noticed, it is provided that stocks of any company or corporation are not taxable "when the property of such company or corporation, represented by such stocks has been taxed." The word "stocks" is in the plural form, and, as here used, evidently means property consisting of shares in joint stock companies, whether of banking institutions or other corporations. It is referred to as a distinct species of property. The word "credits" is also in the plural form, and, as here used, evidently means all debts due and owing, from whatever source, to the party whose property is to be taxed. The word, as employed in this provision, clearly refers to a species of property entirely distinct and different from that of stocks. Thus, under Sec. 2 of the Constitution, all "credits" would be subject to taxation were it not for the limitation contained in Section 3 of the same enactment, which reads: "The Legislature shall provide by law a uniform and equal rate of assessment and taxation on all property in the State, according to its value in money, and shall prescribe by general law such regulations as shall secure a just valuation for taxation of all property; so that every person and corporation shall pay a tax in proportion to the value of his, her, or its property: Provided, That a deduction of debts from credits may be authorized."

| Here is a provision that "debts" may be deducted from "credits" in the taxation of property. To the extent, therefore, that the debts owing by any person whose property is being taxed, offset the credits, or debts owing to him, the credits can not be taxed, and to that extent this provision is a limitation upon Section 2. Stocks, however, are not included in the limitation, they not being included within the proviso, and here we apprehend the maxim, expressio unius est exclusio alterius, applies. The framers of the constitution having thus referred to "credits" and

"stocks," as separate species of property, for the purposes of taxation, and having provided different limitation as to each, they must, for such purposes, be treated separately and distinctly. It may further be observed that, according to the terms of Section 3, every species of property in the State, except, of course, such as is exempt, must be taxed "according to its value in money,' by a uniform and equal rate of assessment," and a "just valuation" which must be provided for by the Legislature, and the injunction for this is, so that every person and corporation shall pay a tax in proportion to the value of his, her, or its property."

In Judge v. Spencer, 15 Utah, 242, where the question was whether mortgages were taxable, this court, after considering Section 2, and referring to Section 3, said:

"This provision made it incumbent upon the Legislature to provide a uniform system by which every species of property within the State, not exempt by the organic law, should equally and ratably bear its due proportion of the public burden, and the Legislature had no power to exempt property not exempt under the constitution. The intention manifest from the several provisions of that instrument, respecting revenue and taxation, is not only that previous territorial legislation, as to such exemptions, should be repealed, but also that no power should exist in the State government to grant exemptions other than those mentioned in the constitution."

It will also be seen upon examination that in neither of the constitutional provisions, is there any direct reference, with respect to taxation, to corporate property situ ate without the limits of the State, nor is there any provision for the deduction of debts from stocks, and, as in the organic law, "credits" and "stocks" of corporations are treated as separate species of property, and the Legislature

is commanded to provide by law uniform and equal rates of assessment and for just valuation of every kind of taxable property within the State, it becomes important to ascertain what the statute law, respecting the matters under consideration, is.

Sec. 2506 R. S., requires all property to be "assessed at its full value," agreeably to Section 2 of the consti

tution.

Sec. 2507, Id., reads: "The stockholders in every bank or banking association organized under the authority of this State or of the United States, must be assessed and taxed on the value of their shares of stock therein, in the county, town, city, or district where such bank or banking association is located, and not elsewhere, whether such stockholders reside in such place or not. To aid the assessor in determining the value of such shares of stock, the cashier or other accounting officer of every such bank must furnish a verified statement to the assessor showing the amount and number of shares of the capital stock of each bank, the amount of its surplus or reserve fund or undivided profits, the amount of investments in real estate, which real estate must be assessed to said bank and taxed as other real estate, and the names and places of residence of its stockholders, together with the number of shares held by each."

In this case there is no contention that the tax was not assessed, nor that no statement was furnished the assessor as provided.

Sec. 2508, Id., reads:

"In the assessment of the shares of stock mentioned in the next preceding section, each stockholder must be allowed all the deductions and exemptions allowed by law in assessing the value of other taxable personal property owned by individual citizens of this State, and the assess

ment and taxation must not be at a greater rate than is made or assessed upon other moneyed capital in the hands of individual citizens of this State."

Under this provision every stockholder of a bank, whether a resident or non-resident of this State, is entitled to and must be allowed all the deductions and exemptions, in the assessment of his shares, as are allowed in the taxation of other taxable personal property owned by a resident citizen, and the rate must not be greater than is assessed upon other moneyed capital in the hands of such a citizen. There is, however, nothing in this provision authorizing the deduction of debts from the value of stocks in the hands either of a resident or non-resident individual. The only deductions authorized are debts from credits. "The term 'credit' means those solvent debts, secured or unsecured, owing to a person. Sec. 2505, Subd. 6, R. S.: "The term 'debts' means those secured or unsecured liabilities owing by a person. Subd. 7, Sec. 2505, Id. Nor can the words, "moneyed capital," employed in Section 2508 have the effect to enlarge the meaning of the term "credits," as used in the constitution and statute, so as to include bank stocks, and then permit the deduction of debts from the value of shares in national banks. Nor can those words have such an effect as to any other corporation. As we have seen, stocks are not credits within the meaning of the constitution. Stock is not an indebtedness due the owner, but simply an interest in the assets or property of the corporation. Niles v. Shaw, 50 Ohio St., 370; Bridgman v. City of Keokuk, 72 Ia., 42.

Sec. 2509, Id., provides:

"In making such assessment, there must also be deducted from the value of such shares, such sum as is in the same proportion to such value as the assessed value of

21 Utah-22.

the real estate of such bank or banking association in which such shares are held, bears to the whole amount of the capital stock, surplus, reserve, and undivided profits of such bank or banking association."

Here is a provision which permits a deduction from the value of the shares in banking institutions, of the value of the real estate, where such real estate, held by the bank and represented by such shares, has been taxed. Real estate, so held, is assessed to the bank and taxed the same as real property held by an individual is taxed to him, and therefore its value is deducted from the value of the shares so as to avoid double assessment.

This is in harmony with Section 2 of the constitution, above considered.

The remaining section of the Revised Statutes, material in this case, is 2518, which, among other things, provides that, "in making up the amount of credits which any person is required to list he will be entitled to deduct from the gross amount of such credits the amount of all bona fide debts owing by him." This accords with Section 3 of the constitution, which authorizes a deduction of debts from credits.

Thus, from an examination of the several constitutional and statutory provisions, respecting the subject of taxation, it is evident that the only deductions which are authorized in the assessment of the shares of stock of any national bank, or other corporation organized and doing business in this State, are deductions, from the value of the shares, of the value of the real estate which is represented by the stock and which has been assessed; and deductions of bona fide debts from credits. It is also clear that moneyed capital invested in national banks is placed precisely upon the same basis as moneyed capital invested in other banks, and that there is no unfriendly discrimination in favor of State corporations.