future, a State banking system shall be needed, these laws, or similar ones, may be enacted, with such changes as will obviate the difficulties which are now encountered. Section 1684, Rev. provides that the State bank laws may be at any time repealed by the General Assembly, and the general banking law, known as the free bank act, may be repealed now without impairing any obligation, as no bank, so far as I am advised, has ever been organized under its provisions. These acts repealed, the shares in national banks may be taxed at the same rate as other moneyed capital conformable to the limitation contained in section 41 of the Act of Congress establishing national banks. Chapter 108 of the Acts of the 11th General Assembly, will then become operative, and indeed regardless of the provisions of that act, this species of property like all other property would be taxable under the general revenue laws of the State. No good reason can be assigned why this species of property conceded to be at present very profitable and productive to its fortunate owners, should not be compelled to bear its fair and equal share of the public burdens of the State. The burdens of taxation at present in our State are heavy and severely felt by tax-payers, and the complaint is loud and general that while the merchant, the manufacturer and the farmer is obliged to pay annually from two to four per cent on the value of his property, as State, county, school, and municipal taxes, the man who is fortunate or shrewd enough to get all his property into national bank stock, gets a better and surer return from it, escapes all the burdens of taxation, and at the same time receives equal benefit and protection from the laws and institutions which his less fortunate neighbor pays taxes to maintain, but which costs him nothing. HENRY O'CONNOR, OF THE ATTORNEY GENERAL ON THE POWERS OF THE LEGISLATURE ΤΟ REGULATE TARIFFS ON RAILROADS IN THE STATE OF IOWA. DES MOINES: F. W. PALMER, STATE PRINTER. OPINION. STATE OF IOWA, OFFICE OF ATTORNEY GENERAL, To the House of Representatives: DES MOINES, February 3, 1868. I have the honor to acknowledge the receipt of the following resolution, from your honorable body, viz: "That the Attorney General be directed to communicate to this House as early as practicable, his opinion as to whether there is any constitutional or legal barrier to the enactment of a law by the General Assembly of Iowa to restrict and regulate the charges of railroad companies in this State for the transportation of freight and passengers." In reply I beg leave to state that in my opinion there exists no constitutional or legal objection to the exercise of such power; that the General Assembly possesses full and complete power, under the Constitution and Laws of the State, including the laws of incorporation under which said railroad companies are formed, to pass any and all laws regulating and restricting the rate of compensation for the transportation of freight and passengers, which in the wisdom of the Legislature may be deemed necessary, or which the public good may demand. While the view here indicated is the result of the most careful thought and examination I am able to bring to the subject, I express it with unaffected diffidence. The subject is deemed one of great importance to the present and future interest of the people of the State, and involving as it is believed it does a question of the highest pecuniary interest to the railroad companies, it has within the last two or three years commanded and received the careful attention as well as exhausting investigation of many of the leading legal minds of the State, both within and without the Legislative Halls. This embarrassment is increased in no small degree by the fact that my lamented predecessor, a gentleman justly distinguished in his profession for great learning and ability, and whose high character as a citizen, lent new dignity to his position and additional weight to his opinion, after an unusually careful investigation came to an opposite conclusion. I proceed to submit such reasons and authorities as it my judgment support this view, and as I claim nothing in it original, gladly avail myself (among other aids) of the able arguments of the Hon. W. T. Barker and Hon. G. G. Bennett delivered in the House of Representatives two years ago. It may be well, at the outset of this inquiry, to examine in what light-with what spirit the people of this State, in their fundamental law, have looked at this question of granting exclusive privileges, by sacred and inviolable charter. Certainly, I think it must be admitted, that such grants have been watched-watched and guarded with jealousy, rather than looked upon with favor. The old Constitution provides as follows: Corporations shall not be created in this State by special laws, except for political or municipal purposes, but the General Assembly shall provide by general laws for the organization of all other corpo rations, except corporations with banking privileges, the creation of which is prohibited. The stockholders shall be subject to such liabili ties and restrictions as shall be provided by law. The State shall not directly or indirectly become a stockholder in any corporation." - Article 8, sec. 2. The new Constitution says: "No corporation shall be created by special laws, but the General Assembly shall provide by general laws, for the organization of all corporations hereafter to be created, except as hereinafter provided." Article 8, sec. 1, and section 12, same Article, reads: "Subject to the provisions of this Article, the General Assembly shall have power to amend or repeal all laws for the organization or creation of corperations, or granting of special or exclusive privileges or immuni |