United States Supreme Court Cases & Opinions

U.S. Supreme Court

Pelton v. National Bank, 101 U.S. 143 (1879)

Pelton v. National Bank

101 U.S. 143

Syllabus

1. Although, for purposes of taxation the statutes of a state provide for the valuation of all moneyed capital, including shares of the national banks, at its true cash value, the systematic and intentional valuation of all other moneyed capital by the taxing officers far below its true value, while those shares are assessed at their full value, is a violation of the act of Congress which prescribes the rule by which they shall be taxed by state authority.

2. In such case, on the payment or the tender of the sum which such shares ought to pay under the rule established by that act, a court of equity will enjoin the state authorities from collecting the remainder.

The facts are stated in the opinion of the Court.

Page 101 U. S. 144