Smith v. First National Bank
Michigan Supreme Court
Error to Lenawee Circuit. The legislature of 1867, passed an act- — Sess. L. 1867, vol. 1, p. 168 — which provided that each bank and banking association, organized under the laws of the United States, doing business in the State of Michigan, should pay an annual specific tax, to the state, of one per cent, upon the capital stock paid in of said banks, less the value of the real estate owned by said banks, which should be in lieu of all other taxes upon said banks, or the…
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Error to Lenawee Circuit. The legislature of 1867, passed an act- — Sess. L. 1867, vol. 1, p. 168 — which provided that each bank and banking association, organized under the laws of the United States, doing business in the State of Michigan, should pay an annual specific tax, to the state, of one per cent, upon the capital stock paid in of said banks, less the value of the real estate owned by said banks, which should be in lieu of all other taxes upon said banks, or the shares thereof held or owned by individuals; except that the real estate held or owned by said banks should be subject to…
1Opinion of the Court
By the Court: '
This case is too plain for argument. The Act of Congress under which the national banks are organized allows the taxation by the States of the shares of stock in the banks, but not of the capital stock itself. The decisions by the Supreme Court of -the United States in Van Allen v. The Assessors, 3 Wall. 573; People v. Commissioners, 4 Id. and Bradley v. People, Id. 459, fully cover the case. The judgment must be affirmed.
Mr. Millerd, asked for costs, but the Court held that in an amicable suit like this to determine the validity of a statute it was proper not to award costs.
Mot…
2Cases cited1 opinion
- Van Allen v. AssessorsSupreme Court of the United States · 1866
3Cited by4 opinions
- Moss v. CummingsMichigan Supreme Court · 1880
- Mogg v. HallMichigan Supreme Court · 1890
- Hagenbuch v. HowardMichigan Supreme Court · 1876
- School District of Lansing v. City of LansingMichigan Supreme Court · 1938