The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-20
Continued from First page,)

plan, but placed his figure at 10 cents
on the 500. He, however. has q
strong leaning to the Weaver bill and
stated on the floor that the time had
come for q radical change as the State
was facing a crisis.
Stuart Has Ideas
Mr. Stuart however. has other ideas
on the subject While he recognizes
the necessity for reduction Of the tax
no does not favor the practical exemp-
ton OF money from taxation. 1t Is his
idea TO have money assessed at rs
cents on the 800. with 10 cents
school tax added as a penalty for non
declaration of his intangible properly.
to be assessed by tho collector. He
also advocates the payment OF the
bank deposit tax by the bank In bulk
and letting the bank levy against the
account OF the individual Tor his taxes.
The bankers claim that the only
way to keep the depositors from a
wholesale withdrawal OF accounts be-
fore February lst Ia to pass the
Weaver bill. They claim that the
state Is now in a serious crisis and the
that have already started
will embrrass the banking institutions
and cripple business in general. The
were lengthy On beth sides
and was one Of the hottest fights OF
the present session. That the Weaver
bill il one OF the most important
measures that confronts the present
Is conceded and 1t 10 pre-
dicted will be one Of the most warmly
duced. The fght will be carried to
the floor of the house and the struggle
will be one long remembered
The Hearing Opcna
The committee was called to order
by Chairman Aubrey G. Weaver, pa
tron Of the bank deposit bill. at 10
o clock. In the room were John Kerr
Branch, president Of the Mer-
chants National bank: John M. Mil
Ter, Jr., cashier OF the First National
bank: o. ]. Sands. president Of the
Il Scott & Stringfellow, and other
bankers from every section Of the
State. Mr.. Stearnes, q member OF the
offered substitute bill,
but, as 1t did not bear directly on the
emergency. was put aside Mr.. Spatig
moved that the committee invite the
governor and the governor-elect TO
In the hearing.
Messrs. Spatig, Jordan and Grasty
were appointed as committee to in
vite the two executives to attend. The
reported that Mr.. Stuart
had accepted the invitation. but that
Governor Mann had SAINT word that on
account OF the president set by his
fore the finance committee and said
that they should como to him. Later
he changed his mind and appeared be-
fore the committee. taking issue with
Mr.. Stuart.
Mr.. Stuart arrived in few minutes
and was given the floor. He stated
that he would address his remarks to
those persons who admit that money
IL taxable property. He said that the
Supreme court held that money was
property and therefore taxable by law
and that the constitution declared
that all property should be taxed, and
II any one present went on the theory
that money should be exempt there
was no argument
my own view, speaking In q broad
sense. Is that even In an emergency.
we should have some regard to the
OF taxation. approve Of
relief and cheerfully Join In any move
ment to remove the inequality be-
tween the burden OF the tax on money
and tangible property"
Immediate Remedy Needed.
Tn uoNA hot rnN 49, L.