XXIV REPORT OF THEwith the corporate property as absolutely as a orivate individual can
deal with his own. This is familiar law, and will be found in every
work that may be opened on corporations." A striking example
may be seen in the Queen vs. Arnoud. The question related to the
registry of a ship owned by a corporation. Lord Denman observed,
''it appears to me that the British Corporation is as such the sole
owner of the ship. The individual members of the corporation are
no doubt interested in one sense, in the property of the corporation,
as they derive individual benefits from its increase, or loss from its
decrease, but in no legal sense are the individual members the own-
ers." The interest of the shareholder entitles him to participate in
the net profits earned by the bank, in the employment of its capital
during the existence of its charter, in proportion to the number of
his shares, and upon its dissolution or termination, to his proportion
of the property that may remain of the corporation after the pay-
ment of its debts. This is a distinct and independent interest or
property held by the shareholder, like any other property that may
belong to him." 3 Wallace, 583—4.

In accordance with these views, the Court held, that the tax on tho
shares of the capital stock of the Banks, was not a tax on their capi-
tal, and consequently was not an attempt indirectly to tax the ex-
empted United States Bonds forming a part of that capital.

In Bradley vs. The People, (4 Wallace, 461,) the point was again
made, that the shares represent the capital, and the capital represents
the shares, hut the Court repudiated the proposition, and adhered to
its former decision.

In the case of the National Bank, vs. The Commonwealth, (9 Wal-
lace, 358,) the question again arising as to a tax laid in Kentucky, on
the shares of all Banks, the Supreme Court seeming to apprehend
that the doctrine they had laid down, might not be fully understood,
as those appeals were repeated, proceeded to define more positively
their position on the subject They say "it has been established as
the law governing this Court, that the property or interest of a stock-
holder in an incorporated Bank, commonly called a share, the shares
in their aggregate totality being sometimes called the capital stock of
the Bank, is a different thing from the moneyed capital of the Bank
held and owned by the corporation. The capital may consist of cash,
or of bills or notes discounted, or of real estate combined with these.
The whole of it may be invested in bonds of the Government, or in
bonds of the State, or in bonds and mortgages In whatever it is
invested, it is owned by the Bank as a corporate entity, and not by