New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-30
ALBANY NEWS.
NATIONAL. BANK PRIVILEGES.

t,poN THE REGULAR CORRESPONDENT or THE rRrnuNEJ
ALBANY. March 29-AttOrney-General ward
today forwarded 10 Controller Wadsworth an interest
ing opinion on effect Of the recent decision OF the
Irnted ates Supreme Court that OF shareholders
of National banks must he regarded In taxing the
shares This is a subject IN which the own
ers of the shares-repre sebting a caplth OI
sec 600 OOO-haye shown very keen interest
during the fortnight which has passed since the
Supreme Court handed down its opinion. 1t is also
auater In which the tax especially the Tax
Commissioners Of NewYOIk, are deeply interested ana
1t was because their interest that Controller "aaS
worth applied for Interpretation OF the Courts JUG
ment MI Wards opinion Will doubtless be guide 10
them IN escaping from slough Of despond IN regard 70
the taxation OF all of bank shares into which they
have been plunged since the decision OF the Court
The Legislature Will also probably avail ITSELF OF the Az
torney Generals aDor devising schemes for the reel
of the assessors, and also to prevent discrimination
against state banks IN consequence OF TINS iaVofnS
the National ones. Mt Ward refers first to the nature
Of the inquiry, and then proceeds 10 give the NaIioha'
legislation Oh the subject. Tie sayss
At early day, the Supreme Court OF the Cni1I h
States, after thorough consideration OF the sqp
jeci. held that the States could no, Ia"iI ~
Impose any burdens OF , consti,nted fiscal
agency machinery OF the Federal Government, anu
tai nor the shares National bank conid be laXeu p
the States without authority therefor conferred upon 9 t
States by Congress. Congress however, mas ~
states power TO such shares nnasr fera 90 70
slricous. This authority is now found IN section OIL"
OF the Revised Statutes or the United Suites'
Mr. Ward here quotes the section in question when
allows states 10 tax the bank shares provided that
the taxation shall be at greater rate than is as
sesed upon the mOneyed capital In the hands OF ihu
yldnal citizens OF such state" MI Ward continues
TO make the privilege conferred by Congress aya3-
BILE legislature enacted stature 'S.'i. ~
and TaXns b.uk share. applicable alike 10 National ana
sts.e serefans tno 6 9S8s wbc6 the non
sVrd csnifal Was assessed and taxed, but N supposed
s eSatS 9;rr So i ,o PROVISIONS %
NV ward ouotes the first section of that Ac:the only
o,e in an. stor--9ud SAYS:
Hinder the urovisions % tie Revised Statutes OF
EowYors Edm ~ 5G3l reltus to asseSsnS , 'ls
aPpcoi' ~ a. f, o' tio olr,aiion OF the general
Iuie by special enactment, persons owning taxa
bic personal property are enu.SI% , 20 81 in nrg
lntii jus 80, the ren1ari.r olly as the amount
anSirr 10 lax lfion In t.e year 1879 the assessors OF
the cay OF Albany assessed AGAINST Nlr ei.s,i!1, IT,
sden OF sdld ciN lor Nat E I IN % ,i,Tal MIX h.
aeeouI. o - lie 9ppled 70 the Board of sse-sors
T S' Boil , ' rSid'ed to mase deducoa. He re-
so,ted fn LEGAL PROCEEDINGS. The Court or
sotVu ~ ,-S y Erp 30D held that
the Boari OIL A sssc,,1 w tbo Jsfid Eot 81
,eea Iis; ricn the assessment was made OH not
peym saos oc',Ge,lop' anu ., > imI"sei y On
do NOT &c nc Wilh we ii--,'s.i H., 90 "a nv
gtss end was therefore CoH>,..u il~ Of HG e i.e5
tnS ',m en- ~ err,r M & mn acoeDfipg the con.
sGrucou gwen 90 tie Act OF 1906 py t1c NuuI OF AZ
ctzeu o. Ncv-YorA VINO has none edeamtal lnVeseG
oiherDis- tlan IN bank, 10 deautJ irom tnat
osp.'al lie sum OF at , eyD' While he
whose ncaty l. invested IN sgu5s OF 'aIH SIZE e
osn MAKE no suSn I'm oca Inc National bahk
work 'i- 'Ii. ''ou , o--,e 70 he own
share "a, 7] or ' p conn G'ide. ma The
stainte oi e, hD.A Ctrt of LneIs m refusing -
Hs cons i-' n' W. 49, ,rs Ipa nv nm, from
Ienli- lne ,' DIV, sar4s Of Yot.l SANK stock that
iht va A' OF V ~ - 60 20 csrit+l NJ hery,lse
]; allow, 20 lnr~e %hO nave i'"'.2 C V Sl ~
inye,i n ,Drt of Eurcas VS. therefore re-
outli.'' % ''' Oo''' " ~
'|'' rr-,cT or TIE DrCr.1ON
Asto ho eject of tails lass decision tits not accurate
tosavfbtt the ACT of 1866 10 now uUu aud VOID. As
toi IN, 1-ol,ed sates court IN conflict with the act
-. NM c,,,rt ~ Anoe,ls bao construed the
u No"o'''' -. - - - ,..,,,,,o,, 8.
10 be special, ana that Ia the matter Of valuation "
was exclusive OF the provisions Of the Nev-York
p,,sod etatrtes applicable TO the valuation OF
~,r-r, Tho act sava
persona properly E'"1l~"', -, 80
stocSholers Aa he assessed anu tAeu OF me F'Io u
;IS vae Of tlcir shares Wi bout deduction OF debts
The Federal Court mat is what 10 means ana on
ths point aro obliged to kake your coHst!ucton
tleu s respect hc ylof,s me law OF Congress-
Rud ia particular VOID Lad the Leelsat%ie Moor
pcraed l1 tnt ac' o. 100 t,f. o6oye TeferyeS
Of the NeV-loIk Revised S''"toS npUse st ne
To- t-c,.hJ '4+SS Gares Srliect 20 tax.
W o',.'' "I 5,o,o,,r- fr.,p tne fnrl value
atom bF a,ou''lHss nuI, ~ ISo rarso,, vSbose
star.~ Ale taxed the would nave cOulpticI
fully VITA The Law " Congress ana been ysla trough
objection si remain IN fnli force But WI pe readily
seen 4et &c ac 5I'tf LON - ' ,%ib
e.fmth VII S'"l," H li I'm, S no I.,,aI o,'ers.
alicBeih "i ~. 'l"'S 'o ot'd 1y Iie eris-
GVu
~ taet.1eo, the gri in terms provides s}S'eem ~
~ ~, ,,,i. ~ intention IS az to place both on
lie sIilc equal footing Il denied % both deduction OF
deuts. Tie gel tIe mas noj 'Ie po~DI 10 20 pro,
st"e - 10 ~ IL r,a. he ,,cf elardng at present
sIarr,o,.s,. iu National banks arc entitled - deduc-
tou o. tc.s cUse tle sup enc Coui1 Oh LIE Uultet
s1.,g o. s,c iod.ction. because the act OF soc as
construct ~ the Court OF Appea!' does not permit II,