The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-26
WHAT THE VOTE MEANS.

House to-day.
With so much at stake. The Times
Dispatch trusts the members will not
begin to-day's delihcraticCs without q
clear understanding OF the exact par
liamentary situation, and of the rea-
sons for q definite course Of action.
AS tho bill stands this morning, II In
cludes G) the original segregation fea-
lures; (2) Il rate of 20 cents: (3) ~
proviso that the tax shall be imposed
on all money. wherever located, and
ca an emergency clause making the
law effective IN timo for tho assess
rrent of February ].
The rate named in the bill was
placed there by a majority vote. and
can, accordingly, be made applicable to
| future assessments, but TO be ut once
operative the completed bill must be
passed. not by a majority. but by a
| four-fifths vote on its lnal passage.
| Members should. therefore, remember
that when agreement is reached as to
the rate and the method of collection,
! four-hfth OF tho members must vote
! for tho measure. or the State Will loso
! those advantages which will follow Its
| adoption. These advantages NO would
briefly enumerato again In order that
! there may be no misunderstanding of
the position of those who have advo-
Gated this rate.
In so doing. we do not wish direct
~ or by Implication to use the argu-
! ment OF disaster TO Virginia, or even
to declare that considerable impair
mcnt OF our banking capital viii fol-
low tho failure of the Assembly TO pass
the Weaver bill in substantially It's
present form. We rather wish 10
urge our legislators TO pass an act
which. In retrospect, they Will not
wish Changed To this end. we urge
members TO be guided by this funda-
mental md tested principle: liquid as
sets. such as bank deposits, cannot DO
/ i,npounded. nor can they be taxed be-
yond that rate approved by the public
mind and the public conscience. Tho
rate of tho levy and tho method of as
sessmcnt must no those which. while
| yielding a proper return TO tho taxing
power, do not drive out the property
taxed Applying this principle to tho
case at issue. these facts appear TO
us rs settled
| /. rate OF 20 cents or 25 cents on
tho 500 will check heavy Withdrawals
prior to February /, and will avert
what has threatened TO become n some
never believed that failure to pass tho
amended bin will precinitate n panic.
| We have simply contended that mac
ton VIII mean the removal from Vlr
| rinia banks OF millions OF dollars, In
| preparation for which loans will be
F, called and temporary strinrency there
by brought about. But we have insist
ed that n greater danger lies In the re-
investment beyond tho State OF the
funds which are withdrawn from our
| banks. And this danger has been
| mado more immediate by reason OF
! activity or tho Auditor ana by tho
/ present agitation on the subject.
| Men have been aroused not only to
! the injustice of Virginia laws. but in
MANY instances have learned for tho
| FIRST time of the exemptions offered by
the District OF Columbia and Of the
nominal rate of Maryland Investors
have been alarmed by the fact that
! the law Is being enforced TO the letter.
and that their only escape is TO re-
move their money where It cannot be
followed by Virginia tax collectors
; The Weaver bill In our opinion. will
prevent this and restore the equli-
hrium OF the banking business
2. The amendment Will act az n mag
net in drawing capital to the State,
and thereby VIII work for Virginia
prosperity and progress. or course.
with Maryland and the District OF
Columbia bidding for bank deposits
by their generous laws. we cannot hope
that reduction to n rate still In excess
OF theirs will bring unnumbered for
tunes to Virginia; but. with the other
attractions which Virginia has TO offer.
we can reasonably expect concession
To appeal to those investors who want
TO live in this State And these. be IL
remembered, are far moro numerous
than some members OF Assembly may
believe. Case after case we might
cnumcrate where the descendants Of
Vlrglnians-rnen OF capital and bust
ness interests--havc wished to return
TO the home Of their fathers but, have
stopped when they have seen tho wall
that the State has reared across our
2