Melville Fuller

“ St. § 5219, respecting state taxation of shares in national banks, embraces capital employed in national banks, and capital employed by individuals, when the object of their business is the making of profit by the use of their moneyed capital as money, as in banking, as that business is defined in the opinion of the court; but it does not include moneyed capital in the hands of a corporation, even if its business be such as to make its shares moneyed capital when in the hands of individuals, or if it invests its capital in securities payable in money. ”

“ In making such assessment there shall also be deducted from the value of such shares such sum as is in the same proportion to such value as is the assessed value of the real estate of the bank, banking association, or trust company, and in which any portion of their capital is invested, in which said shares are held, to the whole amount of the capital stock of such bank, banking association, or trust company. Nothing herein contained shall be held or construed to exempt the real estate of banks, banking associations, or trust companies from either state, county, or municipal taxes ”

“ The imposition of taxes is in its nature administrative, and not judicial, but assessors exercise quasi judicial powers in arriving at the value; and opportunity to be heard should be and is given under all just systems of taxation according to value. It is enough, however, if the law provides for a board of revision authorized to hear complaints respecting the justice of the assessment, and prescribes the time during which, and the place where, such complaints may be m de. ”