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June 2, 1934.

>• Hoguet, Jr.

RE: H« R. 9Qfr5

!• R # 9045 - To a»end Section 5219 of the Revised Statutes was reported out by the House Banking & Currency Cosmittee yesterday*
It reads in part as follows:
"Sec* 5219* The legislature of each State may
determine and direct the manner and place of taxing
national banking associations located within its
Units, provided such taxation shall not be at a
greater rate than is imposed upon the shares, business income, and/or property of State banks••
You will remember that S. 2788, deal ing with this Section of
the Revised Statutes, has also been reported out.

Attached is a

onrbon of a memorandum I wrote previously on these bills and a cojy
of H. R* 9045.