14 REPORT OF THE

unsatisfactory. The Revenue Laws applicable to these
Institutions, are very imperfect, and need revision and
amendment.

A very large amount is due the State from these Insti-
tutions, but owing to the inadequacy of the laws relative
to them, it is impossible to obtain a correct return, in
many cases, of the amount due, or to enforce its payment
when ascertained. Corporations, as a general rule, have
large advantages over individuals in many respects,
and ought not to be allowed to evade the payment of their
proper share of the State taxes,

NATIONAL BANKS.

A large number of National Banks have neglected to
pay their State taxes for years. Others on the contrary,
have uniformily paid, with regularity and punctuality. By
the Act of 1867, chapter 341, the property is exempted
from taxation for State purposes of "Any bank or other
incorporated institution, the capital stock shares where-
of are subject to assessment and taxation." This
provision of the law operates decidedly in favor of the
banks, the property of many of them including judgments
and other securities, exceeding in value the amount
of shares of capital stock, in most instances largely, and
and frequently being more than double the amount of said
shares. The individual tax payer is assessed upon the
amount of the private securities held by him, nothwith-
standing he may be indebted to an amount sufficient to
over-run the account, while the corporation by this provi-
sion of law, pays taxes perhaps on not exceeding one-half
the amount of securities held in the same way. Such be-
ing the case, it would seem, that these institutions ought
not to be remiss, in bearing that share, of the public bur:-
dens, which the law; does impose upon them. Unfortu-
natel, however, notwithstanding these maifest advanta-
ges, a number of these corporations have persistently re-