Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-06-25
BANKS fight new Commission
Claim Assessment Plan Is Unconstl.
tutiOndl.
ACT WAS NOT PASSED REGULARLY.
Strong Protest Entered, and IL 10 Ex-
peeted that Practically All Of tho
Banks in the State Will Become
Parties to the Proceeding.


Banks in the State Will Become
Parties to the Proceeding.
The constitutionality Of the act
passed at the last session Of the gen.
eral assembly creating the state tax
commission has been attacked through
a protest filed with the commission
last Tuesday by F. Barron Grier, Esq,
Of Greenwood. The protest was filed
In the case Of the first bank to come
up and 1t is understood that the same
protest will be filed In each and every
case to come up, to the number Of
300 or more. The protest Is based on
several grounds, constitutional and
otherwise; but the most important
probably Is alleged Irregularities in the
passage Of the act through the gen.
eral assembly. The full text of the
act is as follows:
Text Of Protect.
The undersigned bank has In ac-
cordance with the requirements of
section 344 Of article s, code, 1919,
made and returned under oath to the
auditor Of the county Of It's location
for the year 1915, the statement re-
quired to be made and returned by
said section, showing the number Of
shares held by each Of its sharehold-
ers, together with their names and
residences, and the actual value in
money Of such shares, together with
a description Of the real estate owned
by said bank, and in all respects has
complied with the requirements Of
law in this behalf; and the county
auditor Of the county In which this
bank is located on receiving the same
has fully compiled with the provisions
Of section 345 Of said article 8. volume
1. code 1912. and with the other pro-
visions Of law in such cases made and
provided, and as required by law, has
placed before the proper township
board Of assessors, or special board of
assessors, the said return or statement
and list for the purpose of having the
same considered and passed upon as
required by the provisions Of section
432 Of the code 1912. article 13, and
thereafter as required by the provi-
sions Of section 427, code 1912, article
13, did lay the same before the coun-
ty board Of equalization as required by
the provisions Of said section, and for
the purpose therein provided, and the
same was duly considered, passed up
on and determined by said county
board Of equalization. and the value
thereof by the said board fairly and
impartially equalized so that the same
shall be entered on the tax books at
its true value as required by said Sec
ton 427, code 1912. all of which was
done in accordance with the require
ments Of law by said board and the
same adopted by the county auditor
for the purpose Of taxation as requir-
ed by the provisions Of section 42S,
which said section provides that the
same shall be permanently entered on
record by him upon the tax books Of
his county. It is, therefore, respect
fully submitted that this honorable
has no power or authority
under the laws Of the state to alter
or change the assessment so made in
any manner or way whatsoever, the
same having been valued. fixed. equal
lied and assessed in all respects as
required by law.
2. That the commission has no
power or authority in law to assess for
against the shares Of this
bank, the stock held by it in other
because the property Of
such corporation being already as
sessed for taxation, the shares Of stock
therein are specifically exempted from
taxation under the laws Of this state,
and cannot be subjected to further
tax in the hands Of this bank, nor as
sessed for the purpose Of fixing the
true value Of the shares Of stock Of
the shareholders Of this bank for the
purpose Of taxation.
Alleges Discrimination.
8. The purpose Of the act creating
this honorable commission Is to
equalize all property in the state for
tax purposes so that all classes Of
property will bear its just and equal
burden Of taxation, and this bank re-
spectfully represents that the shares Of
its stock are valued and assessed for
taxation at a much higher valuation
and rate than the property Of indi-
of like kind and nature in the
county where the bank Is situate, or
elsewhere throughout the state, and
before undertaking to change the as
sessed valuation Of its shares OF stock
the said commission should investi-
gate and ascertain the proportion OF
the true value at which individual
property Is assessed for taxation in
the county and state. The county
board Of equalization in the discharge
Of its duty to fairly and impartially
assess and equalize the property In
the county for tax purposes has as
sessed and equalized the value Of the
shares Of this banks stock, and the
increase in assessment made or at
tempted to be made by this honorable
has been made or at
tempted to be made without. COM
parison or investigation or inquiry in
10 the assessed value Of other property
of like kind in the said county or else
where in the state, and is contrary
10 and in conflict with the act Great
ng the commission requiring 1t to car
~ into execution the equality Of as
Of property-and not arbi-
.rarily to raise assessments Of cor
porate or other property.
4. That under the laws Of this state
he value of the shares Of stock In
his bank Is alone subject to taxation,
except real estate owned by 1t which
8 assessed against the corporation
md the value of the shares is reduced
oy the value Of such real estate-and
he shareholder. and not the bank, is
required to pay the tax-except that
he bank Is required to pay the same
'or the shareholder and. therefore.
his commission has no right or power