30 A. 345 | N.H. | 1893
State taxation of national bank shares is permitted, subject to the restriction that it shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of the same state. U.S. Rev. Sts., s. 5219. For taxable purposes Downing's national bank stock is to be treated as money on hand or at interest; and if he had been a resident of this state, the excess only of the par value of the stock over his interest-bearing indebtedness would have been taxable (Weston v. Manchester,
Downing, however, cannot avail himself of the defence that his bank stock was not taxable, or that the tax is excessive. The assessment being in the nature of a judgment cannot be impeached collaterally in this proceeding. His remedy was by an application to the selectmen for an abatement, and, in case of their refusal to abate, by petition seasonably made to the supreme court to abate the tax. On the appeal a hearing could be had and any error in the assessment corrected. Edes v. Boardman,
Case discharged.
SMITH, J., did not sit: the others concurred. *443