The times., 1898-10-08

The controversy over the question of
taxation of the capital stock of the ma
tional banks in the District of Columbia
was probably closed by an opinion rem
dered by the Commissioners of the Dis
trict yesterday. The Commissioners are
in favor of listing for taxation the cap
ital stock of the banks.
Commissioners Ross prepared the opinion
several days ago and since that time it
has been given thorough consideration by
the other Commissioners and has been
approved by them.
The opinion follows:
Apparently the capital stock of nation
al banks of the District of Columbia is
taxable, under the provisions of section IL
Of the act of March 3, 1877, as follows:
. That the capital stock of all corpora
tions in said District not herein exempted
shall be appraised in bulk by the assessor,
and the corporation issuing the same shall
be liable for the tax thereon according to
such value, and the shares in the same
shall not be assessed against the individ-
ual owners thereof; but from the ap-
praised value of the stock shall be first
deducted the value of any real estate of
said corporation in said District, which
shall be separately taxed against said cor
poration.
There is nothing in the opinion of the
Supreme Court Of the District of Colum-
bia in the case of the National Metropoli-
tan Bank OF Washington, plaintiff, VS.
John F. Cook, collector OF the District of
Columbia, defendant, at law No 1851,
rendered February 2S. 1880, TO show under
what provision of the statute the national
STar ~ i -
tax on the capital stock of national banks
and that this excluded any tax imposed
under the act of March 8 1877. The act
referred to was as follows:
And in lieu OF all existing taxes.
every association shall pay to the treas
urer Of the United States in the months
OF January and July. a duty of oae-haIf
of one per centum each half year from
and after the first day of January, eight
cen hundred and sixty-four, upon the
average amount of its notes I'm circula-
ton, and a duty of one-quartsr OF enc
per centum each half year upon the aver
age amount of its deposits, and duty OF
one-quarter of one per centum each half
year, as aforesaid, on the average amount
Of its capital stock beyond the amount
invested in United States bonds.
Provided That nothing in this act
shall be construed to prevent all shares
any person or body corporate, from being
included in the valuation of the personal
property of such person or corporation in
the assessment OF taxes imposed by or
under State authority at the place where
such bank IS located, and not elsewhere,
but not at a greater rate than is assess
ed upon other moneyed capital in the
hands Of individual citizens of such
State: Provided, further, That the tax
..
upon the shares of any Of the associa-
tions authorized by this act shall not ex-
ceed the rate imposed upon the shares in
any Of the banks organized under au-
thority of the State where such associa-
tion is located; Provided, also. That moth
ing IN this act shall exempt the real es-
tate Of associations from either State,
county, or municipal taxes 10 the same
extent according TO its value, as other
real estate is taxed
With regard TO the point made in this
argument, it would seem to be only neces-
sary TO show that, if this ground of ex-
clusion from municipal taxation existed
in 1880, il has not existed since March 3,
1888, when the tax upon capital stock was
repealed by the following provision, found
in the Stats. %, page ASS:
a. That the taxes herein specified, i'm
posed by the laws now In force, be and
the same are hereby repealed as herein
after provided, viz, on capital and depos-
its of banks, bankers and national bank
ing associations, except such taxes as are
now due and payable
Nor does the recent act Of June 13, 1895
known as the war revenue BILL provide
any tax which, as it seems to the Commis-
sioners. could be deemed to be in lieu of
the taxing clause contained in the act OF
March 3, 1871.
The repeal referred to, contained in
the act of March g. 1883, would seem also
10 have disposed of the point insisted upon
with such emphasis in Mr.. Wilson's brief,
that the question at issue had been made