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Reports of Cases Argued and Determined in the Supreme Court of Tennessee [1818-1837] (Volume 9): (English)

Reports of Cases Argued and Determined in the Supreme Court of Tennessee [1818-1837] (Volume 9): (English)

          
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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1836. Excerpt: ... Union Bank v The State. so universally admitted, that argument upon it would be a a--nua.. r December, 1836 waste of time. But it is said, that if the use of the capital stock of the institution be necessary to an.enjoyment of the privileges granted, so is a banking house, and the process of reasoning which exempts the one from taxation, would also exempt the other, which is not contracted for on the part of the bank. To this it is answered, that a banking house has no immediate connection with the privileges granted by the State to the Bank, and is only incidentally necessary to their enjoyment, and therefore cannot be assimilated to the capital stock, the use of which, according to the powers granted by the charter, is in our opinion the substance of the contract with the state, and for which the consideration of half of one per cent was paid. This construction of the contract is strengthened by the wording of the llth sec. of the charter. If it had been intended to pay only for a naked privilege, without the use of the means for enjoying it, it would seem that a definite sum in gross would have been specified, but instead of this, the consideration is expressed to be one half of one per cent, on the amount of capiral stock paid in, under the idea, as we think, that so soon as it was paid in, it would be used for banking purposes, and having thus become profitable to the institution, it was designed that it should pay a portion of the profits to the state. This shews that the tax, consideration, bonus, or by whatever other name it may be called, of half of one per cent was for, and in consideration of the use of the capital as provided for in the charter, and not for a naked right, an ideal nonentity, which we apprehend no one ever thought of purchasin...


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Product Details
  • ISBN-13: 9781153981750
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 204
  • Series Title: English
  • Weight: 372 gr
  • ISBN-10: 1153981750
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Spine Width: 11 mm
  • Width: 189 mm


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