The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-20
IDEAS ON BANK TAX
PUT INTO SUBSTITUTE Bill

The Jordan substitute bill. recon-
inehded by Governor elect stuart. and
FOR the report OF the committee, intro
duccs In the state for the first time
the principle of segregation and also
ration by President Wilson in connec-
ton with the Federal income tax by
taxing money at it's source. The text
y bill TO scgrcgate for the purpose
of taxation solely by the state, pur-
suant 10 the provisions of section 100
of the Constitution, money. and TO cx-
rlnpt money from taxation by cities,
towns, counties and districts, and 10
provide penalties for failure to comply
with the provisions OF this act.
l. BE IT enacted by the General AS
ssembiy of Virginia, Thai. money be, and
the same Is hereby, declared TO be
solely by the State pursuant TO the pro-
visions of section 1863 of the Constitu-
ton.
tional bank, every State bank and
every othor corporation or association
transacting the business OF banking.
and every, private banker. annually. on
the 18th day of February. TO report TO
the Auditor of Public Accounts. upon
blank forms to be prescribed and pro-
Vldcd by that officer for the purpose.
so rs not to disclose the names OF the
several dcpositors and the amounts OH
deposit. respectively. the total amount
OF money which was on deposit on the
1st of February OF that year, other
than deposits which are the propcrtv
Of the United States government and
the state OF Virginia and bona lido non
residents OF the state. which statement
shall be made under oath. Upon the
receipt of the report required by this
act IT snail be the duty OF the Auditor
Of Public Accounts. not later than
March OF that year. 10 assess upon
the total amount of the deposit re
ported by each national bank. each
State bank or each other corporation
or association transacting the business
OF bank ing, and by each private bank
Ell, a state tax at the rate of - cents
on each 500 of the fair market value
thereof for the support OF the govern
ment, and tax 1T the rate OF 10 cents
on each $500 OF the fair market value
thereof for the support of public free
schools. II shall he the duty of each
national bank. each State bank or each
corporation or association transacting
the business of banking. and each pri-
vate banker so assessed, on or before
the 18th OF March, to pay into the treas
assessed by the Auditor of Public Ac-
counts upon the deposits aforesaid.
ne amount so paid by any national
bank. state bank, banking association
or corporation transacting the bust
ness OF banking; or private banker
shall be charged against each and
amount of his deposit, and the bank
Tor its protection may on the lst day
OF February OF each year retain out
oi each dcpositor's deposit for the pay
inent Of the tax herein provided TO be
assessed and paid, n sum equivalent TO
the said tax provided for IN this act
- Money, excep: that TO be asccr-
tanned ana reported az is provided in
Sections and 4 Of this act not on
deposit as provided in Section 2 OF
ihls hct, shall be assessed by the com
II shall DO the duty OF tho commls-
sioner OF the revenue TO require each
taxpayer residing In his district to an
swer unaar, oath upon the personal
property lntcrrogatory the amount OF
) money belonging to such taxpayer in
me possession OF or on deposit with
any person. irm or corporation In this
state tothcl than national or State
nank or Other corporation or aas0cia-
tlon trantacting the business Of bank
/ ins. or private banker In this Statn)
nis" tho amount OF money belonging
: TO such taxpayer in tho possession Of.
I or OH deposit with, any person, frm