The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-20

should not begin Its worlS by LAYING.
down purely nominal rate on nearly
100000.
For many years the law has been on
the statute books providing for the
taxation OF money, like other prop
II has been largely ignored save by
certain fiduclary accounts reported to
tho courts and even with the vigorous
efforts OF Auditor Moore to enforce tho
law, the public generally and the tax
ing officers held that IT was con-
fiscatory TO charge sl.75 in State and
city taxes on 500 in bank when the
bank only pays SO In interest.
Stuart States Objections.
Governor Elect Stuart made clear
presentation OF tho opposition TO tho
Weaver bill. Having been a member
OF the Constitutional Convention and
recalling the debates of that body and
with nh intimate knowledge of the
subject gained from years on the Cor
poration Commission. he addressed his
argument to those who hold that
money is property taxable under the
law and subject TO taxation by the
Constitution. Tho act under consid-
Grafton, he told the committee. pro
posed n practical exemption, and he
opposed embarrassing the law-makinE
power in tho forthcoming redistribution
OF taxation.
Il would most cheerfully join said
Ny. Stuart, ''in an effort to relieve the
great inequality between the tax on
money and on intangible property. Ii
is important that remedy should be
applied and applied NJ once. want
TO put the man who has money on an
absolute equality with the man who
mas land or other property, but to give
him 4 compromising advantage because
his money Is assessed at it's full value.
oII O
giving rclief--wo agree on that The
question is how far we can so in the
direction of proper and needed relief
consistent with other taNpaying inter-
ests of the state Tho tax rate on
money is unnecessarily and unjustly
nigh because of the differentiation of
real and personal property. My propo
sition is that every subject of tax
alton, no matter what it is who !
owns il. shall bear its fair share of
the support of the government
Exemption or Immunity.
When that is accomplished the rate /
will not he oncrous on any one. ! I
never knew before that the holders Of |
any class OF property in Virginia asked |
any such exemption or immunity. I
consider II tax of one-nftieth OF per |
cent on its face an evasion OF the !
Constitution and an immunity. II YOU !
want to eQualize why do you approach |
the subject with step of the grossest |
inequality? We need more revenue, yet !
IL Is proposed 10 throw away the right /
tc tax s2Oo,o0n.000"
Mr.. Stuart read TT length from the |
tax laws of other States showing that /
thirty-onc States tax bank deposits. |
two Of them, Iowa and Minnesota. IT
:, fixed low rate. while six States cX-
cInpt bank deposits. Mir. Stuart said !
lie had all along advocated very !
low rate on all sorts of intangible |
property. He suggested low rate col Z,
.octed by the bank and charged in
bulk, aud b. the bank charged TO
each deposition as his account might |
show.
AS to the man who keeps his money |
out of circulation against public poll
cy." said Mr.. Stuart. sit is the duty OF !
commissioners of the revenue to see
that he is assessed at its full value,
including money of citizens OF this
state in banks outside OF the state.
We should have a rate so low II won't
pay 10 dodge"
Auditor Moore's Views.
when the entire tax system Is
awaiting reform" said Auditor of Pub
lie Accounts c. Lee Moore. lit is not
desirable to change ono class. 1t
should be considered in connection with
other changes but there is an emer-
EcIISH Api IL blli VI tiiiS hlHu II seems
10 me that it would be well to pass
some emergency measure to apply for
this year. In view of the state OF the
public mind, making the rate as low
as consistent with the idea Of taxing
ell property. Unless some such law is
passed. must, under my oath of Of
lice, attempt TO put on the taXbooks
the bank deposits. The grand jurcs
except In one or two Instances. have
In
and so have aggravated the Injustice
where they were active
Governor I'psrts Precedent.
Larry In the day Governor Mann de-
clincd the invitation of the committees.
conveyed to him by Mcssrs. Spatig,
G'asty and Jordan, inviting the COM
,nltlee instead To come TO his Office