Reports of Civil And Criminal Cases Decided By ..., volume 15; volume 97
Reports of Civil And Criminal Cases Decided By ..., volume 15; volume 97
Kentucky. Court of Appeals, James Hughes, Achilles Sneed, Martin D. Hardin, George Minos Bibb, Kentucky (District). Supreme Court, Alexander Keith Marshall, William Littell
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The national banks yielded their right to deduct from the value of their stock their surplus consisting of non-taxable securities, and their claims to be taxed as the old banks, and most of the State banks uniting to pre- vent any discrimination, all accepting the proposition made by the State and agreeing to pay seventy-five cents on each share of stock of one hundred, dollars in value, and the ad- ditional tax mentioned in the article. It is conceded by counsel ^or the city of Louisville (and... we think it clear) that prior to the passage of the Hewitt bill, in the year 1886, the Bank of Kentucky had an irrevoca- ble contract to be taxed at the rate of fifty cents on eacK share of one hundred dollars, and the same may be said of all the banks chartered prior to the act of 1856; but it is Digiti zed by Google Vol. 97.] JANUARY TERM, 1895. 60& Common wealth for use, &c v. Farmers' Bank of Kentucky. further contended that the act, as well as the contract under it, were both subject to repeal by reason of the reserved power contained in sec.
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