Louis Brandeis

“ We cannot, on these findings of fact, say, as matter of law, that all the capital of the Fidelity Company was used in the banking business; nor can we say that at least the amount upon which the tax was assessed (which in no year was as much as one-half the company's capital) was so used. Capital may be employed in banking although it is not used strictly as working capital and none of it is used in making loans or directly in other banking transactions. Money of a banker held in the vault or with depositaries as a reserve is employed in banking as much as money loaned to customers. ”

“ If a company is engaged exclusively in banking, all of its capital, however invested, may reasonably be held to be capital employed in banking without enquiry into the particular use to which it is put. ”

“ Statutes are common by which foreign corporations are taxed upon the amount of their capital employed within the taxing state. Would it be contended that all the capital of the foreign corporation was taxable in each such state, because all of its capital is conceivably available for use in each and all is liable for debts incurred in each? ”