Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-06

communication OF Mayor A.nS.ie /,
bankers ana other financial men.
Oliver J. Sands has responded with "A
letter in which he sets forth the posi-
ton OF the fnancia. institutions in
the bank tax matter. Mayor AiusIic.
8 however declares that Mr. Sands does
not meet tho question pa; to the
bankers in the Mayors ccmmunica-
ton The Mayor wants to know what
1 can he done for the relief Of the city
( IL this source OF revenue is To he
lost.
Text OF sands Letter
Following is the text o; the letter
Of Mr.. Sands:
July ;. 1921.
Your favor Of july !. with refer
cncc To the rate of tax ON bank
shares, etc. received
The writer was FOR a great maay
years chairman ct III, TAXATION com.
mittcc OF the Virginia Bankers As
ley. OF LynchhurS. Was chairman OF
the committee Tor some years. 80,
Tor a period Of some twenty Years 10
oar knowledge, shareholders at banks
nave been cndcaVorinS TO secure -
FAIR and reasonable tan ratx
'rnc facts have tv"u presented To
the legislature, city councils, boarnS
year. 1hc city Of Richmond was al
ways most autagonjstic and had ~
much or more I" do with preventing
the Leg tslaturc 90 Virginia trcIId-.
bank snar.huidcrs justly than rroba
bly, any other Influence.
10y our committee that We We're en-
ttIcd to sidcratiun:
FIRST pn account Of common JUS
iicr. =" there was marked discrimiua
ton between the rate paid on lank
shares and that on similar property.
second That public policy d.
mands LOW rate ON !ntamgiples.
REQUIRED tn" same rate on hanh
shares us on oihcr intangtblcs
ON ihesv points tn" city IF ktch-
We're constantly met with the argu
mont that thu city and state needed
the moncy-and that seemed 10 be
all-Sui,icicnt.
II nclosc herein copy Of rcso-
iution which Was presented 10 the
Council OF this city and adoptcd on
Attorney followed thrs with IL call to
- number OF other cities OF Virginia.
and had their attorneys join him In
personal appeal L. the finance
committees Of The General Assembly
!" deny the request of our share
Z trnNcrsy was presented to the toun.
cIi in q letter addressed TO the prcSi
dcut oi the Council bat ii had no Of
i"ct--cNccpt that tn" then preside
= - the Council. MIR. Peters, did Not"
: 4gLins, tho resolution
This bank pay taTSs for The year
its real estate. IN which lis capital is
Invested Of sl3,l>i.22, and PAYS ~
,ontS to the state ANA city upon the
a n,S''nf IT, IL, SSei't" an" ma. pinnS
total taN paid by this bank OF Nc
N92 rs. which equals a rate 81 sluJ
"a" bank; and II r-as"na IL dcduc-
tiun j. allowed from capital and sur
ptusM"s Is dom IN many r't,cs--ay;
Ct - per cent the teA would equal
when Nc Consider that the city
has been rcecivnG an unjust aud
banks for So sanl years. ana when
w consid ats unvompr"mi and
unreasonable" aiti'ad" Tor a! thcs"
years. II seems t" u that after it has
tribunal i'm this country. they would
lie unjust Il the interests represented
than they arc entitled to under this
decision. Further. TIA" entire uucs
tioGf is ultimately With the share"
holders. the banks hcina by statute
'ax :%. Zoo, .n,o ,.''. ~. ,o,. ,,<
paid on bank shares IN eur principal
Baltimore and Washington we're
avcrastv, we ny Wo"su -" ~"
NE f.,, ~ rfT1hr,o,,d '""' '"'' ~
THAT tn. city should have appro-
pr!atcd money when The collection
was in doubt Is a matter for thos"
chhre.u Mn'n nv r. ',S"s ~, ~ -. az
nnnsidc- ivy
O.crinok Essential Point.
IS ,rhc joinr resolution adopted hy
CITY Council. To which Mr. sands re-
slfcrs. calls upon til. Richmond mem
bers OF Inc General A>scmlly To- vp-
& ,,nsc any LEGISLATION iookfnc +. .ha
,..,,;,,ctjnn .. I'M, lo,..,l rat. OF iax,i5.r.
i =, s;,,ras az hank sroc, assessed NJ
10 ,i,v
,sksd fo- an ,xpr,.s.ion al. .l.,
,cr addressed to him by Mr sands.
Mayor Ainsiic SAID
.yaed in my communtca,ion In my
,nat the s'"f banksrs tnemscivss had
,ft,. ,.tf,,,y. I,ug.I