Commonwealth v. Merchants & Manufacturers National Bank

Citations

• 168 Pa. 309
• 31 A. 1065
• 1895 Pa. LEXIS 794

Syllabus

<p>Taxation — Banks—Uniformity of taxation — Act of June 8, 1891 — Constitution, art. IX. see. 1.</p> <p>The act of June 8, 1891, P. L. 240, which provides that any bank incorporated by this state or the United States may, in lieu of all taxation except upon its real estate, collect from its shareholders and pay into the state treasury a tax of eight mills on the dollar on the par value of all its shares that have been subscribed for or issued, and that any bank which fails to do so shall be subject to a tax of four mills upon the actual value of all the shares of its capital stock, is not repugnant to art. IX. sec. 1, of the constitution of Pennsylvania, which ordains that “ all taxes shall be uniform upon the same class of subjects within the territorial limits of the authority levying the tax, and shall be levied and collected under general laws.”</p> <p>The act is not in conflict with the condition upon which the several states are permitted to tax the shares of stock in national banks, namely: “ That the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such state.”</p> <p>The act is not in conflict with amendment XTV. of the constitution of the United States, which ordains that no state shall “ deny to any person within its jurisdiction the equal protection of the laws.”</p> <p>The act provides sufficient means of notice to the shareholders of the stock upon which the tax is imposed.</p>