Coite v. Society for Savings
Supreme Court of Connecticut
Amicable submission to the superior court, upon an agreed statement of facts. The defendant is a savings bank, incorporated with the usual powers and duties of savings banks, and located in the city of Hartford. On the 1st day of July, 1863, it had in deposit the sum of $4,758,273.37, of which the sum of $500,161 was then invested in securities of the government of the United States, which are declared by act of Congress to be exempt from taxation.
Read the full summary
Amicable submission to the superior court, upon an agreed statement of facts. The defendant is a savings bank, incorporated with the usual powers and duties of savings banks, and located in the city of Hartford. On the 1st day of July, 1863, it had in deposit the sum of $4,758,273.37, of which the sum of $500,161 was then invested in securities of the government of the United States, which are declared by act of Congress to be exempt from taxation. An act passed by the legislature of this state in May, 1862, provided as follows:—“ The treasurers of the several savings banks, societies for…
1Opinion of the CourtMcCurdy, J.
This case is of more than ordinary importance, both from the amount of the interests at stake and the nature of the principles involved. Savings institutions have ever been favorites of the public and of legislative bodies. Immense sums are entrusted to their keeping. Great care should therefore be exercised to prevent injuring their undoubted rights. Very great care should also be observed, especially at the present time, not to lessen, however slightly, the ability of the nation to obtain by its credit the means to sustain its life.
On the other hand, no portion of the community should be…
2Cases cited8 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Brown v. MarylandSupreme Court of the United States · 1827
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
- New York Ex Rel. Bank of Commerce v. Commissioners of TaxesSupreme Court of the United States · 1863
- Bank of Utica v. City of UticaNew York Court of Chancery · 1834
3 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Plummer v. ColerSupreme Court of the United States · 1900
- Youngblood v. SextonMichigan Supreme Court · 1875
- Chicago & Northwestern Railway Co. v. StateWisconsin Supreme Court · 1906
- Murdock v. WardSupreme Court of the United States · 1900
- Mitchell v. BeckmanCalifornia Supreme Court · 1883
24 more not listed; retrieve them via the Exa API.