Supreme Court of the United States
Amoskeag Savings Bank v. Purdy
December 1, 1913231 U.S. 373
Summary
The Court held that New York's tax scheme for shares of national banks does not violate § 5219 of the Revised Statutes because it imposes a flat one‑percent tax on the banks' book value and does not result in a greater rate than that imposed on other moneyed capital. The plaintiff failed to demonstrate any discriminatory burden, so the judgment of the New York courts was affirmed.
Holding
- Whether the New York tax on national bank shares violates § 5219 Rev. Stat.. The tax scheme does not violate § 5219 because the one‑percent flat rate on book value is not greater than the rate imposed on other moneyed capital, and the plaintiff failed to show discriminatory burden.
- Whether the deduction of debts authorized for other personal property applies to bank shares. The deduction of just debts does not apply to the valuation of national bank shares; the tax may be imposed without such deduction.
Docket 6