The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-06-25

briuge, ana 10 occupy no more OF Ninth
| street than the bridge proper; also, that the
bridge now standing across Haxalrs mill.
| race DC moved to the west line Of Seventh
street, and the said bridge he put In com
rctc repair that the land now occupied by
General Bradley T. johnson and others on
the Forth side Of Franklin between Foi,shee
and Madison streets, believed 10 be part oi
Franklin street, and now matter OF litiga:
ton between the city of Richmond and said
parties, lie condemned, and the line. Of street
be placed as early as possible in It's true posi-.
tion, the payment for the condemnation to
he suspended until the courts decide the mat;
ter at issue; in the event 1t should be de.
cided In favor OF johnson and others; the
said damages to be paid at once; provided
the said parties consent to this course in wri:
ting.
This report was adopted and the appropri.
atoms made.
SUPPLEMENTAL REPORT. = 49, =
The Committee on Streets Generally,
General Andersou chairman, submitted the
following supplemental report:
"Whcrc.s, by order of the Council, Au-
gust Il, 1861, survey of the city was made
by Mr.. J. J. PIeasants and corner-stones set
by him designating the street lines, and from
this survey a map of the city has been made
and accepted by the Counci, February IA,
1870; therefore he it
"RcSoired by the, Council Of the city Of
Richmond, That the street lines as desis-
mated by such corner-stOncs be and are here.
by established '.F."
On motion Of Mr.. .Wynne, the resolution
was amended by adding, 60 40 far as it is in
the power Of this Council TO decide upon the
same" .@c-s ~.
The resolution and report were then
adopted. ....
Mr. Allen, from the Fire Committee, sub
| mtted a report stating that the hook and
ladder truck ordered by thcconumittee under
authority granted by the City Council had
been received and put in use. The report
also furnishes the names of certain parties to
whom permission has been granted to erect
wooden buildings, and gives the names of
those whose petitions have been rejected.
Adopted. f.. .@. i.s-'
FINANCE REPORT. .t..,.
Mr.. Isaacs, from the Committee or
Finance, submitted report from that com
lnittee, which was adopted. ..
1t recommends that sundry persons be re-
licyed from their respective class taxes from
iSt of June, 1872, to lst February, 1875, they
having discontinued the business Tor which
the taxes were levied. .tts
On the petition of j. ii. Carrinston and
others-rclcaSc Of nonresident stockholders
in the several State and national banks in the
city-and on the petition of sundry building
fund associations, the committee submit the
following correspondence between. the City
Attorney and their Chairman OH the legal
points involved:
"RICuMoNp, june, 5, 1872.
" Hon. John 4. MerediM, CITY Attorney:
Dear Sir,--I beg TO submit herewith the
petitions Of the several banks and building
fund associatipps Whisl, hayg hcep referred
10 the Finance Committee, and fct!l1est sdtir
advice as to the various legal points involved.
Two prominent questions, I know not how
many minor ones, seem to present them
selves.
81. AS to the power of the city to tax the,
shares of the corporations as st1eh, OF the
shares in the hands of stockholders,
~. AS to the effect Of discriminating he
tween them IN the tax law. understand
thai under, Tire 1iatioyfii hankibg law the
shares can enly be taxed Hero 7sie sstnksls
located, and OILY as other property Is taxed,
and the foreign stakeholder cum therefore at,-
prehend no: double taxation if taxed here:
II may bc otherwise Will The stockholders of
other banking institutions, but caii they be
exempted without the others under the con-
>tituiion and charter of the city, compelling
the city to grant the same exemption to the
shareholders in the national bulksp the effect
of which might III TO relicfo loth local aud
foreign slmrt;l t;lluldrrsnltogeihhr in the national
banks lis Well is State iisIiiitiJ!i.s.
"Rcspectfulr v"nr obedicnt servant.
"WMLlAM B. IsAAcs,
"Clmirrnan Fnance Committed"
"Ru'l,MoNp, june -, 1872.
L" William b. Isdocs, Esq: ...s....
"Dcar Sr,--In reply to your letter pro-
rd,indiiie Gtrtaih 1utstidns concerning the
power oil The t,ouiicil to tax the baiikihg in
stitutions of the city: and the mode of doing
Ihe cIiarIer Of the city confers upi;oG thB
Council full power to tpX the banks GState
and NationiaB aid the building fubd associh::
tious loriled within the cts Oh the shares of
iinciirr stockholders. 1t is the only mode in
Which the national banks Gin be taxed ; aud
to make the taxation equal and uniform the
same same mode, should be, applied to otIier insti.
fiitjctis Of like character. g., ,..,..!
1.-The Council cannot make any discrimi-
nation in favor of the State banks. If 1t en-
rn,p,s the Stnte buuks it must also eyemp.
the uationai. bHnks. they mist both be
taaH| 'ks eFsEISa SEn 4 a. is S!r, sat'
Congress establishing the national hanks.
That act allows the shares in the national
banks to he taxed by the laws Of the State
where they are located, I'm the fnnds OF the
shareholders, and provides 'that the tax 80
imposed,. ,.unaen. the laws, Of ahy. State upon
the shares or ally Of thh dssoclhtot1s at,thor-
lied by this act shall not erceed the rate
tg,posed upon the shares an any Of The
banks organized utder the authority Of The
State rhcrc such association IS located.
1.-The foreign stockholders In the national
banks can only be taxed ',c'terc each bank
is located. and not eise,chere.' The share
holders eau never be required to pay but one
tax, and if not taxed where the bank il
located his property ESCAPES taxation alto,
gether
"Not ain prepared to sas that the Soun;;
Gil has the powers to discriminate betWeeen
foreign and domestic shareholders. Ile
right to discriminate is very doubtful, Ii
such discrimination were made it might
involve the city in serious litigations.
I; Xqdf abSalSeht se1rr,yiailt;;. >. ;;
':JoHN i. MEREpi*i! i!''
The committee recognize the imporr,i:::ccs;
of thc banks TO our financial and coihiheiEiaI.
Interests. but they cannot recommend tliat
nonresident stockholders therein should ny
exempt from the burden Of taxation l',i,,e, to
which NIL other classes and caihngs
are W subjected; and this reasoning appeals
With ed;,al force 10 the building fund asso. o
,.in,;ons. ihss are institutions, when pro.