New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-10-13

AN IMPORTANT D. CISION BY Jri GE WALLACE. Oh
THE U~TrKD STATES CIRCUIT COURT.
Judge Wallace. Of the Unired States Circuit
court rendered an opinion yesterday denying tue mo
ZION FOR preliminary injunction IN the case OF the M~r-
camille National Bank the city OF NeNfork tn
restrain the eyyng Of the National Bank stock
The suit Is test thrrynve National banks OF
this city have begun actions OF the sam"
naturr' and to the amount or
SlOooOOO year Involved. The complaint
OF the bank officers THAI the Of taxation
IN elect in this state effects dscrnin'-
Ton ortween the imposed for local purposes
t"hch Is everywhere the most onsrous taxaton) upon
National Bank shar-. ami tnat upon other
monry"d capIta OF individual taxpayers which IL hos
i've 10 the former ana forbidden by the act OF Congress
oy which alone authority exists for any taxation
OF snch shares by the 8 sts@." In Penn
yIv'nia. where large amounts OF In
vested capital untaxed the -v,inR or the state
AK nas been drcl red unlawful hy the United state
supreme Curt In his hank deposits, the stock
q" Ie Insurance companies and s'ue other propertV -
Aenl rom tax 'ton. rns question rails VS. whetlrr
u.s. u.s. exemptions were 40 great IS 10 dsrminhe un-
sty against the National banks. In 'er Wallace shows
special r-asons which rxi-t for leaving these GLASSES
81 capital nntaxet aud co@e~ nv saTIng:
%ne OF The exemptions viii have thus been considered
ANY 9Pe9y d.; on the part OF ts
cantaI genefa Tarsn fogetber fbrv form much less i'm
norttnt part moneyed capital generally than exempt
reG"rs where the exemption ted disturb
exemptions considered in Boyer Boyer they e.
n.hcant II Is Therefore held that thew not Of char
acltr to justify the complainant contention The cOnrlu
ZION ra e'i l. accordance with the recent decision OF he
nr o. Appeals Of this state the McMahOn against
Pamer Northeastern Reporter 400 where held y
the court upon full consideration Of the question presented
mere That the taxing OF this tate does not re ult IN
Nulg NATIONAL b'nk shares at greater rate than y as
- upon other moneyed capital in the hands Of Individual
citizens OF the state"
Tue effect of h- will he 70 allow the ievying
OF the tax for and jude Wallace saws the
decision OF the motion for temporary Injunction prdc-
ucay decides the whole onr questions or law
are raised tn. viii unfouhtsiy he taken before
me United states supreme Court Corporation COUNSEL
Liromhe sad Yesterday:
thlnk II II matter which all congratulate Our
selves tha We have prevailed In the cOurt bel especially
m OF the and elaborate winch Judge
alice has rendered The OF immense imp tncr
Dnse u not only Involves amOn ami hal OF dollars for
me itxes ~ the Lass. but also viii probably b" de-
rnave OF the lily Of National bank shares In this
stale dni IN many other states OF the Union.
President Co, eman. Tax Department, was
p'e"~rd win the decision. He wa:
We have dorrted that position INST The
amount nvove Is arg one For the year $50 ne oans
caWta aAed $IO746294 On tax rate Of " 40 per
10 The Tax slf579l Is For $3.50. bank capital OF
-39O2S43 and OF 81 % per 800 the tax -
Jl3 TO- This would make fecled change IN the
rate OF taxation the remaining property 1t were e1
empted