The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1867-04-27
Extra Session of the Legislature.

ornor will call an extra session of the Illinois
Legislature. The only sufficient and justifiablc
reason for the call is set forth in the letter of
Hon B. c. Cook, given below (alluson to
which was made in our last) There is no
question, from this letter, that our legislature
has the right to impose the same tax on the
shares of the National Banks in this State that
it has on any other personal property, and
that these shares are taxable at the place, not
where their owners live, but where the bank
is located 1t thus involves an addition of
quarter of a million to our annual revenue,
enough certainly to justify the Governor in
converting an extra session Of the Legislature
But the question viii be asked, the decisions
alluded to in the letter of Mr.. Cook having
been made six months ago, and thus the right
of States to tax national bank shares settled
why. did our legislature at its late session neg
lect to levy such tax! The only answer we
know of is that given by the Springfield cor
respondent of the Chicago "Times," that the
banks, by means of a $4,000 fund .iudiciousy
distributed in the lobby succeeded in keeping
the legislature either in ignorance of or dsin-'
clined to exercise their power in the premises
But being specially called by the Governor to
legislate on this subject, ignorance or disincli-
nation to act would no longer be an available
plea.
The only fear connected with the proposed
call Of an extra session is, that the Governor
1,ln -, ~, 1,
legislation, or use such general terms as to open
the whole field, and thenwe shall have re-en-
acted all the corruption lawlessness, stealing
extravaganza and abomination of the late SEES
sion,-enough certainly to make an extra Or
any other session a calamity to the people of
incalculable magnitude, and which neither the
addition OF a quarter or even half million to
our annual revenue would counterbalance
The only way to avoid such a disaster is to in
sist that the Governor shall limit their action
to this single subject. Any step beyond that
will certainly give him trouble, and if the Re
publican party of Illinois shall be able next
fall to survive the effects Of this one session of
the Legislature already held, (of which we
have very serious doubts,) they certainly are
not so stupid as to know that the repetition of
such a dose will be inevitably fatal
Following is the letter of Mr. Cook, alluded
to:
To the Editor Of the Chicago Tribune.
In the case of Van Allen rs. The Assessors q
Wallace, 6,3,) the Supreme Court of the United
States decided that the States possess the power
to tax the whole of the interest of the sharehold.
er III the shares held by hiIn in the National
Banks within the limit prescribed by the act of
Congress is, that the tax imposed, under
the laws of any State, upon the shares of the Ma
tional Banks shall not exceed the rate imposed
upon the shares of any of the banks organized
under the authority OF the State where such Ma
tional Bank is located. In that case the Court
of Appeals of the State of New York had deci-
ded that the National Banks were taxed upon
their capital
Mr.. Justice Nelson, in delivering the opinion
OF the Court, says: although the act Of Con-
''gress provides that the tax on the shares of the
National Banks shall not exceed the par value
'yet, inasmuch as the capital of the banks NAV
consist of the bonds of the United States,
(which are exempt from State taxation, it is
'easy to see that this tax the capital is not an
equivalent for tax on the shares of the Stock
"hohlers. This is an unimportant question. how
'evor, rs the defect may be readily remedied by
1.-The State Legislature"
In the case Of Tobias S. Bradley ct al. vs.. The
people of the State of Illinois, Mr. Justice Nelson
delivered the opinion of the Court:
This is u writ of error to the Supreme Court
OF Illinois.
The case came before That court on an appeal
from decision of the Board of Supervisors Of the
county of Peoria, by which they had refused to
assess state and county tax the shares of
BRADLEY and Howell in 4hc first and snonrd No,