The Portland daily press., 1867-04-19
THE OPINION OF THE COURT.

BANGOR, March II, 1867.
10 the questions proposed by the order of the
House OF Representatives under date of Feb
ruary 10Th, we have the honor to answer as
follows:
By the act of Congress of june g. 1864 "ro
provide for national currency" and for the
organization Of national banking Associations
by sect. 40, it is enacted "That the president
and cashier OF every such association shall
cause to be kept, at all times, full and cor
rect list Of the names an residences of all the
shareholders in the association and the number
OF shares held by each, in the Office where the
business is transacted, and such list shall be
subject to the inspection of shareholders and
cred!tors OF the association, and the officers al-
horazed to assess tdIes under State duthOritu.
during the business hours of each day','
Sc, &c. ~
The 41st section of the same act after making
provision for taxation by the United States
proceeds as follows: provided, that nothing
N N tnis act Shall be construed to prevent all
the shares in any of said associations, held by
any person OF body corporate from beino in
cfuded IN the gdluation of personal prope,fu of
such person or corporation in the assessment of
tdreS imposed By or under State authoritv at The
place Dhsre such bank is located and NOT ELSE
BY reference to the sections lust cited. IL is
obvious that the valuation of shares and assess
memo and collection OF taxes thereon are to be
made at the place where the bank is located
and by the municipal officers severally ap-
pointed for these specific purposes These sec
tions regard the capital of the bank as located
where ITS business is done-follOwing the rule
adopted in this State as established by Reyis-
ed Statutes of 1857, chap 6, section II, rule 1st
The place referred to is the municipal corpo-
ration in which the bank is located, and where
the valuation of the shares must be taken. the
assessment thereon made and the amount as
sessed collected. 1t is one ofthe recognized in
cidents of taxation that the corporation by
whose authority taxes are assessed and collect
ed should expend the amount to defray its own
necessary expenses and discharge its munich
pal obligations. 031 3 50 aaf41,H IE b r
When the owner of shares resides at a place
other Than where the bank is located il Is oh
vious that if the valuation of shares and assess
ment upon the same, were made at the residence
of such shareholder it would be done in the
very teeth OF the act, which in express terms
prohibst their being done elseachere. But that
cannot be done indirectly, which if done direct
ly, would be in clear violation of the act of Con-
gress. fs .r.l..aaYr ID -4
TO the questions proposed, we answer:
1. The law of Congress creating National
Banks and Banking Associations requires that
all taxes assessed by virtue of State Law on
the shares of such banks shall be applied to
the use and benefit Of the city and town in
which the same is located, when shares in such
banks are owned in some other city OF town in
this State. ~
Tha provisions contained in sections three
and four of bill entitled IAN act providing for
the taxation OF the property and stock of Ma
tIonal Banks and Banking Associations in
the State OF Maine," approved March 1, 1867,
are not consistent with the exis ting law Of