Mercantile Bank v. Tennessee Ex Rel. Memphis
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF TENNESSEE. This also was a bill filed by' the State of Tennessee against the Mercantile Bank for the purpose of collecting taxes alleged to be due plaintiff below under the statutes of that State.
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ERROR TO THE SUPREME COURT OF THE STATE OF TENNESSEE. This also was a bill filed by' the State of Tennessee against the Mercantile Bank for the purpose of collecting taxes alleged to be due plaintiff below under the statutes of that State. The bill alleged that the legislature of Tennessee, by an act passed February 29, 1856, incorporated the Gayoso Savings Institution, and by the third section of the act it was provided that the institution should “ pay to the State an annual tax of one half of one per cent on each share of the capital stock, which shall be in lieu of all other taxes.” The…
1Opinion of the CourtJustice Peckham
By the original charter granted to the Gayoso Savings Institution in 1856, under which an organization was effected and the institution did business for many years, an exemption was granted to it similar to that granted in the case of the Bank of Commerce, just decided, ante, 134. That exemption was applicable to the shareholders upon their shares of stock, and did not apply to- the capital stock of the institution. The shareholders in this case have been assessed at a greater rate than is permitted by the third section of the charter in question, and the assessment would, therefore, be void…
2Cases cited4 opinions
- Memphis & Little Rock Railroad v. Railroad CommissionersSupreme Court of the United States · 1884
- Morgan v. LouisianaSupreme Court of the United States · 1876
- Louisville & Nashville Railroad v. PalmesSupreme Court of the United States · 1883
- Wilson v. GainesSupreme Court of the United States · 1881
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- Schock, Okmulgee County Treasurer v. SweetSupreme Court of Oklahoma · 1914