Hepburn v. The School Directors
Supreme Court of the United States
Error to the Supreme Court of Pennsylvania. The case was thus: An act of Congress of February 10th, 1868, relating to the taxation by States of shares in the National banks, thus enacts: * “ The legislature of each State may determine and direct the manner and place of taxing all the shares of National banks located within said State, subject to the restriction that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of…
Read the full summary
Error to the Supreme Court of Pennsylvania. The case was thus: An act of Congress of February 10th, 1868, relating to the taxation by States of shares in the National banks, thus enacts: * “ The legislature of each State may determine and direct the manner and place of taxing all the shares of National banks located within said State, subject to the restriction that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State.” An act of Assembly of Pennsylvania, of March 31st, 1870, with a view of giving effect to…
1Opinion of the Court
The CHIEF JUSTICE
delivered the opinion of the court.
The most important question presented by the assignment of errors is, whether shares of stock in a National bank can be valued for taxation by the State in which the bank is located, at an amount exceeding their par value. It is certain that they cannot be taxed at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of the State. Such is the express provision of the act of Congress.
It is contended that the term “ moneyed capital,” as here used, signifies money put out at interest, and that as such…
2Cited by48 opinions
- Mercantile Bank v. New YorkSupreme Court of the United States · 1887
- Des Moines National Bank v. FairweatherSupreme Court of the United States · 1923
- Aberdeen Bank v. Chehalis CountySupreme Court of the United States · 1897
- Palmer v. McMahonSupreme Court of the United States · 1890
- Boyer v. BoyerSupreme Court of the United States · 1885
43 more not listed; retrieve them via the Exa API.