The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-10-18

| clQed the matter OF the assessment OF
NJ. P. Robinson and Cecil Brown fol-
stock held by them in the First Ma
tional Bank of Hawaii. The court de-
cides that under our statutes National
Bank stock is not taxable by the
Territory, but that the Legislature,
by passing the right kind of an act,
the requirements of which the court
points out, may make it taxable.
The following is the decision of the
court:
OPINION OF THE COURT BY
WILDER, J.
This is an appeal by the tax asses
sor of the first taxation division from
a decision of the tax appeal court re-
fusing to sustain an assessment
against Cecil Brown and NJ. P. Robin
son on their shares in the First Ma
tional Bank of Hawaii.
Section 5219 of the United States
Revised Statutes provides that Moth
ing herein shall prevent all the shares
in any association from being includ-
ed in the valuation of the personal
property of the owner or holder of
such shares, in assessing taxes i'm
posed by authority of the State within
which the association is located; but
the Legislature of each State may de-
termine and direct the manner and
place of taxing all the shares of ma
tional banking associations located
within the State, subject only to the
two restrictions, that the taxation shall
not be at a greater rate than is as
sessed upon other moneyed capital in
the hands of individual citizens of
such State. and that the shares of any
national banking association owned by
of any State shall be
taxed in the city or town where the
bank is located, and not elsewhere.
herein shall be construed to
exempt the real property of associa-
tons from either State, county or mu-
nicipal taxes to the same extent, ac>
cording to it's value, as other real
property is taxed" Under this section
Territories have the same power as
the States in respect of taxing ma
tional bank shares. Talbot v. Silver
Bow County, 139 u. S. 438.
The contention of the assessor is that |
national bank shares are public |
stocks within the meaning of r. L.,
section 1915, providing that personal
for purposes of taxation shall
mean and include, among other
hings, public stocks and bonds not
Exempted by law from taxation" and
hat as such they are taxable pursuant
O the Federal statute referred to.
That national bank shares are not
Fol |
he case of Oahu Railway Co. V.
Brown. Haw. 1853, which held that
oahu Railway & Land Co.'S bonds
ould not be taxed as public bonds"
n the opinion in that case it was said
n D. 165, I'VE take the word public
o mean of Or relating to the govern
1ent.'' The distinction between the
opular and technical meaning of
public" was pointed out. In view of
hat meaning of the word public" it
an not be said that national bank
hares are public stocks" In Hall V.
ounty Commissioners of Middlesex,
D Allen 100, it was held that bonds
;sued by a State and a city for aid
lg in the construction of railroads '
ere public stocks and securities. 4
nd in Hale v. County Commissioners
: Hampshire, 1877 Mass. Ill, it was
ED that bonds issued by railroad
,rporation which was created by :
Ongress and to which Congress had
ade large grants of land to aid in
s construction for public purposes, 1
e mortgage securing the bonds be- L
e as required by law filed in the
ice of the secretary of the interior. [
Id the corporation being to some ex- f.
Mt subject to government control E
ere not public stocks and securf-
IS" These two Massachusetts cases Fl
e in line with the opinion of this Il
urt in the Oahu Railway Company s
Sc. A national bank is organized
der an act of Congress, is subject d
government control, and serves a \,
bile purpose, but it is also organized ~
: private business and with a view
individual profit, and it's shares,
cording to the ruling of this court ~ ~
the Oahu Railway case cited, are %
t taxable as public stocks ~
There appearing to be no statute of %
is Territory taxing national bank
ares in accordance with law, it is
necessary to discuss any other ques-
n submitted.
APPRAISERS APPOINTED.
Judge De Bolt yesterday appointed
b Bachelor NJ. T. Simonton and "a
axander McBryde appraisers in the de
ate of Charles A. Gault, deceased, ic
d also of the estate of NJ. S Pereira. in
WANT TO BE CITIZENS. n,
harley Comes Sylvester, a carpen- ST
thirty-two years of age who came -
e from Funchal in 1888, has de-
red his intention of becoming an
lerican citizen.
w. A. Redhouse yesterday made
formal application for citizenship
ore Clerk Hatch of the United As
ties court. His name is posted and tn
ETY. days from now will be taken a.
in court. an
WITNESS DID NOT APPEAR.
'enito Riviera, a witness in one OF oe
Maui Illicit distiIling cases, failed PIC
appear before the grand jury yes ne
day, and a warrant of attachment
his arrest was issued by Judge ms
e.
DIVORCE GRANTED. ter