Edward Douglass White

“ The utmost that can be said is that it may be inferred from the terms in which the exemption was declared that the legislature had no purpose, at the time the act of 1886 was passed, to withdraw the exemption from taxation; not that the power reserved would never be exerted, so far as taxation was concerned, if, in the judgment of the legislature, the public interest required that to be done. The power expressly reserved to amend or repeal a statute should not be frittered away by any construction of subsequent statutes bases upon mere inference. ”

“ And even if such were the case, we must not be understood as intimating that the construction of the Hewitt act which was announced in the Bank Tax Cases would be binding in controversies as to other taxes between those who were parties or privies to those cases. On this subject we expressly abstain from now intimating an opinion. In determining whether, in any given case, a contract exists, protected from impairment by the constitution of the United States, this court forms an independent judgment. ”

“ The assertion that, wherever it is stated in a legislative grant or charter that it is to last for a given period of time, therefore such provision is a plain manifestation of the intention of the legislature t at the grant or charter shall not be repealed or amended for the time for which it was declared that it should exist, is fallacious, since it overlooks the consideration that the limit of time fixed for the duration of the charter or grant, like every other provision therein, is qualified by the reserved power to alter, amend, or repeal. ”

“ Nothing in this constitution shall be construed to prevent the general assembly from providing for taxation based on income, licenses or franchises.'
The state of Kentucky, in 1892, enacted a law, providing, among other things, for the assessment and taxation by the state, counties, and municipalities of banking and other corporations. This law was in absolute conflict with the Hewitt act, and by special provision, as well as by necessary legal intendment, operated, if the constitution had not already done so, to repeal the system of bank taxation established by the Hewitt act. ”

“ At the time this charter was granted there existed on the statute books of Kentucky a law enacted February 14, 1856, providing as follows:
'Section 1. That all charters and grants of or to corporations, or amendments thereof, and all other statutes, shall be subject to amendment or repeal at the will of the legislature, unless a contrary intent be therein plainly expressed: provided, that whilst privileges and franchises so granted may be changed or repealed, no amendment or repeal shall impair other rights previously vested. ”

“ The city of Owensboro, where the Citizens' Savings Bank was located, established by ordinances the rate of municipal taxes for the years 1893 and 1894, and the sum so fixed was assessed upon the valuation of the franchises or property of the bank which had been certified by the state board in claimed conformity to the statute of 1892. The bank refused to pay these taxes, and a levy was made by the tax collector upon some of its property, and garnishment process was also issued against several of its debtors. ”

“ That shares of stock in state and national banks, and other institutions of loan or discount, and in all corporations required by law to be taxed on their capital stock, shall be taxed 75 cents on each share thereof, equal to $100, or on each $100 of stock therein owned by individuals, corportions or societies, and said banks, institutions and corporations shall, in addition, pay upon each $100 of so much of their surplus, undivided surplus, undivided profits or undivided accumulations as exceeds an amount equal to 10 per cent. ”