City Council of Augusta v. National Bank

Warner, Chief Justice.

This was a bill filed by the National Bank of Augusta and the Planters’ Loan and Savings Bank against the City Council of Augusta, praying for an injunction to restrain the defendants from collecting a tax levied on the shares of stock held and owned by the respective shareholders in the aforesaid banks, located in the city of Augusta, on the ground that the tax so levied was illegal, in this: that the shares of the respective stockholders in said banks were taxed one per cent., when bonds and notes and other moneyed capital, was only taxed one-fourth of one per cent.…