Monroe Savings Bank v. . City of Rochester

It is settled by the decisions of the Supreme Court of the United States, that the State legislature has no power to impose a tax upon the bonds or securities mentioned in the foregoing statement, issued as a means of borrowing money upon the credit of the United States, whether such bonds and securities are held by individuals or corporations; and it is agreed in such statement that they are "exempt from assessment by the laws of congress."

It is a necessary result that such exemption cannot be evaded by any mere change of form or name in the law by which the tax is imposed. If, in fact, the…