Stanley Matthews

“ From the valuation of the corporate franchise there is to be deducted, in case of railroad and telegraph companies whose lines extend beyond the limits of the commonwealth, such a portion of the whole valuation of their capital stock as is proportional to the length of that part of their line without the commonwealth, and also an amount equal to the value of their real estate and machinery located and subject to local taxation within the commonwealth ”

“ For the payment of said taxes the corporation has a lien on all the shares in the bank, and on all the rights and property of the shareholders in the corporate property, as an indemnity. It further appears, from a comparison of the statutes on the subject, that the action given by section 9, for the recovery of the taxes, with interest at 12 per cent. per annum, is the only mode of collection provided in case of default, no power being giving to any collecting officer to proceed by distraint or other seizure of the property of the bank or the shares of the stock for that purpose. ”

“ The American Bell Telephone Company is subjected to a franchise tax, based upon an apportionment made upon the number of telephones in use by or under its authority, or with its permission, or under letters patent owned or controlled by it, within and without the commonwealth, respectively, deducting the market value of all stocks in other corporations held by it, upon which a tax has been assessed and actually paid, either in Massachusetts or in other states, for the preceding year. ”

“ Mass., provides that personal property, for the purposes of taxation, shall include goods, chattels, money, and effects, wherever they are, money at interest, and other debts due the persons to be taxed more than they are indebted or pay interest for, but not including in such debts or indebtedness any loan or mortgage of real estate, taxable as real estate, except the excess of such loan above the assessed value of the mortgaged real estate ”

“ Savings banks, under the laws of the commonwealth, are authorized to receive deposits from any person until they amount to $1,000, and to allow interest thereon to be compounded until the principal with the accrued interest amounts to $1,600, no interest to be paid on any greater sum. The deposits are to be invested only as follows: (1) In first mortgages of real estate situated in the commonwealth to an amount not to exceed 60 per cent. of the valuation of such real estate, but not exceeding 70 per cent. ”

“ The particular in which the plaintiff in error chiefly insists that the tax imposed upon its shares is at a greater rate than that assessed upon other moneyed capital in the hands of individual citizens of Massachusetts is the alleged inequality existing in favor of that imposed upon savings banks. ”