George Shiras, Jr.

“ The general purpose of the statute undoubtedly was to confer upon the creditors of the bank a right to resort to the individual liability of the shareholders to the extent, if necessary, of the amount of their stock therein, and it would be a singular construction of law that would empower the Comptroller, by making an inadequate assessment, to relieve the shareholders, upon paying such assessment, from their entire liability. ”

“ If the stockholders' liability is fixed once for all by the first assessment of the Comptroller, the legal remedy for the collection of a 10 per cent assessment is as full, adequate, and complete as it is for the collection of the 100 per cent assessment. The reason why, when the assessment is for the 100 per cent, the proceeding must be at law, and when for a less amount it may be in equity, is obvious. When the full amount is assessed there can be but one suit against each stockholder. He is suable for his full liability at once, and there is no reason for equitable jurisdiction. ”

“ The single question for our determination is whether the Comptroller of the Currency, acting under the national banking laws, can validly make more than one assessment upon the shareholders of an insolvent national banking association. ”