their feet
IN the path of progress must expect ia
T pay the price, as well us to reap the
returns. 1t by no means follows, how
,ver, that such n step will be necessary
i3 Other cities, less wealthy than this one
saye thrived on lower rate. The money
MAT we propose To spend Is, after all
,ot q large sum. increases in taxable
4 values will Increase our revenues this
!, rear by some $4,000, ana future years WI
doubtless bring q similar increase. Tht
retirement. before "a great while, of out
,tanding s and per cent. bonds anf
,elundlng, when necessary. on pei
a .ent basis, viii still further swell iht
.itys revenues, A jump in the rate, there
lore, may or may not be necessary. ]!
ne step proves requisite, few cities arr
,etters able to take 1t than this ont.
But. IN any case the advance mus
lot be made on the pleasant, but unwar
"a anted, assumption that the existing rat
$abnormally low,
l3 !. XII. 2t in -------------------7
Virginia's Greatest Assets.