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63rd Congress administration agencies agriculture amendment amount annual associations authorized Bill bond-issuing borrowers capital stock cent central character charge cities Commission Bill Company competition Constitution contribute corporations cost create debentures demand district dividends equal established European exempt existence expenses extend farm land farm loans farm-mortgage bonds farmers Federal government Federal Reserve Board follows founded fund Germany give government aid guaranty held House increase industry insure interest rates invested investors issued kind land banks land-credit institutions land-credit system legislation less limit losses means meet ment mortgage bonds national banks necessary operated organized paid payment placed principle profits proper proposed proposition purchase question rate of interest reasonable reserve fund rural credits savings says securities sell shares stitutions Sub-committee Bill success taxation tion Treasury United
Page 258 - State, subject only to the two restrictions, 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, and that the shares of any national banking association owned by non-residents of any State shall be taxed in the city or town where the bank is located, and not elsewhere.
Page 259 - The result is a conviction that the States have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control, the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the general government.
Page 262 - Recollecting the fundamental principle that the Constitution, laws and treaties of the United States are the supreme law of the land, it seems to us almost absurd to contend that a power given to a person or corporation by the United States may be subjected to taxation by a State. The power conferred emanates from, and is a portion of, the power of the government that confers it.
Page 262 - ... does not extend to a tax paid by the real property of the bank, in common with the other real property within the State, nor to a tax imposed on the interest which the citizens of Maryland may hold in this institution, in common with other property of the same description throughout the State. But this is a tax on the operations of the bank, and is, consequently, a tax on the operation of an instrument employed by the government of the Union to carry its powers into execution. Such a tax must...
Page 258 - It is obvious that it is an incident of sovereignty, and is co-extensive with that to which it is an incident. All subjects over which the sovereign power of a state extends are objects of taxation, but those over which it <loes not extend are, upon the soundest principles, exempt from taxation.
Page 257 - The right to make exemptions is involved in the right to select the subjects of taxation and apportion the public burdens among them, and must consequently be understood to exist in the lawmaking power wherever it has not in terms been taken away.
Page 256 - That every Federal land bank and every national farm loan association, including the capital and reserve or surplus therein and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes upon real estate...
Page 260 - It is, therefore, manifest that exemption of Federal agencies from state taxation is dependent, not upon the nature of the agents, or upon the mode of their constitution, or upon the fact that they are agents, but upon the effect of the tax ; Opinion of the Court.
Page 259 - From this, which may be almost termed an axiom, other propositions are deduced as corollaries, on the truth or error of which, and on their application to this case, the cause has been supposed to depend. These, are, 1st. That a power to create implies a power to preserve.
Page 262 - The foundation of the argument in favor of the right of a State to tax the bank is laid in the supposed character of that institution. The argument supposes the corporation to have been originated for the management of an individual concern, to be founded upon contract between individuals, having private trade and private profit for its great end and principal object.