The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-20

and the revenue derived therefrom the
State could not afford to lose. He
charged that the average valuation OF
real estate was far below Its market
value and that this was one of the rea-
sons why the tax on money was high.
and that II the sweeping reduction on
money was made. 1t would even be
harder to get fair valuation OF land
from the owner. a. he would claim
that he was justified In lowering the
value, ~ money was not taxed ut all.
He declared that AL property, both
tangible and Intangible, should be
stripped and taxed to its full value. 1T
that Is not a fair way to handle the
proposition. then mistake the motives
Of the writers on the subject Of tax
alton today and the people OF Virginia
AL that Is ever demanded IL equality
to all. I do not think that any man
in Virginia wants immunity"
Gross Inequality.
In speaking OF the exemption Of the
owners CT bank accounts. Mr.. Stuart
stated thai 1t was only means OF
showing up TIE man for tax lodging
and the two cent rate only advertised
it, The slogan OF today Is ''equaiiza-
ton" Why do you approach such
move by a step of gross inequality ?"
According to Mr.. Stuart there are
two States in the union who have
nominal tax. Iowa and Minnesota
These two. he said. derived their in
come from their natural resources.
white Virginia had to depend on her
taxes for support There are nve
States-Maryland, Alabama, Delaware,
Washington and Wisconsin--who do
not tax bank deposits at all. but the
rest of the country taxes In different
ways their deposits.
He went into detail in regard to
the burden Of the double tax of both
State and local. on the poor man and
small depositor. but said the rate OF
taxation could be made low enough
to make any man want to pay his
part. and yet yield an enormous
amount of revenue. His stand against
the sweeping reduction on bank de-
posits was very positive. and his ar
guments against the bill were clear
and concise. His knowledge OF the
tax reform movement made q great
impression on his hearers. and close
attention was given to every detail.
Mr.. Stuart read hastily drawn bill
that he had prepared on the subject
the meat of which was. to the effect
that as the money in the cash drawer
OF the merchant would still carry the
heavy burden OF the old tax and the
money on deposit would have only
two-cent rate. a uniform rate should
be fixed. That the bank should make
a sworn statement on February LIST
OF the amount on deposit, and pay
the whole tax and levy on the de-
positor at the rate of Is cents on their
accounts The collector Of taxes would
levy school tax Of ten cents on all
persons not declaring their property.
The object of the bill Is to get the
rate SO low that man won't dodge
his taxes yet high enough to bring In
revenue to the treasury.
G.. Lee Moore. State auditor, took
the floor. He agreed with Mr.. Stuart
that something should be done, but
declared his rate was too high. He
favored the passage of the Weaver
bill Mr.. Moore directly charged that
the grand juries OF many of the coun-
ties had failed in their duties In re-
gard to the lodging Of taxes. He de-
clared that II a man had money in
bank and withdrew II on January 3lst
in an effort TO dodge the bank deposit
tax. he should be made to pay just
the same. although the present law
protects him.
At this juncture Governor Mann ar
rived at the door. and the committee
and bankers stood to receive him.
Governor Mann Mkened himself to
Woodrow Wilson in sms shing prece-
dents, but declared that he thought
he should give the committee the
benefit Of his knowledge on the sub
ject,
He said that he was somewhat en-
barrassed by the presence OF Governor
Elect Stuart. because they disagreed on
the subject. The situation was drama
tic with the executive and his sue
cessor occupying the center OF the
door.
Governor Mann, Immediately plunged
into q discussion of the bank deposit
tax. siding with the Weaver bill. al
though he placed the rate Of taxation
at ten cents. He declared that seme--
thing should be done immediately a.
the banks would begin calling In their
loans to cover tho Withdrawals and
business would be crippled. He said
that II something was not done to
relieve the situation 1t would drive
money out OF tho stats INTO me EtKt6s
where the tar rate was not exorbttAnt
and that tt would stag ont permanently.