Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-08-11
CHICAGO.
Can National Banks be Taxed?
Important Ruling of a United States
Circuit Judge.

Important Ruling of "a United States
Circuit Judge.
CHICAGO, Aug. 10.-Judge BlOdgett,
of the United States Circuit Court, in q
case of consolidation by thirteen national
banks against the city collector, holds that
shares of national banks cannot be as
sessed at higher valuation than par value
thereof; that the tax is in the nature of a
royalty upon the deDomina;ionsl value of
each share respectively; if share could be
assessed at any other value that would in
vOlve the entertainment of the actual
property of the bank, and the deduction
therefr0m of so much thereof as was in
vested in United States bonds. This the
Supreme Court of the United States has
decided cannot BE- done, for the reason
that the tax upon share was intended to
be upon the new use to which the capital
ist put his bonds by embarking them in
national bank. Considered, therefore,
in this light, tax could be levied only
upon the nominal value of each share,
whether the share was actual ly
more or less than par. The court also
held the State law of 1867, proyidisg for
taxation of bank shares, to be wholly
void, because in contrsyention of the
State constitution, in that it provides for
taxing shareholders in taxing the district
where the bank is located instead OF the
district of the shareholders residence.
The taxing power can only be exercised
upon persons or property within the ju-
risdictlon. Stock cannot be taxed on
account of It's locally, and any tax i'm
posed upon it must of necessity be con-
feed to the person of the owner. So far
as the law of June, 1867, directs the as
sessment of shares owned by residents of
a city who reside outside of the county,
city, town or district, in which the bank
is located, is in conflict with constitu-
tiOnal provision, and therefore void; be-
| ing void and imperative to this extent, is
also 80 as to owners of shares who reside
in the same place where the bank is
located, because a rule of uniformity
would be violated in taxing them and not
others. There being then no valid law
in force in this State by which
the shares of stock in the National banks
belonging to residents of the State can be
taxed, The shares owned by non resi-
dents cannot be taxed, because such regu-
lation would be in conflict with the pro-
vision of the Federal Constitution, pro-
vidipg that the citizens of each State shall
be entitled 10 all privileges and immuni-
ties as citizens of several States.
C0Isax.
Vice President Colfsx and family
arrived in this city this morning, en- route
for 81. Paul aud Lake Superior country.
They will be absent fOme time.
Karl Schurz.
Senator Carl Schurz is in this city. He
is to address the Germans on Saturday
night.
The Chickens Seriously HI.
A serious illness has broken out among
the chickens in this city and vicinity, and
hundreds are dying daily. One gentle
man at the Union Stock ! ards has lost
one hundred within the last few days.
The disease is said to have its origin in
the liver, and invariably proves fatal.
Reverend Anti.
Rev. DR.. Evarts, Pastor of the First
Baptist Church of this city, is named as
the anii-iquor, anti. sabbath breaking and
anti-infidel candidate for Mayor of Chi~
cage.
Instantly Killed.
At PhillipstOwn, H., on last Thursday.
at horse race, Lewis Gregory and Lewis
T. Geneve, got iato dispute, when Cen
eve obtained revolver and discharged
three bullets into Gregory's body, killing
him almost instantly.
At Harrisburg, Ill, on Sunday last
George Dawson, young man in the en-
ploy of David Roper, while riding to
church with Roper's daughter was
dragged from his horse, badly beaten and
then shot dead by Thomas Richering and
his two SONS, William and James. The
murderers have ESCAPED.