Page:Federal Reporter, 1st Series, Volume 5.djvu/261

 NAX. ALBANY EXCHaNaB BANK V. BILL8. 249 �general System' of taxation In existence in the state," and that " the act was intended as a substituts for the then-existing mode cl assess- ing and taxing that portion of the property of the state in the capital of such moneyed corporations," hdd, that an assessment of theshares of a national banking association made under such act was void for want of power in the assessors to make such assessment. 3. National Bahk— CoiiLBCTioN of Taxes— Injtjnction.— In such case a bill in equity will lie, upon the complaint of a national bank, to restrain the collection of the amounts severally assessed upon tte shares of the respective sbareholders, in order to prevent a multiplio- ity of suits.— [Ed. �In Equity. �This was a suit to restrain the collection of a tax assessed against the sbareholders of a national bank. �Matthew Haie, for complainant. �R. W. Peckham, for defendants. �Wallace, D. J. The complainant bas filed its bill in equity to enjoin the collection of a tax assessed in 1879 against its sbareholders by the board of assessors of the city of Albany, the defendants being the ofiScers of the city charged with the collection of taxes. �The bill proceeds upon the theory — First, that the assess- ment against the sbareholders is void, because there was no legal authority for making any assessment; second, if not void, for want of original authority, it was based upon a rule of unequal valuation of different classes of property, inten- tionally adopted by the assessors in order to discriminate unjustly against sbareholders of national banks, and was «xoessive, and as to the excess the collection of the tax should be restrained. Both of these theories are grounded on that section of the act of congress relating to national banking associations, whicb restricts taxation of shares in such asso- ciations imposed by the authority of the state within which the association is located, by providing that the taxation shall not be at a greater rate than is assessed upon other money capital in the hands of individual citizens of such States. �The assessment complained of was made under color of an act of the legislature of this state, passed April 23, 1866, entitled "Au act authorizing the taxation of banks and sur- ����