, 1866-04-26


ep :hat the toEs. .ltuiion Vi luz Inl1ed States has
II. ta:.As !es7< knlt:cd IL. ~ 10 lu1sef;x and cx
o:tr aud y 'HSlGanen- ~ rcesen'e to tie in.
tzry cat 'ic authority Of The .ore9Emeu. OF The
1'ai'ln ard lie Operations Of :hose in-fumenia.
Dut Il has failed o the OF ;tf1ne Or by iDca.
~, H. 10 lro!:1:i :hc taxation Of the p:ooerts a.
tic Instr; flCntz.
On ihe contrary. tho snpre,ne Court Of The
;. cA property may ne taxed h5 WIRING Of STATE
a1:hu:.ty, ard when tue. ray That the interest
wlith c.il1cns ko.a in tho Izlltd >tatcs Bank may
la !-aca. 1hry obviously r:frr 10 shares OF the
capital ,:o:k held by in1is:dual.. and the language
a..utc.tIv EMBRACES more than -sa1es OF -.,t. and
va. Esed TOT tt.at erE rrason. X Was designed te
~, ID it .br bank which uas ths proper rub
}-t; oi !ax.ticn. lrt It consist Of what II might
a. N tie t;1In.. stock ehaEcs were Vntouhiedl,
a'oinrc % rcscEi IN Inference that thry des1:net
10 tlnii Tie power 10 *uch an interest.
Wy; ;a t'ourt says reuaer* Il a: clca. that thes
1nle1sHtn 20 nnunSnCc that th3rcs in tac capita
t'g;s {., ., M ~. s5ns nsh he taxed b the stalc
aIes uau ,alu 20 II icsns, and tafs If % ohytou
fho' fouftel ~ t.elr 1he anf elaborate argument
~ nos pscteSs TO cen1nr The lan-uace to any othe
ot ss .ses' ~ ~ .t y tns fnox1
,1elatea from he is:.rsy y uS a peIat ant
;hst :haf, N tne ,sp'!a stock Of bank arc On in
nay Lc cosapehended bs any tpini' i, ea,,l ama1
u. rerdc7ed pl-iue1 by my process OF re.eonfn" =
il'ssirat1o7- bur setns to Us to he entirely scl,
r'ltcrt.
Aeas., Il We apply h, ,1s :srs ssoptea by the $,
rric U Irt, III all tnftt Css Erct which the .o
rs!-1, 5,t;r-f Of .fate extends asc picc,e al tar,
lion no ore will lruy whcn the-e enases were mad
LStxornt property that they beeasae Ii. oniecfs .
+ri-is!on Of authorization a1d eubtec1 10 The Law
.li t:csccn, and distribution on the death oi Il
0arcE. -
No. viii ii he cortcHded that the lc.7>la.nrc
q ~!tie lss hot the power 10 a1ttI and cEtire
clecIt te luc Of Ec.crnt AZ far as Nir1I be 1;s,,
r.ol. TO tncul, 4. thss Coasts Of Equity IN i
>.ascs s:nrlI he powcties- TO compel trcc:ac o.
Iu:snA.cc Ut I'll agreement for sale OF tu
thales. nnd Il ihls he 20 then the sovereign po1s
oE Sl1te EndenfahlT extends to them, and ID
ate man3ItstlY within lhe rule announced By 1
SCrr nc CCust ri the United Sinle.- SO far H.
f1utu tnese carer st'a+liEh1nS tae p0-iti0n that
sta:te a-c po"r1lcts to taz rhares IN thc.e =
tfDna1 Bank Er tc1-sEd them as co7sE!uslrc u
iney 1ssy tax them, aEd this too hy r1rtrc OF I
aulfo:i,y fahczc1t in The St3iea themselves ii
iol hy t!ftur of authon:y Conferred hy Cousrt
or b. Ire1tn=sono Of ihat boGy, Or under It's dir
1Ipu o. cputsoi.
it was sr:isted that the 1uoreo IN Tie forty y-n
.ectinn Of Tie AL ereatos thcsc banks docs I
COME: ;lc roMcr. 1hht proy7.0 Is thsf: FForsd
that nolLipc IN THIS kct shall be construed to p
went all The shnres IN rny OF The ta!d assohaiit
htIA hy auy pef+ou or body corporate from bel
i,c,uded in The sauailoa OF ,hc pertona1 prope
pf tueI pe,s on or corporation In the nsscstmcrt
:a@ al,u ao:cd By and under aiate authority a.
race where such bauk Is located. aud moi &
i herr. hut Lot 1t Ettsicr rutc than IS nsse.s
rpon ether E,aulcd cspsf1l y the taat: .! aalis