, 1873-02-15


udsrket ia concerned everything looks favor
abo. -
<tr TAXATION OF NATIONAL DANh Bl1AnEB.
1t will be remembered that IN 1871 decision
of Justice D1odgett, OF the Circuit Of the United
Statea for tho Northern District Of Illinois; n
regard to tho taxation Of National Bank shares
ss osetea e goea eal de Of atention and nd s f..
markB and was regarded as quito Victory, for
The banks In their endeavor to escape all local
ta1ation., II - -,
!; IT, National Currency net under yheh t The tho
te1at1on OF the al,nreH Of tho banl in tho stateH
where the banks wore 'lccated, md no
whore else, thus leaving to tho Btatcs tho
fixing Of Tho situs Of tho shares for tho purposes
Of local tnxation: III accordance with this, tho
Legislature OF Illinois passed Inv In 1867, fix.
lug the st{us OF all the shares OK National Bank
at the place where tho bank WAS located, and tho
local Collectors and Assessors prooeelod to assess
and collect accordingly, but mot with opposition
and appeals to tho Courts. JuRtico Hlodgett
gave, In tho case Of tho Union National Bank, Of,
tho city, the opinion that both the Federal and
that the Federal Constitution says that !" tho
citizens Of oil tho IRtatea aro untitled
to all tho privilogns and lmmunittes Of all the
citizens Of ~ tho other statcs," and that the
taxation In Illinois Of tho sharos Of q National
another State, was violation Of this Conatitu-
tional prov1aion. It will bo perceived at onco,
that this rule would effeotualfy prevent tho tar-
waro held hy nitisena ng a;isrant staiaa. an5
that to oyao Mi taxnton II t. trog onlS e necas a
30 ~. iv nsyo sto+ oi'o sa'p noa hoh-ieslaeht
ina5 o tAsg. w u.o"o tAe W
more ~, %,,, Aotter' tI wou'a nT@noato am w.
States and render State Legislatures useless,
~ , 10 enaos lawh exactly nke me !aWsor 81
tin, o o.eeE u etasos. ~ Woa!d prevent 1ne Goaoc'
and 1f Raope 1 q inc stat'
7Ssy dsssas yisTs It Ill Il @ssfss Sss nex
EVE, noo9 sr ,naon ~ Juas'co IGAsIeI, OF 1n9
FAX - ~ tha caan ~ tha H NIX Wai,on" u.I
Bank at Meniotn aoainst thn no,,ecfnr on1t "
Lasslle County. Justice McAIlieter hoids that
e nj aN ho eSoros S y; Which ha ~ xo
nlaco wera tha hnn1, 10 iocatod is n,;1 ~ y, W.
rornoco viii Sot1 fo Stato ana ~ Eaar, ~ cnr
.titutions, and that tho bank being in
nrnnertu ~ ali ;ts sa,Sh atoo%ho1aors w ~
fiabIe for the wbn1e: of tha ' tayes ~, III +hoir
aharoa IN nnita ~ olI liza .S5;n;o, I1r1t,s. ~ -
sone IN to knock
40 nov|o - ~ ~ Ao5n To5n,i Go" ausnot, aau
neutralzo smother. resortoa to for thn nnrnoao ~
Of eyadne taxation in sneoia1 caaes. thia iccisnn
n Jnstce McA,iatar vii a so rao1 rdo1
with aatiBfnotion bv tho nmhllo eenara31vA II
Is true. that In tho p pnbstpaefsa I1 Ill taxos nv
aeed IN the state do eoe ont ~ III rna ~
Natona Rnn nnY Ill., o ha a. ,nos a. sne lax on
evidences Of dobt. ia 70 aomo extent des,;eion a
hmh nnlcas tlora 10 sonnn stvoarts, ,t,e. ~.
yh;oh MI 1anrv n wa ond othor I'VE oumsp " ~
nro abolinhed II wnfi In nnimat fo maha v % - dis,
elimination Il, fnyor % Of National Banks. e ~ ~
somo ~ ~ Na,u FL, ~ nAsaSas pAaKs. =.
work in Conrroas for raiaeon ef III ta1o ,,
der tho internal Reyenl1e law and bv n Wael;un
ton letter to the Now York Journal Of Commerce,
welea!n that on Rob. ii tle Committee Of Ways
Boston. :. and Robtnson' aA'' a, "sEu xsina y, "
roeard To taxation n sav,naa m"'n1, h,0rta -
They -ropreeent peeu11ar t;nd ~ 2nattut;nn' nnn
sav;nca banks .re ,,sssa,,an1 aA y. os.., ~
ai,nn1v III @ ao security O. sae aep9aitor IL
1:9rSa5 x ,anln sonuenoe N tno trusteo. bnt Mf.
tbe onlv ane oS ha kna Dann n Saton
81 bsaa The1 hsvs
hayn to NV ,nc arHs te Gapsa ana they
nsaons in the Wost and thew wan5 q 30
placed on the eao footing AZ othar aax,s W DO
'" Mnant,n,o nt,,or. ,o,.onuu.,. -
h,p,Sa oanso 1,n, usa9ss, representing al savings
m sny;n"s han1,a ofe ~ tnat the tag
peculiarly opprossye Thay asI I tba I6g BY ao Sna
nd .9n =. u1sernaseh m between the rich and poor
anu nealnse tne 1attef: py selecting capitals OF
''sedi + d;acr, n,;noto, ,,..uoo, -:
, =. ~ nsclnnun'es eet"een tAo proY1dent and
PI9;vtaene tp poor, IN iaYor Of the latter, ~ OK
suPMnb PM !nem lsom ~ az airece taSation, while tho
eh y 49, oa enG shriity aepostor arc made
hD,ra,, naa t,,',sp shnfe OF tho public
vuuasu.on, 'nua sHtualy imposing ponalty on
r.
,cn ~ STnec's s 1no aoposltor 70 three-iold tax
nsi9H Iitht, 81 per coht on tho annuai1ncomo
" 1la savings taVera6lns ABOUT Sl1); secondly,
o1 n per cent per Annum on tAlh principal
and, thirdly, OF another half por cent on that
portion of his capital which rnay be- considered
as inel1tled in thn lnrre cpsh hninnrn which a. ~
inrs bnnlta ara nh1;~o3 - Eoon ~ h.n,r. - 49,,
iaf}on MHbi, it - a,sp p - LA. usna ~ o!iou ~
".tten Asg, VI c94ise, 1ol'nh Pht1 OF Enc
oePphts Ietu1neu ny such last.ment1oneu banka
Ihefe IL point, however, In connection will
savings banks tp!M cdpitdl STOCK which the an
plicantB for remission Of tnxog nro careful. fc