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The Daily Dispatch: December 18, 1865., [Electronic resource] 2 0 Browse Search
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National Bank stock subject to taxation by State and municipal authorities.--Court of Appeals--September term. The City of Utica vs. G. Clarence Churchill et al.--The point in controversy in this action was, substantially, whether or not certain taxes imposed by the city of Utica upon the stockholders of the Second National Bank of Utica upon their several shares in said bank were legally imposed, and whether payment of the same could be legally enforced. The Court held unanimously (Judge Porter not sitting in the case) that the interest of the stockholders in the national banks organized under the act of Congress of June 3, 1864, are legally taxable for State and county and municipal purposes, pursuant to the laws of the State; that the objection that these moneyed institutions are instrumentalities of the General Government for the execution of its constitutional powers, and are exempt from State taxation upon the principle by which the late Bank of the United States was adju