The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-24
HOUSE DEBATES
NEW TAX LAW FOR
/ BANK DEPOSITS
CONTINUED From First Page.)


CONTINUED From First Page.)
for adoption by the House Committee
on Finance. Chairman Weaver moved
20 strike out the clause making tho
act take effect from its passage. which
WINS agreed to. Mr.. Stearnes offered an
amendment to section 9. making tho
rate OF tax 25 cents. instead OF 10
}, cents on 800.
r Mr. Jordan offered rs substitute
for tho whole q bill approved by Gov
crnor- Elect Stuart, providing for the
segregation OF tho tax 10 tho State
alone fixing the rate at 20 cents, and
providing for its collection at its
source through the banks. tho banks
TO pay the total amount OF tax on do
yosits. and charge the same pro rata
TO Individual dcpositors.
Wants Vote Rcconsidcrcd.
Mr. White who had been preparing
IN amendment. and had not heard the
vote by which tho emergency ciause
was stricken from tho bill. moved to
reconsider that vote. If passed with
out such a clause, he coDtendcd. tho
bill would he n dead letter. and might
rs wcll 10 laid over 10 be considered
with other bills on the subject of tax
reform MIR. White explained that the
bill proposed the first step tho State
has taken in segregation OF taxes
The whole idea OF segregation. he sa!d
was that the state should take for 1t
self certain subjects Of taxation, and
leave to the counties and cities GER
tain subjects. This bill takes from
the counties and cities the right to
tax S200.0oG,oo0 Of property, but gives
them nothing in return. Even on tho
basis OF tho present inadequate re-
porting of money on deposit, its pas
sage he said, would reduce tho an
nual income OF the city OF Richmond
s25.oO0. and Of tho other counties and
cities about 100000, without giving
them anything in return.
For Emergency Act.
While It would be preferable, said
Mr. White. ito have this subject CON
sidercd with others In connection with
the equalization OF taxation. I favor
an emergency act to give relief to
avoid this panic that has been manu-
featured for the purpose. md that
comes shining from the factory. We
wan; Justice for the widows nnd
orphans who are now paying from
$l.10 TO Si,5 on nducary accounts in
bank, but am opposed to n nominal
or lo-cent rate even rs an emergency.
The only reason 10 ask the counties
and cities 10 give UP their part in this
income, without giving them anything
IN return is that there is an emer-
Gency confronting the State, and yet
tho patron OF this bill has had the
emergency clause stricken from It, The
people arc entitled to a law that will
put money holders on equality witt,
property owners who pay taxes based
actual valuation. and they want that
law 10 become effective before Feb
Tuary L."
Opposes decentralization.
u am opposed to the motion to re-
consider" snid Chairman Weaver "ITc
knows he Is not in sympathy with the
purpose OF this legislation. know
that owing 10 n certain influence which
] Will not name on the door OF thi.
House. 1t will now be impossible fol
this measure 10 secure the four fths
vote. which Will enable II to go through
as an emergency measure. ] want tc
place that responsibility where 1t be-
longs. His motion to reconsider and
place an emergency clause in this bill
- simply 10 defeat this Legislation
"lf IT Is not passed with an emer-
Sency feature, OF what use is IT," asked
Mr. Adams.
I'VE will show the people that Vir.
ginia has adopted new policy" an
swered Mr.. Weaver. Two Will say 70
capital como iii and develop our re-
sources, and not drive 1t out"
Haven't four-hfths OF the argu-
lnents." asked Mr.. Chalkley. been for
the emergency featurc-that 1t was
urgently necessary to get this law or
tho books before February 1? II II 1.
not an emergency matter. why slngI,
cut this single subject of taxation FOL
special act, when we expect TO MAX.
general plan OF equalization of til,
TAX burden at q special session In TIA.
fallI II this does ncs take effect befor,
February of tbis..year: Won't thu
plan covering this and other forms o
taxation be In plenty of0ime for III,
next tax pcriodT'
'In my opinion. 1t Is not n question
OF taxation. but of sound bushes
policy" answered Mr.. Weaver
intimidation, snyk Jordan.
'TThe advocates Of this BILL" raid Nj
Jordan. came before tho House Com
in!ttee on Finance and tried to intiui
date us with threats of panics The
tried 10 make the chills run up an
down GU! backs with pictures OF dis
aster, II this wasn't done before Feb
,uary !, I. for ono. don't propose {
lot them dictate to mo how or when
rhall take this matter up II has bee
discussed oil over the State as a
emergency measure The bankers AS
ISOLATION sent an intelligent man a
over the State to stir this thinG, U,
How many kilograms have poured
20 Influence this legislation? lsno
or one man who has received fort,
seven letters and more kilograms tina
lie Gun count"
Mr.. stcphenson moved TO adjour
and. with the Understanding ,hnt \,
Jordan has the floor 10 complete l.
remarks, the House adjourned hy