King v. City of Madison

Suit to enjoin the collection of taxes. Injunction refused. No question is made as to jurisdiction.

*49For -more than a year prior to October 1,1858, John King, a citizen of the city of Madison, Indiana, had been the owner of eighty shares of the capital stock of the Branch of the Bank of the State located in that city.

On October 1,1858, the Branch increased her capital stock, and King became the owner of forty shares of the new stock. The corporation of Madison assessed a city tax upon King's stock, which he owned prior to October 1, and the collector assessed a tax for the city upon the stock…