People ex rel. Bank of the Commonwealth v. Commissioners of Taxes & Assessments
New York Court of Appeals
Appeal from a judgment of the Supreme Court. That court, upon the application of the Bank of the Commonwealth, awarded a certiorari to the commissioners of assessments and taxes of the city and county of New York, for the purpose of reviewing their proceedings in assessing that corporation, in the year 1859.- It appeared from the admissions in the return of the commissioners, that the Bank of the Commonwealth was a banking association organized under the general banking law,…
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Appeal from a judgment of the Supreme Court. That court, upon the application of the Bank of the Commonwealth, awarded a certiorari to the commissioners of assessments and taxes of the city and county of New York, for the purpose of reviewing their proceedings in assessing that corporation, in the year 1859.- It appeared from the admissions in the return of the commissioners, that the Bank of the Commonwealth was a banking association organized under the general banking law, with a capital actually paid in of $750,000, out of which it had paid $188,834.84 for real estate consisting of its…
1Opinion of the CourtDenio, J.
This case has been argued upon the assumption that the funded debt of the United States in the form of stock, is, by the Constitution, absolutely exempt from taxation by the state governments. Hence, the position mainly argued by the counsel for the city of Hew York, was that the existing law for the assessment and taxation of corporations, of the class to which the appellant belongs, looks to the capital stock of the corporations paid in, or secured to be paid in, as the subject of taxation, irrespective of the manner in which it has been, in vested. Consistently with this position it is…
2Cases cited5 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Osborn v. Bank of United StatesSupreme Court of the United States · 1824
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
- Oswego Starch Factory v. . DollowayNew York Court of Appeals · 1860
- Bank of Utica v. City of UticaNew York Court of Chancery · 1834
3Cited by4 opinions
- Krumm v. . BeachNew York Court of Appeals · 1884
- Robinson v. PhillipsNew York Supreme Court · 1873
- Mitchell v. Metropolitan Elevated Railway Co.New York Supreme Court · 1890
- Buchanan v. AshdownNew York Supreme Court · 1893