Court : US Supreme Court
Decided on : Jan-01-1865
Bank for Savings v. The Collector - 70 U.S. 495 (1865) U.S. Supreme Court Bank for Savings v. The Collector, 70 U.S. 3 Wall. 495 495 (1865) Bank for Savings v. The Collector 70 U.S. (3 Wall.) 495 CERTIFICATE OF DIVISION OF OPINION OF THE JUDGES OF THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK Syllabus 1. Savings banks which receive deposits and lend the same for the benefit of their depositors, although they may have no capital stock and neither make discounts nor issue any money for circulation, are "engaged in the business of banking" within the meaning of the first clause of the 110th section of the Revenue Act of 30 June, 1864, which enacts that "There shall be levied, collected, and paid a duty of 1/24 of 1 percent each month upon the average amount of the deposits of money . . . . . with any person, bank, association, corporation, or company engaged in the business of banking. " 2. On the repeal of the proviso to that section which de...
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