Democratic Sentinel, Volume 2, Number 10, Rensselaer, Jasper County, 19 April 1878 — LEGAL. [ARTICLE]

LEGAL.

Taxing National Banks. We clip the following from the Cincinnati Enquirer : “An important decision by Judge Baxter, of the United States Circuit Court, relative to the taxation of national banks, is the subject of considerable i comment here. A bank at Toledo eontested the collection of taxes on the ground that its taxation was unequal, for the reason that its capital was assessed in full, while the assessment of real estate in that city is only 40 per cent of its value. Therefore, the bank made a tender of 40 per cent, of its tax to the Judge Baxter’s decision is that the Treasurer can collect no more. The object sought in the suit, which was one in chancery, was to restrain the collection of the tax assessed for the year 1876 on the shares owned by the holders of the complainanis’capital stock. Judge Baxter held complainants entitled to a decree and the relief prayed for. A decree will, therefore, be entered, authorizing the complainants to pay to the defendant, or into the Registry of the court, 40 per ceqt. of the taxes assessed against its shareholders, in accordance with the tender heretofore made, and, when this shall be done, an injunction will issue perpetually staying the collection of the residue of said taxes. The costs of this suit will be decreed against defendant, and paid out of the funds recovered. ”