The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-20
LIQUOR QUESTION
SUDDENLY BREAKS


1t was presented with The undivided
recommendation of the whole commit
tee ana was adopted by tho convention
without a dissenting vote. Besides ask
ing for the relief indicated, the rcso-
lu'ion commcnds tho wisdom Of the last
General Assembly IN Scgrcpa,iug
money on deposit FOR taxation by tho
state alone, and reducing the rate TO
20 cents on the SlOO
The full text of the resolution fol-
lows:
Whereas. tho Virginia Bankers As
sociation. In convention assembled ut
Ola Point Comfort. June 10, 1914. has
been apprised by the Virginia state
Tax Commission, now in session at
Richmond. VA, that It, would he willing
10 have committee from this asso-
citation appear before 1t on Saturday
June 20. 1914, ana present the views OF
tho bankers on the subject of taxation
in Virginia. and particularly as IL re-
lntcs 10 the tax upon shares of bank
stock, the assessment of real estate
owned by banks, and the tax on money;
and
Whereas. the banks of this State
shares Of stock Of banks arc assessed
uncquallN, ununiformly, and. there
fore, excessively rs compared with
other forms OF property; and
whereas. the present law regarding
the deduction OF the value of real es-
tate owned by banks was changed at
recent session of the Legislature so
as TO give the same advantage to the
banks owning real estate rs other citt-
Hcns OF the state, and the Auditor Of
Virginia has declined to permit tho
banks TO avail themselves of this law
thereby creating another discrmina-
ton against the banks; and
Whcrcas. the banks of the State arc
Interested In the matter OF maintain
ing low rate of taxation upon money
~ the hands of individuals and on de-
3osit In bank, for the reason that ii
-. in our Judgment, for the best in
crest OF the state and the people at
'argc; now. therefore. be II
Resolved %. That the members of
the Virginia Bankers Association, re-
cognizing the duty OF the state To raise
by taxation sum OF money annually
which shall he adequate to the de-
mands upon II, and expressing their en-
Tire willingness TO bear to this end
their Just share Of the burden of such
taxation, nevertheless. respectfully in
sists that this burden should be Just
ana not, as IL unquestiunably is now,
and has for many years been. excess
SiNc. There is no sound reason In law
or justice for the assessment of bank
STOCK ut greater amount than Is i'm
posed upon other property, and any
inequality Is arbitrary, and n clear vlo-
E&ton of the letter and spirit of tho
Constitution of the state. and the plain
declaration OF The national bank act.
section 81. 52l9, which permits u State
TO taN the shares of Il national bank
but only upon the express condition
that they shall not be taxed at II great
cr rate than other moncycd capital.
'Kesolved C2), That this association
asks that the tax and assessment laws
of the state he 10 amended rs To- re
move any doubt as to the value of the
real estate which "a bank shall be nj
lowed 10 deduct from the amount of its
capital surplus ana undivided profits
II is believed that the LEGISLATURE in
tended 70 make no difference In this
particular between the banks and the
individual. but IN the official construc-
ton and application of thc act a diff
ference Is made, aS is pointed out In
the foregoing preamble, which Is not
only maniicstly unjust to the banks
but Ia In violation of tho act of Con
grcss requiring uniformity and equality
OF taxation upon shares Of national
banks with that imposed upon other
moncycd capital.
Resolved 90, further. That tho
banks OF the state commend the wis
dom both from the standpoint of taxa
ton ana sound economies OF the act
OF the General Assembly of Virginia
OF January ~ 1914. by which the tax
on money on deposit in banks ana in
the possession OF tho taxpayer, either
within or without the state. was sorrc
gated for taxation by the State alone.
and the amount placed at 20 cents upou
the 800. y low tax rate on this class
Of property, viii. in the opinion OF the
members Of the association. ultimately
result Ia larger revenue to the State
rrd vaat SUMS of money viii be kept
IN he state. which otherwise migh, be
invested beyond it's limits"
NOMINATING c0,INITrEE
PRESENTS ITS REPORT
Tho convention began the business
program or Tho second day with a meet.