Schallenberger v. First State Bank of Holstein
Supreme Court of the United States
APPEAL PROM THE CIRCUIT COURT OP THE UNITED STATES POR THE DISTRICT OP NEBRASKA. The facts, which involve the constitutionality of the banking act of Nebraská, creating a depositors’ guaranty fund, are stated in the opinion. Banking is a proper subject of legislative control. State ex rel.
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APPEAL PROM THE CIRCUIT COURT OP THE UNITED STATES POR THE DISTRICT OP NEBRASKA. The facts, which involve the constitutionality of the banking act of Nebraská, creating a depositors’ guaranty fund, are stated in the opinion. Banking is a proper subject of legislative control. State ex rel. Woodmansee, 1 N. Dak. 245; Morse on Banking, 1; People v. Barton, 6 Cow. 290; People v. Insurance Co., 15 Johns. 358; People v. Brewster, 4 Wend. 498; Nance v. Hemphill, 1 Alabama, 551; Austin v. State, 10 Missouri, 591. It is not incompetent for the legislature to restrict the right to engage in banking to…
1Opinion of the CourtJustice Holmes
This is a suit by many banks to prevent the Banking Board of Nebraska from carrying out and enforcing an act similar to the Oklahoma statute just passed upon. It forbids banking except by a corporation formed under the act and provides for a guaranty fund. The Circuit Court held the statute unconstitutional and issued an injunction against the enforcement of it. 172 Fed. Rep. 999. For the reasons given in the foregoing case the decree of the Circuit Court'must be reversed.
Decree reversed.
2Cited by44 opinions
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- State ex rel. Dybdal v. State Securities CommissionSupreme Court of Minnesota · 1920
- United States v. Thomas F. Stockheimer, Leonard A. Peth, Harry Days and Mark Van DykeCourt of Appeals for the Seventh Circuit · 1998
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