Bank of the State of Indiana v. City of New Albany

This was an application for an injunction to restrain the city of New Albany from collecting a tax levied by that corporation upon the capital stock of the *140branch of the bank therein located. The injunction was and the complaint dismissed upon demurrer. The tax was held legal.

The existing constitution of Indiana authorizes the legisiature t0 charter a bank with branches. Art. 11, § 4.. Under this authority, the legislature did charter a bank, one of the sections of the charter of which reads thus:

“ Sec. 15. The capital stock of said bank shall be subject to the same rate of taxation for state…