State treasurer." Held, 'not unconstitutional, as being in violation of the national banking act, the word "place" in the statute meaning the State where the bank was located; that it did not impose a greater rate than was assessed upon other moneyed capital in the hands of individual citizens, and was not a disproportionate tax; and that no objection could lie to the fact that it is retrospective in its operation.2 A State statute which exempts from taxation "all shares of the capital stock of any company or corporation which is required to list its property for taxation in this State" has no application to the shares of a national bank the property of which consists of United States government bonds.3 Where by the charter of a city assessments for taxes should be made on April 1, and an act is passed by the State that for a certain year banks should be taxed as of July 1, it is necessary for the party so assessed on his shares in a national bank, when calling upon a court of equity for relief, to allege and prove that he has been injured thereby; that by reason thereof his shares have been valued too high, or that there was a difference in their value on the two specified days, whereby he had been compelled to pay a double or greater tax. The act does not per se violate the Constitution, nor did the national banking act intend to prescribe a mode by which alone the State could tax the shares; that being for State legislation to determine, subject to certain restrictions. Therefore, where it had been customary to make assessments upon the capital stock of national banks for revenue purposes, and these taxes were in process of collection, a State statute enacting that they should be vacated, and that, to supply the deficiency in the revenue, the assessors should be required to assess the shareholders in the banks upon the value of their shares, is not unconstitutional. "To get at the shares, it would be proper to require them to be included in the valuation of the personal property; not that they should, but might, occupy a different column in the list. It cannot be understood to mean 1 Austin v. Board of Aldermen of Boston, 14 Allen, 359. 2 Provident Institution for Savings v. City of Boston, 101 Mass. 575. that they should be included in such valuation, to enable the shareholders to deduct from their value such debts as they might owe, as required by the general revenue law."1 By statute of Wisconsin taxes were imposed upon shares in national banks. That law makes the taxes which it imposes a lien upon the shares of stock taxed. Hence where the defendant sold national bank shares to the plaintiff, on which, without the plaintiff's knowledge, there was an unpaid tax due, and the tax was afterwards paid by the bank, as by law provided, it was held that the plaintiff could recover damages from the defendant to the amount of the tax so paid.2 Replevin will lie to recover a package of bank-bills belonging to a national bank, which had been taken by the county treasurer in satisfaction of a tax assessed against shareholders of the bank.3 By the general tax law of the State of New York it is provided that each individual shall be assessed for the full value of all the taxable personal property owned by such person, after deducting the just debts owing by him. But it was held that this did not permit the owners of shares in a national bank to deduct debts from the assessed value of their shares taxed under a subsequent statute law providing that such shares should be taxed at their value.4 The meaning to be put upon the words "place where the bank is located," occurring in section 41 has caused much litigation, and the decisions have been far from harmonious.5 The discussion has now been put at rest by the amendment of Feb. 10, 1868, which enacts that " place" shall be construed to intend"State." 1 McVeagh v. City of Chicago, 49 Ill. 318. 2 Simmons v. Aldrich, 41 Wis. 240. 3 First National Bank v. Hershire, 31 Iowa, 18. People, ex rel. Cagger, v. Dolan, 36 N. Y. 59. See City National Bank v. Paducah, 5 Cent. Law Jour. 347; Thompson's National Bank Cases, 300. 5 See Austin v. The Aldermen, 7 Wall. 694; State v. Haight, 2 Vroom, 399; State v. Hart, ibid. 434; State v. Cook, 3 id. 347; Opinion of Justices, 53 Me. 594; Packard v. Lewiston, 55 id. 456; Mayor v. Thomas, 5 Cold. 600. APPENDIX. CONTAINING THE ACTS OF CONGRESS RELATING TO THE NATIONAL BANKS. An Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof. Approved June 3, 1864 (Acts of 1863-4, ch. 106). Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be established in the treasury department a separate bureau, which shall be charged with the execution of this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said bureau shall be denominated the comptroller of the currency, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, on the recommendation of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; he shall receive an annual salary of five thousand dollars; he shall have a competent deputy, appointed by the secretary, whose salary shall be two thousand five hundred dollars, and who shall possess the power and perform the duties attached by law to the office of comptroller during a vacancy in such office and during his absence or inability; he shall employ, from time to time, the necessary clerks to discharge such duties as he shall direct, which clerks shall be appointed and classified by the Secretary of the Treasury in the manner now provided by law. Within fifteen days from the time of notice of his appointment the comptroller shall take and subscribe the oath of office prescribed by the constitution and laws of the United States; and he shall give to the United States a bond in the penalty of one hundred thousand dollars, with not less than two responsible sureties, to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office. The deputy-comptroller so appointed shall also take the oath of office prescribed by the constitution and laws of the United States, and shall give a like bond in the penalty of fifty thousand dollars. The comptroller and deputycomptroller shall not, either directly or indirectly, be interested in any association issuing national currency under the provisions of this act. SEC. 2. And be it further enacted, That the comptroller of the currency, with the approval of the Secretary of the Treasury, shall devise a seal, with suitable inscriptions, for his office, a description of which, with a certificate of approval by the Secretary of the Treasury, shall be filed in the office of the Secretary of State with an impression thereof which shall thereupon become the seal of office of the comptroller of the currency, and the same may be renewed when necessary. Every certificate, assignment, and conveyance executed by the comptroller, in pursuance of any authority conferred on him by law, and sealed with his seal of office, shall be received in evidence in all places and courts whatsoever; and all copies of papers in the office of the comptroller, certified by him and authenticated by the said seal, shall in all cases be evidence equally and in like manner as the original. An impression of such seal directly on the paper shall be as valid as if made on wax or wafer. SEC. 3. And be it further enacted, That there shall be assigned to the comptroller of the currency by the Secretary of the Treasury suitable rooms in the Treasury building for conducting the business of the currency bureau, in which shall be safe and secure fire-proof vaults, in which it shall be the duty of the comptroller to deposit and safely keep all the plates not necessarily in the possession of engravers or printers, and other valuable things belonging to his department; and the comptroller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the said business. SEC. 4. And be it further enacted, That the term "United States Bonds," as used in this act, shall be construed to mean all registered bonds now issued, or that may hereafter be issued on the faith of the United States by the Secretary of the Treasury in pursuance of law. SEC. 5. And be it further enacted, That associations for carrying on the business of banking may be formed by any number of persons, not less in any case than five, who shall enter into articles of associa tion, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with the provisions of this act, which the association may see fit to adopt for the regulation of the business of the association and the conduct of its affairs, which said articles shall be signed by the persons uniting to form the association, and a copy of them forwarded to the comptroller of the currency, to be filed and preserved in his office. SEC. 6. And be it further enacted, That the persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specify First. The name assumed by such association, which name shall be subject to the approval of the comptroller. Second. The place where its operations of discount and deposit are to be carried on, designating the state, territory, or district, and also the particular county and city, town, or village. Third. The amount of its capital stock, and the number of shares into which the same shall be divided. Fourth. The names and places of residence of the shareholders, and the number of shares held by each of them. Fifth. A declaration that said certificate is made to enable such persons to avail themselves of the advantages of this act. The said certificate shall be acknowledged before a judge of some court of record or a notary public, and such certificate, with the acknowledgment thereof authenticated by the seal of such court or notary, shall be transmitted to the comptroller of the currency, who shall record and carefully preserve the same in his office. Copies of such certificate, duly certified by the comptroller, and authenticated by his seal of office, shall be legal and sufficient evidence in all courts and places within the United States, or the jurisdiction of the government thereof, of the existence of such association, and of every other matter or thing which could be proved by the production of the original certificate. SEC. 7. And be it further enacted, That no association shall be organized under this act with a less capital than one hundred thousand dollars, nor in a city whose population exceeds fifty thousand persons, with a less capital than two hundred thousand dollars; Provided, That banks with a capital of not less than fifty thousand dollars may with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants. |