Land Credits: A Plea for the American FarmerThomas Y. Crowell Company, 1915 - 299 Seiten |
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63rd Congress adequate credit administrative charges agricultural credit amortization amount annual authorized bond-issuing banks bonds or debentures borrowers capital stock cent commercial Commission Bill competition create Crédit Foncier credit institutions district dividends ernment European exempt farm credits farm land banks farm loans farm-mortgage bonds farmers Federal government Federal land banks Federal Reserve Federal Reserve Act Federal Reserve Board Germany government aid government bonds guaranty fund Hollis Bill indebtedness industry insure interest charge interest rates invested investors land securing land-credit banks land-credit institutions land-credit system land-mortgage Landschaften McCumber amendment ment mortgage bonds mortgage loans national banks national farm land national government national land banks non-profit-sharing organized payment private banking profit-sharing profits proposed proposition provincial purchase rate of interest reserve fund rural credits savings banks securities sell Senate Committee Bill stitutions Sub-committee Bill surplus system of land taxation terest tion Treasury
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Seite 260 - State, subject only to the two restrictions, that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, and that the shares of any national banking association owned by non-residents of any State shall be taxed in the city or town where the bank is located, and not elsewhere.
Seite 264 - Recollecting the fundamental principle that the Constitution, laws and treaties of the United States are the supreme law of the land, it seems to us almost absurd to contend that a power given to a person or corporation by the United States may be subjected to taxation by a State. The power conferred emanates from, and is a portion of, the power of the government that confers it.
Seite 264 - ... does not extend to a tax paid by the real property of the bank, in common with the other real property within the State, nor to a tax imposed on the interest which the citizens of Maryland may hold in this institution, in common with other property of the same description throughout the State. But this is a tax on the operations of the bank, and is, consequently, a tax on the operation of an instrument employed by the government of the Union to carry its powers into execution. Such a tax must...
Seite 261 - The result is a conviction that the states have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the general government.
Seite 260 - It is obvious that it is an incident of sovereignty, and is co-extensive with that to which it is an incident. All subjects over which the sovereign power of a state extends are objects of taxation, but those over which it <loes not extend are, upon the soundest principles, exempt from taxation.
Seite 259 - The right to make exemptions is involved in the right to select the subjects of taxation and apportion the public burdens among them, and must consequently be understood to exist in the lawmaking power wherever it has not in terms been taken away.
Seite 258 - That every Federal land bank and every national farm loan association, including the capital and reserve or surplus therein and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes upon real estate...
Seite 262 - It is, therefore, manifest that exemption of Federal agencies from state taxation is dependent, not upon the nature of the agents, or upon the mode of their constitution, or upon the fact that they are agents, but upon the effect of the tax ; Opinion of the Court.
Seite 261 - From this, which may be almost termed an axiom, other propositions are deduced as corollaries, on the truth or error of which, and on their application to this case, the cause has been supposed to depend. These, are, 1st. That a power to create implies a power to preserve.
Seite 258 - Federal land banks, or to joint stock land banks, and farm loan bonds issued under the provisions of this Act, shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation.