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Constitution, as a general rule, can as has been repeatedly recognized in adjudged cases in this court, is a condurrent power. The qualifications of the rule are the exclusion of the States from the taxation of the means and instruments employed in the exercise of the functions of the Federal Government.

The remaining question is, has Congress legislated in respect to these associations so as to leave the hares of the stockholders subject o State taxation? We have already referred to the main provision of the act of Congress on the subject, and it will be seen that it declares that "nothing in this act shall be construed to prevent all the shares in any of the said associations, held by any person or body corporate, from being included in the valuation of the personal property of such person or corporation in the assessment of taxes imposed by or under State authority." And in another section of the act it is declared that:

"The president and cashier of every such association shall cause to be kept at all times a full and correct list of the names and residences of all the shareholders in the association, and the number of shares held by each, in the office where its business is transacted; and such list shall be subject to the inspection of all the shareholders and creditors of the assouiation; and the officers authorized to assess taxes under State authority, during business hours of each day in which business may be legally transacted."

These two provisions, the one providing that nothing in the act shall be construed to prevent the shares from being included in the valuation of personal property in the assessment of taxes imposed by State authority; and the other, providing for the keeping of a list of the names and residences of the shareholders, among other things for the in-pection of the State officers, not only recognize in express terms the sovereign right of the State to tax, but prescribe regulations and duties to the associations with a view to disembarrass the officers of the State engaged in the exercise of the right. Nothing, it would seem, could be made plainer or more direct and comprehensive on the subject. The language of the several provisions is so explicit and positive as scarcely to call for judicial construction.

Then as to the "shares" and what is intended by the use of the term, the language of the act is equally explicit and decisive. The persons forming an association are required to make a certificate which will specify among other things "the amount of its capital stock, and the number of shares into which the same shall be divided," "the names and places of residences of the shareholders, and the number of shares held by each." The "apital stock" "shall be divided into shares of $100 each," "and shall be deemed personal property." The "shareholders" of the asssociation "shall be held individually responsible, equally and rateably, and not one for another, for all contracts, debts and engagements of such association, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares." In the election of directors, and in deciding all questions at meetings of shareholders, each shareholder shall be entitled to one vote on each share of stock held by him." At least fifty per, centum of the capital stock of every association shall be paid in before it shall be authorized to commence business," and the remainder in instalments of at least ten per centum per month, till the whole amonst shall be paid. If any shareholder or his ass gnee shall fail to pay any instalments on the stock," the directors may sell the stock of such delinquent shareholder," at public auction. "No association shall make any loan or discount on the security of the s ares of its own capital."

We have already referred to the lists of names and residences of "shareholders" and the number of "shares" to be kept for the inspection of the State assessors. Now, in view of these several provisions in which the terms "shares" and "shareholders" are mentioned, and the clear and obvious meaning of the term in the connection in which it is here foundnamely, the whole of the interest on the shares of the shareholders-when the statute provides that nothing in this act shall be construed to prevent all the shares in said associations from being included in the valuation of the personal property of any person or corporation in the assessment of taxes imposed by State authority, canthere be a doubt but that the term shares," as used in this connection, means the same interest as when used in the other portion of the act? We think not. This is the obvious and ever-necessary meaning to be given to it.

It has been argued that the term used here means only the interest of the shareholder as representing the portion of the capital, if any, not invested in the bonds of the government, and that the State assessors must institute an inquiry into the investment of the capital of the bank and ascertain what portion is invested in these bonds, and make a discrimination in the assessment of the shares; but this is an interpolation, pure and simple, into the act of Congress. If that body had intended any such discrimination, it would have been natural and an easy matter to have said so. Certainly so great and important a change in the use of this term, if so intended, would not have been left to judicial construction.

Upon the whole, after the maturest consideration, we have been able to give to the act, we are satisfied that the States possess the power to tax the whole of the interest of the shareholders in the shares held by them in these associations, within the limit prescribed by the act authorizing their organization; but for the reason stated in the former part of the opinion, the judgment must be reversed and the case remanded to the Court of Appeals of the State of New York, with directions to enter judgment for the plaintiffs in error, with costs. Chief Justice Chase delivered a dissenting opinion (which was concurred in by Mr. Justice Wayne and Mr. Justice Swayne), as to the power of the States to tax the shares of the national banks.

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TRADE OF GREAT BRITAIN WITH THE UNITED STATES FOR 1865,

The Board of Trade returns for the year 1865 are just published, and we have prepared from them the following interesting review. The total value of exports of British and Irish produce and manufactures was £165,862,402, against £160,449,053 in 1864, and £146,602,342 in 1863. There was, therefore, an increase in the value of exports, so far as British and Irish produce and manufactures were concerned, of £5,420,000. The computed real value of the principal imports in the first eleven months was £180,820,357, against £197,448,426 in 1864, and £173,575,298 in 1863 ; but the market price of some of the leading articles of import-more especially cotton-was lower in 1865 than in 1864, and the quantities imported were much greater. In the eleven months ending Nov. 30, 1865, the value of the cotton imported was £49,294,092, against £66,991,418 in 1864, or a decrease of £17,700,000; the quantities imported, however, in the whole year, were 8,731,949 ewts., against 7,975,935 cwts. in 1864, being an increase of about 750,000 cwts.

According to these returns, the value of the export trade to America in British and Irish produce and manufactures, last year, was nearly five millions sterling greater than in 1864, and nearly six millions in excess of 1863. The figures stand thus :

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And the following table shows the extent to which the leading articles were ex ported to America in each of the last three years:

DECLARED VALUE OF THE LEADING EXPORTS OF BRITISH AND IRISH PRODUCE AND MANUFACTURE TO THE UNITED STATES IN 1863, 1864, AND 1865.

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The larger proportion of this trade was carried on during the closing months of 1865, more especially in the months of September and October, the trade of the last four months having equalled in value that of the preceding eight months. The largely augmented supply of capital necessary to conduct this suddenly increased trade, was one of the leading causes of a rapid advance in the rate of interest.

As regards the imports of cotton the figures presented are most instructive. They show that the receipts from American ports were increased to the extent of more

than one million cwts, whilst there was a falling off in the import from Indian ports of 500,000 cwts. Brazil and Egypt show an increase, and there is also an augmentation in the receipts from Mexico; but the latter are probably American produce. On the other hand, there is a diminution of about 120,000 in the import from the Bahamas, the result of the reopening of the Southern ports. Taking the bulk of the import from the Bahamas, Bermuda, and Mexico to be American cotton, the total import of American prod ce last year was 1,700,000 cwts,, against 730,000 cwts. in 1864, or an increase of nearly 1,000,000 cwts.

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In the export trade in raw cotton, there was an increase of 520,000 cwts. in 1865 as compared with 1864. The following table shows the quantities taken by the lead' ing countries:

EXPORTS OF COTTON FROM THE UNITED KINGDOM.

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The total import of wheat in 1865 was 21,089,140 cwts. against 23,318,726 cwts. in 1864, and 24,573,506 cwts. in 1863. The decrease, last year, therefore, notwith. standing that there was a falling off in the receipts from the United States of nearly 7,000,000 cwts., was confined to 2,300,000 cwts. As will be seen from the accon." panying statement, the deficiency in the import from the United States has been made up in some degree, by augmented receipts from Russia, Prussia and France. Of flour France shows an increase of 2,800,000 cwts., whilst there is a decrease in the im port from the United States of 1,500,000 cwts. The following is the statement:

IMPORTS OF BREADSTUFFS INTO THE UNITED KINGDOM.

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In the total import of provisions, notwithstanding the remunerative prices obtainable on this side, there is a decrease in 1865, as compared with the two preceding years. The figures are as under :

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The high price of meat attracted increased supplies or beasts, sheep, calves and pigs from continental ports, and stock was received during the year from nearly every country in Europe. A large proportion, however, was of inferior quality; consequently, the weight of meat imported was not sufficient to have any permanent influence in reducing prices-the total import being quite inadequate to feed London with a population of about three millions, for more than six months. Hence, the re maining twenty-four millions had to look to home productions for their necessary supplies of butcher's meat. The imports of cattle in each of the last three years were:

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The return also gives the total value of the imports in 1865; these amounted to £219,751,324, against £226,161,840 in 1864, and 204,533,512 in 1863. The decline in value, however, is not the result of anydecrease in the quantities imported, but of a lower estimate of price as regards several articles, the one bearing the most importance in this respect being cotton. The following was the value of the imports of principal articles in 1863, 1864, and 1865 :

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COMPARATIVE IMPORTS INTO THE UNITED KINGDOM FOR THE YEARS 1863-65.

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£4,155,029 £3,606,152 £4,604,475 Rico
12,015,006 10,674,654 9,775,616 Linseed
4,042,905 1,977,955 2,234,396 | Silk: raw..
3,522,931 2,832,200 2,622,888

thrown

56,277,953 78,203,739 66,032,193 Silk Manufs.. 4,271,059 5,323,053 5,369,729 | Spirits: rum... 1,880,253 1,745,353 1,738,125 Brandy. Metals: Copper 1,182,177 1,024,660 1,240,728 Sugar..

Indian Corn....

Flour..

Cotton

Flax...

Hemp

Iron

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527,848 625,283 584,082 Refined
559,057 611,273 670,572 Molasses
672,699 720,384

702,060 Tallow.
327,234 497,328 529,803 Tea..
690,698 455,913 429,999
1,419,536 1,121,370 1,450,409
1,138,336 958,397 1,684,852
676,165 828,969 859,782

Timber: sawn.
Unsawn..
Tobacco: stem'd
Unstemmed
Manufactured
and Cigars.

2,365,726 1,911,291 1,886,487
4,537,157 5,652,704 5,945,884 Wine: red
1,886,887 2,176,248 2,463,299 White
592,785 693,393 655,581 Wool

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FENIANISM AND BRITISH CONFEDERATON.

The celebration of the anniversary of St. Patrick this year was marked by more than usual enthusiasm. In this city many thousand persons took part in the demonstration, which was orderly and well-conducted. Our exchanges from all the principal cities afford a similar testimony. Everywhere the general sobriety and correct deportment of the men received favorable mention. The Benevolent Associations and Temperance Societies only displayed banners.

Perhaps this has been the more noticeable this year, because of the lively apprehension existing in the British North American provinces of a general uprising of the Irish population. The fabulous dimensions of the Fenian organization, the large amounts of money said to have been contributed from Canadian towns for its maintenance, and possibly the stings of a guilty conscience, had excited general alarm. The military were placed in guard of the public buildings and property at Ottawa, lest some ferociousHead Center" should seize them, and proclaim liberty throughout the Canadas to all their inhabitants.

How much real occasion there was for all this excitement is somewhat ludicrously set forth by the public journals. Despite all the notifications there were none even of the displays, heretofore frequent, of banners and devices reflecting upon the English government. Nowhere did a Fenian circle, as such, mingle in the processions, and whatever members of the order did testify their regard for the Saint and his anniversary, did so in other capacities. Canada was as safe as Boston or New York; and the archives at Ottawa remained as undisturbed as the assets and notes of the Bank of England, when a guard was placed over them to keep them from being seized or destroyed by the Great Comet.

It may be imagined by some timorous persons that this very quietness of the Fenians is indicative of coming peril. The clergy have declared against the organization, which may be a reason for its non-appearance at the annual religious demonstration. So have the "Orangemen," who have formed in this city a military association to oppose the Fenians and the Roman Catholics, and established branches in the principal up town wards. Hence, if the hostility of the Church is sincere, these aspiring liberators of Ireland may actually be exercising themselves between the upper and nether millstones.

Nevertheless, we do not marvel at the manifestations of fear exhibited throughout the British provinces. The aid and comfort extended to piratical adventurers during the late war in the United States; the general disposition to cast discredit on the cause of the Union and the policy of the Government, would naturally lead to the expectation that Americans, acting in a retaliatory spirit, would encourage the effort of the Fenians, or other liberators to set up revolt in her Majesty's possessions. Having behaved ungenerously towards us, they suppose that our people cannot view their calamities with commiseration.

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