New-York tribune., 1880-04-11
THE TAXATION OF BANK SHARES.

To the Edftor Of The Tribune.
SIR: The letter of your Albany cOrrespon-
dent OF March So published in TIE TRIBUNE OF this
morning March 81 in speaking Of the new Tax Dill in
troduced on that day, has the following:
The Joint Committee before framing their bill carefully
considered the opinion Of the United states supreme
Ss% IS1T On p nS %ap Of the A6a6y County National
bank whose protest against paying tax laid on the
dydua sharehoIders led the decision OF the COnr in
his favor During their deliberations, moreover the
dents Of manyof the National and State baukswbo coun-
selled the committee by letter.
Idesire 10 say that have not been before the Joint
Committee on Taxation any other committee of the
LEGISLATURE that subject nor have beeninv SO
70 do Such advice as may have given the committee
in writing at the invitation Of member OF It, am
sure would not have favored such bill as that reported
by the committed Nor do believe thatt Is competent
for the LEGISLATURE subject the franchises or the cap
,ol or the deposs Of the National banks 10 taxation 10
any manner whatever.
ect,on 4 of the Revised Statutes OF the United
sates and the late several decisions OF the United
States Supreme Court define pretty clearly the power OF
the State in that regard The State can tax only tne real
estate OF the and their shareshe former to the
hanks the latter to their No controversy mas
arisen as to the taxation Of the real estate OF the Dank
The state has made attempts 70 tax the shares OF
National banks within its Jurisdiction both Oh which
have been Defeated from the evident purpose to subject
them 10 greater burden Of tax than It assessed upon
other poneyed capital in violation OF the restriction OF
Nv he,ef is that n the Legislature should adopt the
bill stated as reported fayoraby by Its Joint
Ar will repeat its former bunders IN an aggravated or
That by so doing 1t will inct blow upon its commerce
almost fatal aud that VIII De Wholly poprrunve es
AGAINST the National banks, except that IL VIII suDec
them TO further litigation TO secure ther rlShis. ,a a
short believe that until the LEGISLATURE apanoons Tue
idea of making the banks subject OF special ta1aon
and makes up its decision 20 oe eo5aemed .I Win tba
taxing the shares BY nrorerT tSem Of III the
ovner in the OF taxes" ana suo]ect 10
he restrictions OF the United States statute VS. 10
fined by the Supreme Court w sos oe Of eeree will
be different they are wholly witnin the power VI 'ne
Is regards the shares of National banks so long as
the Legislature persists In assessing them az e nne
town or ward where the bank is located ana noI
eIsew6ere" Except Is 10 shares OF non'residents
Of the statel, by special list 70 tue owners
70 the duty of assessors getting all the shares IN Ma
onal banks the assessment roll, WhIo iei's VI
omlts to make equally stringent reRuati0ns 10 secuIe
rho enrolling taxation OF all other taXapie pofevua
reason that it thereby subjects them to greater taxa,
tion In violation OF the restriction OF tno Hauonai
statute. - Ar. ....o. rs, a. tne,udirg
owner IN nssessng taxes" In the same manner as IL 10
Ssssee and taxes all other personal properly anu
socurties But IL will not DO 70 MAKE every
bank share certain TO get upon tne TAX rol wnY man.
erty are allowed 60 escape the tax rol atosensef
may as we'll understood in the outset tnAe tnls
NOT he endured. II tho taxable moneyeo socurues "
the State and all other personal properly are stu to DC
gotten upon che assessment rolf only by the guess o.
some Assessor wholly ignorant OF tne iac ana wtnous
egn means OF ascertaipg the tac wny tnen ine
be the means Of setting the paDA snrs
the tax list. Very Respectfully, E'"hss'
Ih0uu March 81. 1880.