The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-01-15
invest In TsorETS.

It invest In Botsis.
The other half % the Sid fund the
Board shall invest In the bonds OF the
counties and municipalities of the
State at a rate Of interest TO yield not
less than 4 per eentum per annum
and as far as practicable in proper
zion as the total assessed value of the
real estate IN any county or city whose
bonds are bought bears 10 the total
assessed OF the real estate in the
State
= Should the said board not have
sufficient applications for loans. or not
be able "a buy the bonds OF The coun-
ties and nicipalitles. To take all Of
me sum II may hdvs available 10 loan
on land ar invest in such bonds. then
~ fnay invest such surplus in suesl
ether securities the General As
semhiy may authorize
The income from such fund. shall
be uaed solely for old ase. unempIny-
ment, sick and accident benefits To the
people of this state under such rules
and regulations as the General AS
&embiy may prescribe.
- This resolution II adopted Will
create a fund that will enable farm
ers to secure loans at low rate ~
Interest and tend to attract more 10
farm life, IT viii also tend TO increase
the assessment as loans will he limit
-
IL Progressive Measure.
1T will create a market for county
And municipal bonds and aelp To keep
down the rats of interest Ia he paid
on these bonds
Ii will create a fund to help pension
those VINO meet with accidents in
various hazardous empioyments. to
help take care Of the aged and in time
like this Of those out Of employment.
Great Britain has old age pen
aion fund" said Mr.. Reed yesterday
The time Is coming when me States
or the United States will be forced
n do the same. II is better for the
State to look after it's own and IN
secure this inheritance tax before the
United States government imposes
such d tax for general purposes
MANY, II not q ma iority, of the
States impose direct and a progress
ake inheritance tax. West Virginia
collected last year over s27S, 900 from
this tax. Virginia collected from its
collateral Inheritance tax less than
$4,000
tax on account Of It's consuming or
dissipating capital ard while this
State can impose such a tax without
.nynending the Constitution it IN to
prevent this destruction Of capital as
well as 10 permit the State to do that
WHlCD J pSt4FFG Will De bl great
benefit to its citizens that ! will pro-
pose the amendment 10 section 1879"
Bills Introduced.
OF the bills introduced in the
House yesterday. six bore the name 81
Mr. Reed as patron. Two of them
are companion measures. one pro-
y1ding for a reduction after each re-
assessment of real estate and tangible
property in counties and cities Of the
4 tax rates when tho assessed Valuation
shows an increase Of twenty per cent
or more. The purpose OF the bin ~
to make the reduction In rates lower
n the assrssrnerts increase. 81 that
the revenue derived may remain the
same. The ornpanton bill applies the
same principle to State taxes An
u4her bill imposes a franchise tax on
i gross receipts Of public service cor
poYations so as to mako this tax more
equitable by making the more pros
perons roads pay more and the less
i prosperous roads less Of this tax
II doubt II tF7Tfe = much chance.
+ though Of this bill gong through
said Ar. Reed IN discussing 1t yes
u eerjas. las the reads that would be
y benefited object 10 il
5 tsEss this sili the Ssa5oarS Air Line
* wnald have TO pay less than one hall
III per cent gross receipt tax IL npw
u nays ! per cent? and would save oyer
xE.sSa III taxes, the road. threug h
lts attorneys, however objected 10
this reduction. Perhaps they fear
~ Greeks bearing gifts"
ss-Tzs - measure. white increasing the