Stanley Matthews

“ According to the allegations of the bill, these exemptions consist (1) of the shares of capital stock held by individuals in all private corporations of the state, 'except banking institutions, and except those which, by virtue of any contract in their charters, or other contracts with this state, are expressly exempted from taxation, and except mutual life insurance companies specially taxed,' which exemptions, it is charged, amount to the sum of $301,485,000 ”

“ It is not claimed that the assessments complained of in this case are unequal or illegal, unless made so by the exemptions authorized by the fifteenth section of the act of April 11, 1866. There is no material difference between the legislation of New Jersey on this subject and that of New York, as considered in the case of Mercantile Nat. ”