Home Insurance v. New York State
Supreme Court of the United States
ERROR TO THE SUPREME COURT OE THE STATE OF HEW YORK. This case was first beard at October term, 1886. On the 15th of November, 18S6, it was affirmed by a divided.court, and was reported in 119 U. S. 129, to which reference is made for the reporter’s statement of the case at that hearing, including the text of the New York statute and the agreed case.
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ERROR TO THE SUPREME COURT OE THE STATE OF HEW YORK. This case was first beard at October term, 1886. On the 15th of November, 18S6, it was affirmed by a divided.court, and was reported in 119 U. S. 129, to which reference is made for the reporter’s statement of the case at that hearing, including the text of the New York statute and the agreed case. On the 7th of February, 1887, on motion of the counsel for the plaintiff in error, that judgment was rescinded and annulled,' ,and the cause restored to its place on the docket, to be heard by a full bench. 122 U. S. 636. "With its present…
1Opinion of the Court
Me. Justice Field,
after stating the' case, .delivered the opinion of the court.
The-contention of the plaintiff in error is that the .tax in question was levied upon its capital stock, and therefore invalid so far as the bonds of the United States constitute a part of that stock. If .that contention were well founded there would be no question as to the invalidity of - the tax. *598That the bonds or obligations of the United States for the payment of money cannot be the subject of taxation by a State is familiar law settled by numerous adjudications of this court. It is a tax upon the exercise of…
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