The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-25
UNITED STATES SUPREME COURT.

Avgussens ~ the Tax Cases from This City.
Eject or the Isv~ssmcss sf All ~ = Pertiou
Or the Capital Of NasIsaaI Banks In Psblic
secnrisies upsn abe Taxable valse 81 shares
su the Hsnds sf fh~ Holders Jrhe April Act
or shs Legislature - Rsspecs 90 the Tax.
The PeopSs NJ he sod Of vsw Ymk sr. nj Per- r.
Byysor. pscitG Ia error. Ths Commissioner " zaxu
and Asessmss for N CITY ard ccsxfy Of v~r Fork ss6
elepsn cher These anss under the act Of
shs Legss,urs Of Tho State Of Nov York Of "a 81
April 1885, entitled "sa scf authorizing the taxation
q stockholders Of banks and the surplus funds Of
savings hanks,r paved with The view Of rsmeiyng the
defect In the then existing law the subject pointed
Out IN the opinion cf~his court In Van Amen w Com
isssoners se % wallace sssl pronounced u the isss
term or the court.
Under the preexislins laws Of The STATE each state
bsnk was taxed directly upon the amount Of iis capi-
sal actual or assumed In applying that system u
sscsssary, according % the decision Of this court 10
dsducf tne amount Of any securities for the Untsd
States loans held by hank investment Of fs capt.
tsi without alteration In the law. thersscre In THE
respect there conferred upon the shsseholdsrs In
the state banks en- indrsct bIs manifest sdvantsss
tage in favor o. the shareholder IN state banks vss not
INTENDED bv the National Bank law Of 1854 the sscosd
is TAI 50 imposed under the laws Of any STATE os he
shares Of national banks In the hands Of indvidnslsl
1S -. re .ns, ~ r. re- z
where such sssocaiion n located
rtn1e taxation, In respec 10 thu stata hanks
quir ne urop the shares therein Indispensable
prerequisite the exercise OF any power by state 20
ax shsrss 10 the national bank and upon this ground
the decision ~ This court was favor of ths reiator
Afsn and against the validity Of tho tar Accordingly
the Of 1851 designed 90 obvsfe this dincuy ~
providing for The taxing In Ike manner the shares IN
both the Ssfe and national bsnk- aud " bsng into or<
ration the state cf Ssv York The taxation Of shares
IN The saions banks sanctioned BY ihs National Bsak
iaw A expounded by this court
The present from the Count Of Appeals Of
the state Of New York where the legality Of the pres
ent tax was nssered conformity with tue Judgment n
the Supreme Cour OF The state. The rsator was The
holder on certain shares the Phunr Bank Of tho city
the National Bsfk Law. These shares were ssessed The
present year for The purposes N taxation under tho avs
81 the State by the Commissioner personal property
Of The rei.tof the ward IN which The bank 80 To-
Gated
lyon notification Of The assessments the relsiov Oh.
count Of investpenss BY the bank In government
rits<s, while such dsduOon ov allowances vas made In
upon insurance companies and indviduals
rhes objections disalo~ed and The case wsnt 10
the courts and thus here where the question ~
stated by the defendants In the sremp
tonsl grounds ana BY the loan acts formally ruarsn-
ecd 70 the holders OF United States securities entities
stakeholder hank 20 have the TAXABLE value
OF bis shares In such bank obseyaet or reduced by the
fact that all portion os the banks capital invested
n public scrnrticsf The are All argued togethsr
w. D. sllfinsn, X n Wan wlnkis and WIN n Evarss;
for respondents: Rehasd OGorman waldo BobcAias,
AmssA J. Parker and Charles OConor
I'm The conclusion ~ the sreamsnt n these cases ion
rrdsy, The csgr sdyo1rpsd Until Wednesday the 2eth
asAsb