B. STATUTES OF STATES AND TERritories.
See CONSTITUTIONAL LAW, A, 11.
Connecticut. See CONSTITUTIONAL LAW, A, 5.
See RAILROAD, 8, 9, 10.
See RAILROAD, 5.
1. When not otherwise exempted, the capital stock of a corporation, and
its shares in the hands of shareholders, may both be taxed; and if so
taxed it is not double taxation. Bank of Commerce v. Tennessee, 134.
2. The surplus accumulated by the plaintiff in error is not exempted from
taxation by the provision of exemption in its charter. Ib.
3. A clause in the charter by a State of a banking corporation requiring
it to "pay to the State an annual tax of one half of one per cent on
each share of capital stock, which shall be in lieu of all other taxes,"
while it limits the amount of tax on each share of stock in the hands
of the shareholders, does not apply to or cover the case of the capital
stock of the corporation or its surplus and accumulated profits, but
such capital stock, surplus and accumulated profits are liable to be
taxed as the State may determine. Shelby County v. Union & Planters'
Bank, 149.
4. The previous cases examined and shown (especially Farrington v. Tennes-
see, 95 U. S. 679, and Gordon v. Appeal Tax Court, 3 How. 133) not to
be inconsistent with the above decision. Ib.
5. A state statute granting to a company incorporated by it "all the rights
and privileges" which had been granted by a previous statute of the
State to another corporation, does not confer upon the new company
an exemption from taxation beyond a defined limit which was con-
ferred upon the other company by the act incorporating it. Phoenix
Fire & Marine Ins. Co. v. Tennessee, 174.
6. The ruling of the highest court of a State, in a suit to recover taxes
alleged to be due, concerning the effect to be given to a former judg-
ment of the same court as to the liability of the same parties to pay
similar taxes previously assessed, is not subject to review by this
court. lb.
7. In 1860 the legislature of Tennessee incorporated the Energetic Insurance
Company of Nashville, with a proviso in the charter limiting its tax-
ation to one quarter of one per cent on its capital stock. In 1870 a
new constitution was adopted by the State, forbidding such limitation.
In 1884 the surviving corporators of the Energetic Insurance Company,