The New York herald., 1877-07-10
TAXING BANK STOCK.

CAN THE SEVERAL STATES TAX THE HOLDERS
OF STOCK IN NATIONAL TANKS AND oBLIGE
TIE BANK OFFICIALS TO FURNISH LISTS FoI
THAT PyRposE?-Ay AFFIRMATIVE DECISION.
W-,sHISGroS, July O. 1871
Holders Of stock In the national banks through tho
Union Will and matter OF interest in the following
cent decision OF the United states Supreme Court
Slas u. Waite, plaintiff In error, w. George $.
Dowlcy, Treasurer OF the town OF Braitleboro.
In error 10 the Supreme Court Of tho state Of Yer
mont
This Is writ OF error TO the Supreme Court OF the
State OF Vermont, and, as u frequent IN wrts to the
State II Is objected that lncre is Jurisdiction
1he paintin IN error Was cashier OF national bank in
that State and tho judgment which this viii brings
here for review was rendered against him pcnal-
ties imposed by OF that state Tor his refusal
to transmit to the Clerk Of the town Of Bratt eboro
true list u the shareholders Of the bank VINO
resided IN that town, with the Euinbcr OF shares held
and tho amount paid on said shares Ine record
showed that ''thc defendants cJunse. CLAIMED Ia de-
tnat as sad bank was orgau'zcd under the law
OF Congress referred TO In plaintiffs declaration, tue
defendant as su,h cashier, was amcnabc to no law
but said law OF Congress- and that tho State Lagisa-
had not power To prescribe or define MS duties
such cashier"
A FEDERAL QUESTION.
That this proposition raises what is called federal
question within the meaning of tho act Of 1867 admits
OF no doubt We are also OF opinion HAT judgment
could have been rendered against the defendant ia
State courts without bolding and IN effect 40.
cidlng that this plea bad, Tor II the
State could not Impose the duty OF max
Ing sue, such a ,is' n, On cashier by . reason
OF the untcd States, then the defendant was guy OF
no offence, and the Judgment IS Tor that reason
This PLAIN proposition cannot be evaGcd by
any opinion DELIVERED Dv HE supreme Court OF that
State he Court, therefore, has jurisdiction; uni tho
single question raised by the record Is whether tue
slatatc oil the state ID void which requires the
cashier OF each national bank within the state nd
the cashiers OF all othcr banks 10 transmit to tho
clerks Of the several towns III lnc State IN which any
stock share holder OF sccn banking shall
truo list vi the names oil such stock or share
holders with the number OF shares standing against
tlr nam d 0r hoI I'm mo pl.onk
OF such banking association, together with tbs amount
OF money actually paid IN OH such share the NJ day
oil April
IS THE STATE EsroprEDy
The proposition which the statute is ASSERTED TO be
VOID that Contrcss has c2'saicd upon the Same sub.
Jcct and that where there exists concurrent rieh OF
legislation III the States and IN Congress- and the lat
has executed IL power there In States
no authority TO Icsisate on the same matter IL Is
necessary to dispute that prOpos lion, whcn
In thus genera! language can u DO contrOvcricd
Is nevertheless true however. that tho line which
divides what occupied exclusively by any legislation
OF Congress from what IL left open 10 tho action not
always well defined, and Is often distinguished
by such NICE shades OF difference cncn side
TO require the closest scrutiny when the principle
~ involved. as IN this case. We have than
held IN this court that tho national banks organized
under the acts OF Congress are subject To state cgsa
ton, except where such legislation Is IN conct WIN
somc act oil Congress, or when It tends to impar
destroy the uthty OF such banks agents or nstrG-
mcntatics OF tho United States .ntertorcs with tho
purposes vi their creation. Tns doclrno clearly
and distinctly announced IN tho Of The Bank vs..
TIC Commonwealth OF Kentucky, Wallace, $685. and
that has oltcn been referred To since with ap
proyal In this court.
The statute OF Kentucky required sqhe cashier OF
bank, whose stock Is taxed TO pay into the treasury
the amount OF tho tax due II not no to be Liable
ior the same, with twenty per cent on the amount
The stock thus TO be taxed was In the present caso
the stock OF tho shareholders ns authorized BY
act OF Congress, and that stituto went a stop
further than 10 require list OF the names
Of these shareholders and the Of their Stock
aud obi gci tho cashier to collect tho tax out OF tho
dividends and pay II over to tho State rho precise
pout raised hero was taken there and ovorrulcd by
This Court-pnmcy, that tho laws Of the state could
impose such duty tho banks oraanxcd under tho
laws OF the United states Tho case directly and con
cusvcly In point IL seems TO havo been supposed
that because Congress has required Of each
bank That list oil It's stockuo.dcrs should bo kept
posted up IN some place In thor business on this
covers the ~ that covered by the Vermont