TAXATION OF BANKS.
Mr. Friedley, of Lawrence, moved for a suspension of the rules, that Mr. Gregg's bill [S. 4], providing for the taxation of National banks for municipal purposes, might be considered. Motion agreed to.
The bill [S. 4] was then read the third time, and passed the Senate by yeas 36, nays 3.
The bill as it passed the Senate provides for the assessment and collection of taxes for municipal purposes on the shares of capital stock owned or held by any person or body corporate in any bank or banking association chartered or organized under the laws of the United States, including the Bank of the State of Indiana and its several branches and national banks or banking associations. The bill provides that the County Auditor shall, on or before the first day of April in each year furnish to the Mayor or other proper officer of each town or city in the county in which any bank or banking association may be located a certified copy of the sworn statement of the President or Cashier of such association made in pursuance of the 64th section of the act of December 21, 1872. If no such sworn statement is made, the Auditor shall furnish any information he may have in regard to the stockholders of such bank and the number of shares held by each, and the stockholders shall be taxed upon the shares of bank stock held by each for municipal purposes according to the rate chargeable on other personal property. The President, Cashier, or other proper officer may pay such page: 121[View Page 121] taxes and charge the amount agains the stockholders, which may be deducted from any dividend on such stock as may be declared thereon. Taxes assessed upon shares of bank stock shall be a lien on said stock until payment, and shall attach on the first day of each May for which the assessment is made. The value of real estate in which the capital of a bank is invested shall be deducted from the cash value of the shares.
On motion of Mr. Steele, the joint resolution [H. R. 15] with reference to the agreement between the States of Ohio and Indiana, with reference to the Wabash and Erie canal, was taken up and passed by yeas 39, nays 0, with a clerical correction in the preamble.
On motion by Mr. Harney, the joint resolution was ordered spread upon the journal.
