420 FEDERAL REPORTBB. �only the capital stock and personal property of such corpo- rations and joint-stock coinpanies from assessment or tax- ation. �Tbere, is a wide difference, for the pnrppses of taxation, between the capital stock and personal property of a corpora- tion, and the shares held by the several stockholders. Capital stock and shares therein are distinct species of property — as distinct as real estate and the mortgage by which it may be encumbered. The corporation and its capital and property are one thing; the stockholders and their property in its shares quite another. The corporation bas the legal title and right of disposition of ail the corporate property, subject to the conditions of its charter. The stockholders' right is to enjoy a proportionate part of the profits, or upon dissolution of the corporation a proportionate part of the assets after payment of debts. This is a distinct, independent interest Or prop- erty held by the shareholder, like any other property that may belong to him. It is this interest which the national banking act has left subject to taxation by the states, while the states are denied the power to tax the capital stock of the banking association. It probably would not have been within the constitutional power of eongress to permit the states to tax the capital stock of the banks. But no one doubts the authority of eongress to permit the states to tax the shares of the stookholder. And because property of shareholders in shares, and the property of the corporation in its capital, are distinct property interests, both may be taxed. Van Allen v. The Assessors, 3 Wall. 573; The Delaware R. E. Tax, 18 Wall. 206 ; Farrington v. Tennessee, 95 U. S. 679. As both may be taxed, both may be exempted from taxation by legislative authority ; but one is not exempted by the exemption of the other. �This construction of the exempting clause is consistent not only with the language used, but is consonant with the gen- erai scheme of the act as evinced by its several provisions. The first section, which prescribes the method by which the basis of the assessment shall be furnished by of&cers of cor- portions, enjoins the duty upon the oEBcers of corporations ��� �
