Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1869-02-20

Optszens Nssionsi. OiY ASsoruev $780, r.
Whitcomb argued for tie city.
ThAapinion renderedis a (ollass.
The three above entitled causes are brousHt
in behalf Of the Nstiou1l Banks Of the city
Of Davenport. In cap one il IL repre-
ssnted, in ssbsts bee, ,hst be city Of Davenport,
in Juns lsas. tisd tsi'upon each share u
the gtock ofiudd banks, b commen with the
other taxshle property iup paid city.
ThskshS Aarshal Of sad city is proessding 10
and will collect said tax, u less restrained there.
from; that HE said Oh aref are not legally taxa.
BILE nudSHvhe laws OF IovA inasmuch a said
lsws do nat conform 10 be limitations Of the
ssts Of oQngrsss in rslatiGh to taxing shares Of
Naaiensl banks; asd il 10 nvsrrsd that said laws
oSloWa 10 unconstitutional and void.
-NAthsrsfore pray cd lhat tho said assess
npA1e Mey be sdjadged BE- illegal and void,
and mt Vrits Of injuuc( on bs issued restrain
ing thScity Of Davenport and its officers from
coliscti.g or attemptifs to collect the said
taxes, either frsn the honks or any Of the share
holders thereof, and that the said injusctions
be made perPetual, a To this petition de-
RpSsS Il 0aa - 49,
4 similaf question as(be between the said
banks and the Board 4 Supervisors Of this
by the Supreme Court lhst. under the laws Of
lows - they then sxit FED. and under the act.
of Congress then in bscs, shares gin Nssional
Banks we're not tapbls in Iowa.
The aaa,tion arises. hayf the laws Of
lowe IS relSne - ~4axing shs(ks in National
any modification of the act C>pgress upon
the subjeeti Unless there h{b beed>s change
somew here. the said shares = not tsxsble.
The Legislature OF Iowa n bsaled the act un-
der which it was sou9htto u said shares. here
tofore. at its last session And enacted . new
Law. the purpose and objscsbf which is thus sx-
prsssea:
"Aa act 70 provide fs{ tue taxation Of the
.sfisi ssSf.l n s .:ell:s y SfSys.;.i al
the shares Of the baskbhg asSociationSp Sprgauized
within this Stste, pptsusnt ID the provisions Of
p.s.ss t.s ss' or sos2 .s. b. ;I y
the valuation Ne persssai property Of such
person or bode corporate. q eorporatSn, in tho
sssessmsnt ktsxss u the Township, Acorpora-
ted town efcity whore such bankiry sbsocistieu
10 located fand not elsewhere, vhsthsf the hold
I'd ,s.; s:'d:; , To-, ss
rate thdn y ssse9sd ok ether msnbA capital In
the haids Of indl tiduaB Of this SSte.
Thf fsecond sStion vrovies for be manner Of
listi such sh kres AID securing the collection
Of ~ taxes dIsssed dtheresn,
md Of .s.: ling a take. on h s :nsre. 70 any nv
IL :ss Of i: SSs.ss .ss '' may 's'f''r be passed
fhs feurt3 s1e.io. r.ps,k the act which b. !
bebn .djud(et insufheie1 for the purpose in
sns with = p,o,i.ioss hi. .s.. 81 .''' '''''''''
Hthsp6 Pad been y change in The act Of
CsnesSSs il relation the taxation Of shares
osN.sionsi Panks-9fS State authority III might
be osntand@d. with Some degree Of isrcs that
the rsqaisite authqfity 10 conferred b The ast
sbovs rsfsrrsd TO- The intsstio. Il that law is
plain enough ~ purpose vas, Let j; TO pro.
sepsh al ects e parts 81 aete inPosistsnt
with such perPoss L 4 u.
::s =; = 4: ::;:; 4: !; y:
seis ss ssS css;. y incl Snsis = ish Ihs pro.
'i;S.; rS. sa q ri; =, Act, &c; h;:ey
tazlss shares il Nat Pna Bsal - 1 vi(sh ~as
inepesaaavs bssasss Y aHrovi iea IN The Ssnss-
q banking lav Of tha H1sts, gRAleA il was ID.
judged directed tsxesto be lseisd ON the espisal
Of banks organised thdfsundsr. instssd Of upon
the sAsrs -is expressln repealed.
