The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-10

esty OF men, the assessors believe they
should have the corro lucrative evidences
OF the stock lists, and they will ask the
courts for the privilege denied by the
presidents and cashiers.
AS stated above. General Rhodes at
taches no particular importance to Sec
tion b, OF chapter 46 of the State laws.
In preference TO that he cites section IL
OF the same chapter, which he says I'M
plies the existence OF the authority
claimed by his board. This section reads
as follows:
"Every corporation, which Is by law
required TO make returns to the assessors
of any town shall return the par value
and the cash market-value of the shares
of said corporation and the proportionate
amount per share at which the real estate
aud machinery, II any, were last assessed,
and the stock holders in any corporation
or National banking association shall be
taxed oply for the difference between the
cash market-yalue or each share by
them held and proportionata amount
per share at which it's real estate and ma
chinery, II any, were last assessed"
This special feature of taxation has
been considered by tho boards, commit
tees and commissioners appointed from
tims 10 time by the General Assembly to
consider the entire problem relative to
revenue of the State. In IT'S first report
made to the General Assembly in 1891 by
the Board of State Valuation, Represen-
tative Israel b. Mason, chairman, is the
following suggestion: "In this matter
of personal property taxation there
should be required of the cashier of
every National bank of the State that he,
on some stated day, annually notify the
assessors Of the town in which the stock
holders in his bank reside, of the name
of such stock holder and the amount OF
his stock"
II THIS suggestion was carried out and
became law, property in the shape OF
bank shares would for all purposes of
taxation become as visible as an acre OF
land. II was in its second report year
later that the same board of valuation
stated tnat the sentiment of Rhode Island
would be opposed to the inquisitorial
features of a listing system.
The laws of the State now in force
which apply directly or indirectly to this
question, include sections and IL of
Chapter 46 as given above; section 10 OF
Chapter 45, which enumerates the kinds
of personal property that is taxable, in
cluding bank stock in the list; section 8
of Chapter 46 which provides that taxes
may constitute lien on the shares of
non-residents In National banks; and
section Is Of Chapter As, which is "rhe
shares in National banking associations
held by persons residing without the
State shall be taxed in the town In
which such banking association is To-
Gated"
In the State of New..Yor the right of
assessors to tax bank shares at all has
been disputed and the United States
Court has been frequently appealed to,
but in each instance ruled that the stock
is personal property, subject to town or
city tax. In the reports OF these New
York cases there is much interesting in
format ion on the whole subject and
among the references are: Bank of Com
merce VS.. New York city, 2, Black, $40;
Van Allen vs.. Assessors, 3; Wallace, 673;
and Bradley VS.. People, A, Wallace, 459.