by John Marshall Harlan

“ As the act of congress does not fix a definite limit as to percentage of value, beyond which the states may not tax national bank shares, cases will arise in which it will be difficult to determine whether the exemption of a particular part of moneyed capital in individual hands is so serious or material as to infringe the rule of substantial equality. ”

“ We have no duty beyond that of ascertaining the intention of congress in its legislation, permitting the several states to tax the shares of institutions organized under national authority for the purpose of providing a national currency, secured by United States bonds. ”

“ You may tax the real estate of the banks as other real estate is bank as the personal property of the taxed, and you may tax the shares of the bank as the personal property of the owner, to the same extent you tax other moneyed capital invested in your state. ”

“ The burden of county taxation, imposed by the latter act, has, at all events, been removed from all bonds or certificates of loan issued by any railroad company incorporated by the state; from shares of stock in the hands of stockholders of any institution or company of the state which, in its corporate capacity, is liable to pay a tax into the state treasury under the act of 1859; from mortgages, judgments, and recognizances of every kind ”

“ By an act approved April 12, 1859, it was provided that thereafter the capital stock of all banks, savings institutions, and companies whatever, of the state, 'shall be subject to and pay a tax into the treasury of the commonwealth annually, at the rate of one-half mill for each 1 per cent. of dividend made or declared by such bank, savings institution, or company;' and in case of no such dividend being declared, then three mills upon a valuation of the capital stock, agreeably to the above act of 1844. ”

“ In that case the question was whether the owner of national bank shares residing in Cumberland county, Pennsylvania, was exempt from a local tax by reason of a statutory exemption from all taxation in that county, except for state purposes of 'mortgages, judgments, recognizances, and money owing upon articles of agreement for the sale of real estate,' except mortgages, judgments, and articles of agreement given by corporations. ”

“ However, considering the question on its merits, it was said that the act of congress did not intend 'to cut off the power to exempt particular kinds of property, if the legislature chose to do so.' In illustration of this view reference was made to exemptions of homesteads, household furniture, school-houses, academies, and libraries,-regulations sustained, as a general rule, upon grounds of policy and humanity, or because the property exempted is employed for objects more or less connected with the public welfare. ”

“ Nothing herein shall be construed to exempt the real property of associations from either state, county, or municipal taxes to the same extent, according to its value, as other real property is taxed.' Rev. ”