'and all ssss and parts ol scts incoasissent with
the provisions Of shls act 4
Evidensly9 The intsntionswas to repeal oil acts
and parts Of sets which r1pdered the previous
law imperative; and the. rfovision Of the gen
erai banking Law above rsfefrsd to was one Of
AZ ts The question wh.thet the General As
sembly could repeal the whNle, or any par, OF
the General Banking Law, II ed that sec
tion Il. Of Article s, OF the Coiettuton, conf.rs
the power to amend or repsN the law, but
such repeal must sc BY vote Sof tvo-thirds Of
each branch of the General Assembly. The law
of April 1th, 1865, was passed ~ two-thirds
vote. See Senate Journal, rRge 5s5; and
House Journal, paga 420.
The General .Assemb( assumfd the right to
egisate in relation to snks ofgan,zed under
tbs laws of this State 4 its net session after
the adoption Of the Gendal BsnAing Law. See
article : n chapter 65 ofkevisio6.
Bat ills not necessary to plSct the authority
to tax shares in National Ban1s At this time
wholly upon the chang in the lei 70 Of this State
madeby the act Of Al I'll 7th. lsS2.
Pr1bf to the enactI1e ent Of the Jaw Of April Z !,
1883 Congress psssbd 'an actin relation to
taxAg shares in ,)bnal banks which, after de-
hdipg what certai1 words in lection Al Of the
&C; 30 provide a nd ional curre3 3ty. de-, approx
ed June Sd, 1894. khould be cdb dbs,rusd to mean.
prSvides that y = Leg,sl.tqfe of each State
of taxing all the shares Of Jktional banks Ioca-
tedlwithin said }ststs, subj Il to the restriction
thatths taxati)n shall NJ be at greater ratio
thanls assessed upon (shsr moneyed capital in
the hApds Of i6divid10 citizens Of such State >"
AppEQINk Esh. 1e9h. 1865:
Here ie an txpFe0S grant ofIp6Wef TO THE State
to determine and direct the q hnner and place Of
taxing shares in national b1 hks and the only
restriction - the power 10. hat such taxation
shall net be ct greater n. , than is assessed
upon other monsysd capitalDn ID the hands Of in.
dividual citiz sns of such Stlse.
The prior act of Oongre1 contained no ex-
press grant Of power TO thf State to tax shares
in national banks. Its language was psrmissive .
merely. 1t was, that "noDhing in this act shall
be construed to pseventesll the shsrss," &c
from being included infthe valuation of per-
sonal property iH/he assessment of taxes
imposed By State authodky. but not At greater
rate than is assessed up(h other money ed capital
in the hands Of individ al citizens Of such State
-protsded further, thd the tax 30 inposed
shall not exceed the rate imposed upon the
shares in cay Of th4 banks organ1zsd under
''ss.y "s.s a..s: ~: 81: .sr. ss first
there we're State basis in sxstenc4 in most II
not all Of the Statsej The object Of be proviso,
that shares in naIeual banks sh1uld not be
taxed At greater Lts thaa shares b bahks or
ganixsd under SD sutAofity, We p encourage
the organixHsion 4 national banksf and TO pre-
vent unfriendly l1Rslation BY the Bates.
The psosiso ~ he'd its day. (Dtess bankl
we're dfscontinu 6-nstsnal bsnkf were organ
lied wherever o1bank woo needed hnd il 10 mol
believed thss Any bank erganise0 under 0tats
sss s:s;: ::s I'd Ss business
QsGgrssaSkwaes Of this fSes; In view o
di( (icuitish which had hess s1cS1ntssed b
SSoees idtheir efforts to tax shalbs in nations
baake, 10 ceDsequenee Of want = confor0ity o
state legislation With the liaitallons ana condi
tisss Of the ct sf Cosgress rsl bred the who'll
matter 70 TIE otates s.d ey thdaet Of Februar!
leth. 1858. il 10 ssid.to the STATE. The manner 0
taxing shares in relation to (anks, 10 left en-
tirsly with yss. The onlv rsstr r:etion upon TIL
exercise Of yeur pswer Y this That your taxa
tion Of shares In national basl3 sAall not b at
greater rate than 10 siseosed hpeA othss mes
eyed capital n The hands q tpur swn citisena
i nPil 1lea uaaan4 Aha Ve4eh haa haRoin h