Taylor Appeal

Opinion by

Mr. Justice Allen M. Stearne,

This appeal involves the interpretation of Section 3 of the State Personal Property Tax Act of June 22,1935, P. L. 414, as last amended and re-enacted by the Act of July 11,1941, P. L. 361, 72 PS, Section 3244. Under this disputed section of the act a tax is levied on certain enumerated classes of personal property owned, held or possessed by a resident either in his own right or in some other capacity. It is provided, however, “That this section shall not apply to bank notes or notes discounted or negotiated by any bank or banking institution . . . ,…