People ex rel. Bank of the Commonwealth v. Commissioners of Assessments & Taxes
New York Supreme Court
THE Bank of the Commonwealth, the relator in this case, is a hanking association in the city of Hew York, formed under the act to authorize the business of banking, passed April 18th, 1838. Its capital stock actually paid in amounts to $750,000, of which the sum of $188,834.84 is invested in real estate occupied as a banking house, &c. which sum being deducted from said capital leaves a balance of $561,165.16: Of this balance the sum of $103,000 has been invested by the bank…
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THE Bank of the Commonwealth, the relator in this case, is a hanking association in the city of Hew York, formed under the act to authorize the business of banking, passed April 18th, 1838. Its capital stock actually paid in amounts to $750,000, of which the sum of $188,834.84 is invested in real estate occupied as a banking house, &c. which sum being deducted from said capital leaves a balance of $561,165.16: Of this balance the sum of $103,000 has been invested by the bank in United States stocks of the loan of 1858, which stocks and the certificates therefor it now owns and holds, and the…
1Opinion of the Court
By the Court,
Bonney, J.
The question to be determined in this case is of very great importance, and should receive a more deliberate and careful examination than the press of business in this court will permit us now to give to it. The case, however, will undoubtedly be carried to the court of last resort, for final adjudication, and I have therefore less hesitation in stating the conclusion at which, upon brief consideration, I have arrived.
The decision of the case, in my opinion, depends entirely upon the construction to be given to the statutes concerning the assessment of taxes on…
2Cases cited2 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- International Life Assurance Society v. CommissionersNew York Supreme Court · 1858
3Cited by4 opinions
- People ex rel. Bank of Commerce v. Commissioners of Taxes & AssessmentsNew York Supreme Court · 1863
- City of Madison v. WhitneyIndiana Supreme Court · 1863
- People ex rel. Broadway & Seventh Avenue Railroad v. Commissioners of Taxes & AssessmentsNew York Supreme Court · 1873
- People ex rel. Broadway v. Commissioners of TaxesNew York Supreme Court · 1873