The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-11-10
Law Apple. Both to State and
National Institutions Says At
torney General
DOES NOT AFFECT
CHECKING ACCOUNTS
Question Raised By Wise
County Board of Review
Completely Covered Citizens
Cash Taxable Out of State

Virginia banks are required By
tho laws Of tho State to furnish
cun1missioncrs OF revenue with
The uauoor Of tho 'timc and saw
inxs'' depositors of their instatu-
lions - well a. the amounts OF
their deposits, according 70 tho tn
depreciation Of tho law submitted
% the state Advisory Board ON
Taxation by Atto~ney-Gemcrni
Pollard.
The question WIS raised by the
hoard Of review of Wise County, and
tho question was submitted TO tho
Acknowledgement for ON opinion Ills
opinion was written several days ago.
but owing to the absence OF the Cover
nor there was no meeting OF the board
until yesterday. when II was taken up
tor discussion. approved and referred
70 the members OF the board or review
OF Wise for their enlighunent.
Bound by Statute
The Attorney General holds that the
banks are bound by law to furnish .
complete HIST of all depositors hav-
ing accounts drawing Interest which
u the question at issue- His opinion
In that the law does not touch upon
checking accounts and there is MOTH
Ing In the decision. therefore, 10
alarm business men.
Speaking of his Interpretation OF
the law last night, Mr.. Pollard stated
that 1t was clear to him that the
statute refers to all nanks--national
and State which carry interest ac-
counts. The national banks. he stat.
-, must comply with the laws OF tbs
state In which they do business A
penalty Is imposed for noncompliance.
Checking Accounts Exempt.
The State Press, MT. Pollard said.
had. given the public Internationally
an erroneous impression OF the issue
NJ stake and he emphasized the point
SAat the law refers only to 'Ttme and
sav.pgx'' depositors or the interest ae-
counts of the bank. and not the bust
mes. or checking accounts.
Taxes Money In ana Out OF State
Asked concerning the printed report
that such a law would be apt to make
the people who have money In bank
send their savings outside the State
or withdraw them altogether from the
Baalep In order 10 escape the State tax
Mr. Pollard replies that he had nothing
10 DO with the laws made by the Gem
Aral Assem- bIy--his outy Is e1mpiy 10
Interpret them, and II II was an OBJ
1ectionablA law, he couldn't help H..
but the fact remains that the law In
written on the. statute books and this
beards Of review and commissioners
q revenue must enforce II.
He called attention to the point that
faepositcrs could not escape taxation by
sending their savings out OF the State
for deposit since the law taxes any tn
tsrest- bearing deposits they may have
In or out OF the State. Further tho
attorney general called attention to the
fact that virgin.a's tax on interest
bearing deposits 10 considerably less
than that imposed by many other
States ara Virginia citizens have less
reason for complaint on that score.
Governor 0tusrt, chairman OF the
Ulats Advisory Board, presided at the
meeting yesterday afternoon. and tho
other members Of the board--Judge
Robert r. Prentiss and State Auditor
4oore were present
Following IL the full text of Attor-
kAey- General Pollard's opinion. which
= SaGArdad ~ one Of the most I'm