Evening star., 1898-10-08
Capital Stock to Be Listed by District
Assessor.
ORDERED BY THE COMMISSIONERS
The Question to Be Submitted to
the Courts.
TENT OF THE MON

national banks OF the District is taxable
under the provisions of the act of March 5,
1877. The opinion holds that the situation
has entirely changed in every regard, since
the local courts rendered, in 1880, an opin-
ion to the contrary Hence. the Commits
sioners feel that they would be utterly
derelict IN the duty imposed upon them by
their oath of office if they should fail to
require the assessor to again list said stock
for taxation. in order that the question
may be readjudicated upon the facts and
the amendments to the law which now ex
list
1t is understood that Mr.. Nathaniel VIII
son, who recently argued the case before
the Commissioners. will in due time test
the question before the courts
Opinion of Mr.. Ross.
Commissioner Ross opinion is follows:
apparently the capital stock of national
banks OF the District of Columbia is tax
able. under the provisions of section II of
the act of March g. 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 individual
owners thereof but from the appraised
value of the stock shall be first deducted
the value of any real estate of said corpor-
alton in said District, which shall be sep
arately taxed against said corporation
There is nothing in the opinion of the
Supreme Court of the District of Columbia
in the case of the National Metropolitan
Bank of Washington plaintiff, agt. John
f. Cook, collector of the District of Co
lumbia, defendant. at law No. 1861, rem
dered February 2S 1880 to show under
what provision of the statute the national
government 13 Stat. at L. I'D imposed a
tax on the capital stock of national banks.
and that this excluded any tax imposed
under the act of March 3. 1877.
Act of Congress.
1.-The act referred to was as follows:
And in lieu of all existing taxes every
association shall pay to the treasurer of
the United States, in the months of Janu-
ary and July, a duty of one-half of one
per centum each half year from and after
the 1st day of January, 1864, upon the aver
age amount of its notes in circulation and
a duty of One-Quarter of one per centum
each half year upon the average amount
of its deposits, and a duty of one-quarter
Of one per centum each half year, as afore-
said. on the average amount of it's capital
stock beyond the amount invested in United
States bonds:
Provided. that nothing in this act shall
be construed to prevent all shares in any
of the said associations held by any per-
son or body corporate, from being included
IN the valuation of the personal property
OF such person or corporation In the assess
ment of taxes imposed by or under state
authority at the place where such bank
ls located. and not elsewhere but not at
a greater rate than is assessed upon other
money capital in the hands of Individual
citizens of such state Provided further
that the tax SO imposed under the laws of
any state upon the shares of any of the
associations authorized by this act shall
not exceed the rate imposed upon the
shares In any of the banks organized under
authority OF the state where such associa-
ton is located Provided, also that nothing
In this act shall exempt the real estate
or associations from either state county
or municipal taxes to the same extent ac-
Is taxed
with regard to the point made in this
argument, II would seem to be only neces-
sary to show that, If this ground of ex-
cluslon from municipal taxation existed
IN 1850. 1t has not existed since March 3,
1888. when the tax upon capital stock was
repealed by the following provision found
In the Stats. %, page 4sS:
Ihat the taxes herein specified inn
posed by the laws now in force he AND
the same are hereby repealed as herein
after provided, viz, on capital and denos-
Its of banks, bankers and national bank
ing associations, except such taxes as are
now due and payable
Makes No Provision.
Nor does the recent act of June 13, 1Sas
known as the war revenue bill. nrovida
any tax which, as it seems to the Commits
sioners, could be deemed to be in lieu of
the taxing clause contained in the act of
March g. 1871
The repeal referred to, contained in the
act of March 3, 1883. would seem also 10
nave disposed of the point insisted rron
Sucn Mr
that the question at issue had been made
res adJudicatd and not again to he con-
sldered by the courts. The situation has
been entirely changed by the law of 1sS3.
above quoted.
The only other point made by Mr. Will
son in his late brief and in his brief filed
by the counsel in the case before the gem
erdl term, is that inaSmuch as the capital
stock of the banks was invested in gov
ernment bonds the entire capital was ex-
empt from taxation under section 3TU1 of
the Revised Statutes of the United States
which is as follows:
" All Stocks, bonds. treasury notes and
other obligations of the United States shall
be exempt from taxation by or under state
or municipal local authority
'Whatever force this argument might
properly have had in 1880 would seem TO
the Conn -issioncrs not to apply to the Sit
uation in 1898
Aggregate of stock.
Recent information obtained from the
controller of the currency shows that the
capital of the twelve national banks in the
District OF Columbia aggregates in amour.
the sum of S3.O2i 900; their surplus is re-
ported to amount to 81, ,366 600; their undi-
vided profits to $50. .826 003. The amounts
invested In government bonds, shown by the
said report, by the said twelve banks az
gregate the sum of S1,2lO, 100. These facts
show that the situation is entirely changed
In every regard since the hearing of the
cause in the general term In 1880; and 1t
appears to the Commissioners that they
would be utterly derelict in the duty i'm
posed upon them by their oath OF office II
they were TO fail 10 require the assessor to
again list for taxation the capital stock of
the national banks of the District, in order
that the question may be readjudicated
upon the facts and the amendments to the
law which exists at this time"
Voters Tickets.
The Chesapeake and Ohio railway will
sell voters tickets at half rates to various