Page:Federal Reporter, 1st Series, Volume 6.djvu/433

 ALBANY CITI NAT. BANK V. MAHBR. 421 �liable to be taxed upon their "capital stock." In the third section of the act, preseribing the rate of the tax, the tax is assessed upon the capital stock of the corporation. There is nothing in the act to indicate that any other subject of taxa- tion than capital stock of corporations was within the con- templation of the legislature. The exemption must not be construed to extend to a different subject and to a distinct species of property. The complainant must, therefore, fail upon this branch of its case. It relies, however, on the ad- ditional ground that the assessment in question is void be- cause the assessors have failed to comply with the require- ments of the local statute regulating their proceedings. Act of March 23, 1850. This act makes it the duty of the board of assessors of the city of Albany, between the third Tuesday of April and first day of September in every year, to ascertain the names of ail the taxable inhabitants in the several wards of the city, and also of ail the taxable real and personal property within the same, and to prepare an assessment roU for each ward. This roll is to contain four columns, in the first af which the names of the taxable inhabitants are to be set down, and opposite each name in the second column a brief description of his^ taxable real estate; in the third column the value of such real estate, and in the fourth col- umn the value of his personal property after deducting just debts, etc. The act also makes it the duty of the board of assessors to complete this roll on or before the first day of September in each year, and then forthwith to cause notices to be published in three of the public newspapers of the city for 20 days, specifying a day at the expiration of the 20 days when the assessors are to meet and remain in session five days for the purpose of reviewing their assessments on the application of any person aggrieved. �It is made to appear that none of the shareholders of the complainant who were assessed for personal property on ac- count of their shares of stock in the complainant were named in the roll prepared by the assessors, except one who was assessed for $5,000 personal property, and another who was assessed upon real estate ; but that a separate list was kopt ��� �