The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-21
STUART CERTAIN
REL|EF'S IN SIGHT
But Govcrnor-Elect Is Confident
That Weaver Bank Bill Will
Be Defeated.
GOES AWAY FOR HARD WORK
Chairman Weaver Still Believes
1O-Cent Tax Measure Will
Be Adopted.

reeilnS assured mat rellel Is In
sight for bank depositors along lines
that will cure the situation and yet
not exempt this class of property from
taxation, Governor Elect Henry C.
Stuart left the city last night. He took
hand In the bank tax situation on
Friday, and as a result of developments
since that time feels sure that enough
members of the General Assembly will
oppose the Weaver bill to prevent tho
nominal rate, as was proposed, and Will
vote for n measure yielding revenue,
and at tho same time affording relief.
terday reported favorably bill slrni-
lar to the Weaver bill in its general
terms segreSating the tax on money
substitute Bill supported e by Mr: Stuart
the tax to the stain pro-
provides for the collection of tho tax
at It's source by the banks, charging
to depositors according ito the amount
on deposit
Cannot Get Emergency Vote.
Chairman Weaver. OF tho House FL
admit defeat but expressed confidence
that his bill would be passed by ma
lie admitted TINT It could not now
hope to secure the four-tifths neces-
sary to make Ii an emergency matter.
The tn bill Is on the House calendar on
for discussion following disposition OF
the enabling act.
where he was going, as he desires n
few days of quiet to prepare his inau
Eugral address. He DELAYED leaving
bank deposit tax situation.
Before leaving the Governor-elect
said that the peculiar situation alone
ter in an active capacity-the fact that
the incoming Governor has as yet had
no opportunity to communicate Of
ticially with the General Assembly. He
said he had intended no reflection
whatever on Governor Mann, for whom
he has the highest esteem;
Lower Than Bankers First Asked.
The Jordan substitute. which has Mr..
Stuarts approval. is ~,rded by the
Governor elect as Offering an extremely
compensated for by the fact that the
tax will be collected with ease, the
machinery being provided By the bill
itself BE Is unable to understand why
the measure should be regarded as un-
reasonable. seeing that IL carries rate
the bankers, IN very recently advocat-
ing n tax of 50 cents. or 10 cents higher
than now agreed TO by MIR. Stuart. as
serted in their literature that the So
cent rate would permit the banks to
keep the money on deposit would draw
large sums from other States to Viz.
would write into the law principle
OF justice. and. in short that the
35-cent rate would cure every griev
ance that the banks and the depositors
were ever heard to complain about.
Object to Tux mt Source.
Chairman Weaver said last night that
great objection to levylng the tax at
its source. Richmond banks. he said.
country banks. which use the larger
banks here as reserve place of de-
post This money, he was certain.
We're such plan to be put into effect.
II IL becomes apparent that neither
bill can obtain the four-fifths major
act taking effect from its passage, sew
eral members committed to neither bill
take the ground that the whole matter
connection with the proposed general
plan Of tax reform. These members
which first proposed "a s5-cent rate and
later n 2-cent rate is overestimating
the immediate seriousness of the sit
sion of the Auditor of Public Accounts
that grand juries all over the State
have declined TO take any action to col
This year rs 1T has in former years. un-
I'll the States new general plan OF
taSatiGn is R Put into erect fa
been a number of votes taken at tho
executive session of the House COM
the bill at 10 cents. the noes being
Messrs. Stearnes. Spessard, Gregory.
Jordan and Pitts.
Club Directors Act.
The following resolutions were
adopted yesterday by directors of the
Business Mems Club:
Whereas. IT has been called to the
attention OF the members OF the boart
of directors of the Business Mems Club
that the Legislature Of Virginia is con
aidering the matter of taxation on
money in bank, and
Whereas. in the opinion OF this
hoard the enforcement OF the present
laws regarding taxation of money in
banks will work n great and serious
Injury to the business interests of this
city and State. and
Whereas, Governor Mann has recon-
mended TO the Legislature reduction
committee of the House and Senate
have approved such recommendations:
Vow, therefore he 1t resolved. That the
unanimous opinion that the State of Virginia
should do everything in it's power to Induce
capital to come into the State. and TO get
into It's banks all the Idle money of the peo-
pie. so that II can be put into proper and
natural uses In the development of the gen
eral commercial and agricultural interests
Of the State
1T is resolved further. That n copy of this
preamble and resolution be sent to the Dele
gates and Senator'S from this city and Hen
rico County, with the request that they ex-
ert their influence and give every support
possible TO the passage of the hill as recon-
ihehced by the two committees"