The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-04-17
UNITED STATES SUPREME COURT.

The following is the DAY calendar Tor Monday,
April 19-Nos. 202, FOG. 2J7, POS, 20e % 2I0. 2Il.
UNITED STATES SUPREME COURT.
WASHINGTON, April 10, 1876.
The following is the full opinion as delivered by
Associate Justice Field In the supreme Court in
the capital tax cases:-
plaintiff n error, vs.. Luther T. CLARK, Jonn ID.
Maxwell. David Crawford, Jr., George Q. Clark
and H. +. Dodge-ln error TO the Circuit Court
OF the United States Tor Inc Southern District OF
New YORK.
piaintIf In error, VS.. Frank Work and George
Wood-ln error to the Circuit Court OF the
United states Tor the southern District OF New
me term capital employed by a banker in
tue business OF banking 10 the 10th secuon OF
moneys borrowed oy MIN from time TO time tenn
porarly 10 the ordinary course OF his business.
Ii apples only 10 the property or moneys OF tue
bankers set apart itom other other uses and per-
manently invested ia the business. Mr.. Justice
FIELD delivered the opinion OF the Court
s aSs S ~ q
al Large 1871 enacts mat there sna be LEVIED, col
cent Sna month sock 0os
bank the eapsa smpoysd By SaS person.
an average Hs amount invested IL und ss ySn1
And the sevsnty-ninih section q The same act as
bank aud person, nrm or company havnx place
Of business where sfeds are opened oy te DEPOSIT or
RENTED upon draft chec or order; or where money
Is advanced Or loaned on stock & bonds. bullion,
pills OF exchange or promssory notes: or where
stocks e9sa r ou reesyeS i or % q proE
shall be regarded as bank Or as baker, ~ tat
piainuGs were tanKers within The meaning Of this
Inc name 81 CLARK Dodge Co ana Al various tines,
between the 10 o April lsl1 and the st o. February,
sessor o. Internal revenue or the district Of the
az Ne, o. s nae moe deeoeS Win Rem by
their customers The Assessor required more than this
nnorr,lv IN Ne ordinary course on their Business
terIped Sd al holr capital employed IN the business
bankng aud were subject 20 the tax imposed apon
tax upon the .ever4l iunts thus borrowed within
thc mentioned as part Of the capital o. the com
The defendan VA. INC time Collector Of Internal
payment the taxes thus assessed amounting TO over
The plaintiffs protested at the time against the
legal ~ o. the assessment ana appealed from the decs
enue. Failing 10 obAin any rescssion q the assess
ment restu lou % the moneys paid. they broughtthe
lie action was tried b. Court without the
vs. have stated but Win greater ~ Ines 81 detail and
nel that the moneys thus Temporarily borrowed
panaas The ordinary course q their business was
banKng aud was not nereiore liable % assessment nj a.
Jon - the Lax Wa therefore y ega an
The Lenv. accoraiRsy gsVs ,or US pihimias
A. appears IRON this statement q the the only
ques8n ur dete rmnation relates 70 the meaning
given The capt Al m the lith section q he rev.
enue act the not there used In any technical
sense but ~ Is natural and ordinary slgntlca ion.
poratons AM ASSOCIATIONS when subject the
question When used with respect % ne prop.
a corporation ASSOCIATION the term
has a settled meaning i applies only % tho property
ba ior the business or enterprise Tor which the
poratlon Or ASSOCIATION was formed As q them. ne
the moneys borrowed be- difecuy appropriated
ased with respect . he properly Of indi-
yldualS in any particular business the term
haG 4uhs The imp0ri /