Every person, resident or nonresident, whether corporate or otherwise, and the agent of such nonresident, having capital employed in any kind of trade or business or owning securities or other intangible property subject to taxation under the laws of the state, shall be taxable for the same in the county in which such person may reside, or have a place of business, or be temporarily located at the time of the assessment. If any such person fail or refuse to give in such property on oath, or if the assessor have cause to believe that such person has not rendered a true account of all such property, he shall assess to the person such amount as he shall have reason to believe correct, according to the best information he can procure; and he shall forward to the party or his agent, in writing, a notification of the assessment having been made. The assessor is authorized to address written interrogatories to any agent or any nonresident, or to any other person, for the purpose of obtaining such information, and to require written answers thereof on oath, which oath the assessor is authorized to administer. If any person, being so interrogated, shall refuse to answer the interrogatories, on oath, within a reasonable time, he shall be liable to pay the sum of Five Hundred Dollars ($500.00), to be recovered by action in the name of the county for the use of the county; and it shall be the duty of the assessor to cause such suit to be brought.