The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-24
LET US Observation-Disclosures.


llttlo temperate discussion, n lit
tie concession on all sides. little com
mon sense and n clear view OF what
they are trying to do. will. wo hope
enable our friends OF the Assembly To
stra!ghten tho tanglo which involves
the proposed reduction In the tax on
money.
Practically nil tho members of the
| House arc anxious TO give relief to a
/ class OF property which has long been
subjected to tax almost confiscatory
! In It's gross injustice. In particular,
| the Delegates wish to relieve widows
and orphans OF Il burden which others
escape The nembcrs realize that of
almost 5000. 100000 on deposit in the
banks of this State, every cent of tho
100000 held by flduciaries pays taxes,
while of the vast sum remaining In the
hands of private persons. only sl4..
100000. or less than 10 per cent of tho
| whole, is returned for taxation
Not only do the members wish to re-
ducc this tax, but they wish TO reduce
| 1t at once. Tho date of assessment,
/ February ], is near Mt hand; whatever
/ is done must be done without delay.
/ To give this Immediate relief, an
emergency act is required-that IS. an
/ act to which four-hfths of tho mem
/ hers voting will register their approval.
/ No other act will serve the purpose,
/ or. indeed. be necessary, for tho AS
/ sembly, We expect, Will meet during
/ tho autumn to formulate n definite
and comprehensive program OF reform,
/ including this question
The act which Virginia needs then.
/ IS ono for which four-hfths OF the AS
sombly Will vote. The only question
which can accordingly be raised is,
upon what terms can existing differ
ences be compromised to give us such
an act?
To our mind, the answer IS simple
and involves no great sacrifice on tho
part Of any ono. AS we understand
It. four-hfths or tho members have
expressed their willingness TO vote for
an act which will FIX the ratio of tho
exclusive State tax ut % cents on tho
500. This, reduction Of at least
70 per cent in tho aggregate present
state and local tax Is within 10 cents
OF the rate for which Mr.. Weaver and
his associates contend, and Is 10 cents
lower than the rate for which tho
bankers asked In their original APP
peal.
a compromise can he reached on this
basis. If It DO argued, in objection,
that the amendment before tho AS
sembly, fixing the rate at IS cents, pro-
bank, we would urge that this part Of
the amendment Will ba withdrawn, and
that the present method OF collecting
the tax he continued.
Because we have believed that n low
rate of taxation on bank deposits and
on money Will attract capital TO Nlr-
glnin and thereby will lower rents,
/ viii raise wages and viii Increase the
I employment OF labor, wc have long
contcnded for reform OF this part OF
the tax code. Six years ago we wora
urging this very policy. with precisely
tive same arguments we now advance
Whom the Senate Finance Committee
proposed nominal rate on money, we
hailed their action with delight, point
( ing out only the necessity of n proper
! Tomato reduction in the tax on other
intangiblcs. We believe that the 10
\ cent rate proposed by the Weaver bill
is reasonable ana fair; wo are no more
/ willing 10 give up our contention that
is tho average man
But Wa think this Is an Issue too
i large for personal preference. personal
Jealousy, personal pique to play a part.
we think that when the alternative OF
compromise or failure 10 do anything
is presented, we must accedc to com
promise. Surely tho need Of women
aud children who arc paying exorbitant
taxes on money Is above the interest,
tho pride or the prejudice OF a logis-
lator.
We appeal 10 members to get to-
gethor, to accept n compromise on The
basis OF rate OF 20 cents tho 500.
to bo collected as at present. and to
pass an act with the emergency clause.
We appeal to Mr. Weaver, who has led
a brilliant light. to conccde Is cents I'm
his rate; we appeal to MIR Jordan and
his colleagues to conccde the method
Of assessment
Lot us reconcile our petty differences
end unite for justice and for progress.
Let MS not lose our heads or our
Judgment, but lot us agree upon n
program To which four-nfths OF tho
members viii agree.
WASTED TINE AND BtrATn.
The Assembly yesterday spent an
eXcitng hovr nnd wasted that much