Clement National Bank v. Vermont
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF VERMONT. The facts, which involve the legality of a statute of Vermont imposing a tax on deposits in national banks, are stated in the opinion. The stipulation and the return formulated by the state officials show that in actual operation of the statute it was construed as a tax on the bank itself. The statute, being an attempt to tax national banks, is absolutely void.
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ERROR TO THE SUPREME COURT OF THE STATE OF VERMONT. The facts, which involve the legality of a statute of Vermont imposing a tax on deposits in national banks, are stated in the opinion. The stipulation and the return formulated by the state officials show that in actual operation of the statute it was construed as a tax on the bank itself. The statute, being an attempt to tax national banks, is absolutely void. Davis v. Elmira Savings Bank, 161 U. S. 275, 283; Bank v. New York, 121 U. S. 138; Bank v. Dearing, 91 U. S. 29; McCullough v. Maryland, 4 Wheat. 316; Osborn v. Bank, 9 Wheat. 738;…
1Opinion of the CourtJustice Hughes
The judgment under review awarded a recovery in favor of the State of Vermont against the plaintiff in error, The Clement . National Bank, upon an agreement which the bank had made pursuant to § 815 of Chapter 37 of the Public Statutes of Vermont entitled “Taxation of National Bank Deposits,” originally enacted as No. 41 of the Acts of 1906. The chapter is set forth in the margin. 1 The Federal questions relate to the validity, of the bank’s stipulation in view of the scheme of taxation which induced the making of it.
The plaintiff in error was organized under the Federal statutes and does…
2Cases cited21 opinions
- Bell's Gap Railroad v. PennsylvaniaSupreme Court of the United States · 1890
- National Bank v. CommonwealthSupreme Court of the United States · 1870
- Davis v. Elmira Savings BankSupreme Court of the United States · 1896
- Dollar Savings Bank v. United StatesSupreme Court of the United States · 1874
- Home Insurance v. New York StateSupreme Court of the United States · 1890
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3Cited by51 opinions
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- Standard Oil Co. v. BrodieSupreme Court of Arkansas · 1922
- Colorado National Bank of Denver v. BedfordSupreme Court of the United States · 1940
- Pierce Oil Corp. v. HopkinsSupreme Court of the United States · 1924
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