HIBERNIA SAVINGS SOCIETY v. SAN FRANCISCO

MR. JUSTICE BROWN, after making the foregoing statement, delivered the opinion of the court.

This case involves the question whether the two checks or orders upon which the tax was imposed are exempt from state taxation under Rev. Stat. § 3701, declaring that "all stocks, bonds, treasury notes, and other obligations of the United States, shall be exempt from taxation by or under state or municipal or local authority...