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398
<br />
<br />February 25, 1922
<br />
<br />To the Chief Executives and the Financial
<br />~fficers of the States sund the political
<br />subdivision thereof:-
<br />
<br />Sirs:-
<br /> So far as the writer knows the National Association of Comptrollers and Accounting Of-
<br />fleers is the only organized medium through which the interests of those here addressed may be
<br />represented as such.
<br /> There are no paid sepresentatives. There are no headquarters maintained at the seat
<br />of government. Whatever fs spoken in our interest must in the very nature of things be spon-
<br />taneous and related to the immediate subject in hand.
<br /> A critical situmtion has a~isen in Washington through a new effort to tax the income
<br />from obligations of the minor Political subdivisions.
<br /> .The authorities-seem to be about equally divided as to whether or not an amendment
<br />to the Federal Constitution will be necessa~y To affect this purpose with a ~hade in favor of
<br />the idea that the amendment will be required.
<br />
<br /> Whatever method is chosen the final result will be the same ~nd it behooves us to
<br /> get acquainted with the mituation ~nd present Our s~de of the case.
<br /> Whether the form of amendment proposed by Congressm~n McFadden of Pennsylvania on May
<br /> 3rd, 1921 or the form suggested by the Secretary of the Treasury on September 23, 1921, be used
<br /> the feature of mutuality' of this tax can not be made available to the states unless they sh~ll
<br /> practically all change their own methods of taxation.
<br /> The present ~eement in favor of le~ylng this tax is the claim tha~ our very wealthy
<br /> citizens ame buying .ta~free obligations instead of putting.their capital intb business ventur~es.
<br /> I do not wish to go into the arguments pro and con here further than to say that
<br /> it appears that the remedy suggested is worse 'than the disease-'it is proposed to cure.
<br /> The immediate and direct result would be to increase the rate of interest' which all
<br /> future issues of our bonds would have to bear to maintain a place in the market. Yn other
<br /> words there would be aa indirect tax levied through the medium, of the States and their sub-
<br /> divisions for the benefit of the Federal Government.
<br /> The Comptrollers Association at its last smnual meeting took a smand against this
<br /> proposed action of theCongress and I have.further lodged a protest as President of the Associ-
<br /> ation with the WSys sad Means Committ~e. I be spekk a consideration of this matter at your
<br /> hamds mhd suggest that prompt action on your part through your senators smd Representatives
<br /> will be the most effectual.
<br /> Respectfully~ d ~ ~°~y
<br />
<br /> Pr~sidsnt,
<br /> NATIONAL ASSOCIATION OF COMPTROLLERS & ACCOUNT-
<br /> ING OFFICERS.
<br />
<br /> A petition w~s read from certain .residents of Monroe .Ward calling attention to the
<br />plerable condition existing in the 2300~blockNorth street mhd 100 bXock loth Ave~, stating
<br />that cinders placed once,id street would' relieve this situation to a great extent.
<br /> On motion, the petition was referred to the City Maamger for report to the Gouncil
<br />on February 2Sth.
<br />
<br /> A petition was read from Willis Hall stalls., Trustees of Noble St. Baptist Church, to
<br />be, relieved f~om assessment on the City hooks against lot onNoble street, for Tears 1919,
<br />1920,
<br /> Said petition was referred to the Finance Committee.
<br />
<br /> The following resolution, adopted by ~he ester-Richmond Highways
<br />Association on January ~th, 1922, was referred to ~ consider an, appro-.
<br />priation of $200.00 for said-purpose, and emch~ of il.was ordered to be furnished
<br />with a copy of the resolution:
<br /> "]~HEREAS, To properly conduct the program necessary to carry
<br />out the work as undertaken by the H~mpton Roads'Gloucester-Richmond Highway Association, and
<br />
<br /> "WHEREAS, No fundS are available at this time,
<br />
<br /> "THEREFORE, BE IT RESOLVED,~ That ~hismeet!ng request all~the..Gommunities ~hat will. be
<br />benefitted by the successful conclusion of the ~fforts of .this: orgaaiz~tion, eertain~ppropri-
<br />ations to meet the necessamy expenses in ~helfollowi'ng amounts: ~
<br />
<br /> "Ne,~port News, Richmond, Norfolk and Portsmouth, $200.OOeaoh; ~illiamsbu~g a~d Hampton,
<br />$100.OOoe.ach. Phoebus and tl les of Henries, New Kent, James City, York:, :Eli~Zaheth
<br />City, Gloucester, Charles City $50.00 each. ~ ·
<br />
<br /> .Adopted this 5~h d~y of Janumry,,1922, a~ a meeting of the ~H~mpton Roads-Gloucester-
<br />Richmend Highway~ssoct~ti.On, Wiili,~mbS~rg, Va." ·
<br />
<br />Washington Wa.r. d:
<br /> V~lue Band,
<br /> $4,000.00
<br />
<br />ReA1 Estate Omitted by Assessors.
<br />
<br />Value Bldg.
<br />$~,~00. O0
<br />
<br />Total Value,
<br />$8,~00. O0
<br />
<br />$13a. co
<br />
<br />
<br />
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