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Show TAX ON NATIONAL BANK NOTES. Aa low Juilg, ay Tlivr Not Ohliga-tiou. Ohliga-tiou. of 111 Oovarnmant. Mac.hokkta, Iowa, April 0 Judge lirannon hut rendered decision regarding re-garding the taxation of national bank notes, which is of national interest. The ease is thiit of I.. B. Nuiiham s the city of Maquoketa, on appeal to the Jackson county district court. The judge said: "National hank notes are not in any just ami proper sense obligations of the (Toiled Status. They chow upon their face that they are the obligations of the particular hanks to w hom the have been delivered and by whom they have been put in circulation. Tho government is bound for their ultimate redemption, but this redemption is not made by the government govern-ment out of its own funds, but out of the proceeds of Hales of government bonds belonging to the banks, and by them deposited with tho government, as security for such redemption. "The law of this stale declares bank bills to be taxable. Tho circulating notes of national banks are neither more nor less than bank bills. There is nothing in the laws of this state Hint would exempt them from taxation, and nothing in the acts of congress, properly prop-erly considered, that would prohibit such taxation. |