The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-25
NEW BANK TAX BILL is
COSTLY TO RICHMOND
City Attorney Pollard Writes Members of Local Del
egation in Opposition to Hasty Action-Means
Cut in Annual Income of S23764

The attention Of Richmond members
OF the House Of Delegates was called
yesterday to the effect the pending bill
scgregating deposits on money In bank
| would have on the finances or the city.
matter not heretofore given serious
consideration. a letter was presented
to the fvo delegates from Richmond
| from City Attorney II. Il. Pollard, call
| ing attention to this. and also to the
probable weakening Of the cause Of
tax aggregation II n concession amount
| ing almost to tax immunity is given
to bank de,positors as proposed In the
pending bill. Mr.. Pollard's letter fol-
| lows:
Hon. E. p. Cox, Hill Montague, Graham
y. Hobson. D. l. Toney and w. ~.
Myers members OF the House OF
Delegates:
Dear Sirs.-I deem 1t my duty to
bring to your attention, as repre-
sentative of the city of Richmond in
the House Of Delegates, the fact that
House concerning the taxation Of bank
deposits. II adopted, will deprive tho
city of Richmond OF revenue In the
dimlnution OF the city's revenue at this
time coming rs 1t does with the de-
priyatton Of the revenue from railroad
900. tho city can Ill afford to lose.
But apart. from tho foregoing. the
measure is impolitic and unwise at
this particular time, and for that rea-
son alone should be defeated.
Pointing out the ground upon which
this statement rests beg to say that
the only real tax reform conceded by
every one to be so much needed must
come from some general law segre-
eating certain subjects of taxation for
State purposes alone, but at the same
tain other subjects to which the coun-
ties. cities and towns Will be rcle-
gated to secure their revcnuee, Just ms
essential as the revenues OF the State.
The pending measure takes all OF tho
tax for the State on bank deposits. but
falls to lay aside or segregate for
local taxation any other subjects.
THE bill can only be justified on con-
/ stitutional grounds that 1t Is q step in
tho direction indicated. though n short
step. and at the Same time 1t will So
| riously weaken the forces. all Of which
must be united. if any general segrega-
ton is ever had. Thus you must See
auence Of the banking interests Of the
State in support OF general segregation.
That that influence Is potent Is made
apparent by the unusual celebrity with
which the measure was passed through
| the Senate and within n week after
the meeting Of the General Assembly
other measures OF tax reform are dor
mant In the brensts Of members of the
two bodies or slumber In the commit
tees.
is that 1t will have tho tendency to de-
stroy tho market for county and NUM-
cipal bonds. for investors will greatly
prefer to have their money remain In
a bank practically exempt from tax
| alton, on which they receive bank In
terest rather than invest In county or
city bonds. which would be subject to
| taxation held outside Of the county or
city issuing such bonds.
"In Wow OF the foregoing. beg that
you will act promptly to secure q con-
certed effort to have the bill sent to
OF the measure can be hoard.
| From hurried interviews ] had with
six or eight members OF tho House yes
! terday, find a pronounced undercur-
Trent Of doubt as to the propriotY Of tho