Opinion of the Court by
Affirming.
These- three appeals, involving substantially the same question of law, will be disposed of together.
Is intangible personal property, such as notes, mortgages, and bonds, held by and in the possession of a trustee in this State, who manages and controls it, liable for taxation for State, city and county purposes, at the residence of the trustee, when the cestui
In view of the importance of the question involved,
It was not sought in these cases to exempt entirely the property from taxation, the only question being the place at which it should be taxed, and the court saw proper to give the statute such a construction as would subject the property to taxation at the residence of the beneficial owner, and this rule of construction has been followed in this class of cases for
We therefore conclude that under the statute notes, bonds, and other securities owned by nonresidents, but in the hands of a resident fiduciary or agent, for the purpose of .controlling, managing*, and investing, are taxable at the place of his residence. This rule resté upon the ground that the property in the hands of such fiduciary enjoys the protection of the law of the place where he resides, and he is^ enabled through and under them to protect the property in his care; and such securities should bear their just proportion of the burden of government. • With the wisdom or policy of this law we are not concerned. .That is a matter to be addressed to the legislative department of the government. It is sufficient for us to know that the legislature has seen proper to provide for the assessment and taxation of this species of property, and to fix its situs for this purpose.
The argument that the imposition of this tax may impose double taxation upon the owner, and thus result in great injustice, as he may be required to list his property at the place of his residence, is entitled
■ Wherefore the judgments are affirmed.