Rufus Wheeler Peckham

“ In looking at the statutory definition of the term 'credits,' we find that so far from its including all legal claims and demands of every conceivable kind, except investments in bonds of the classes described in section 2730, and investments in stocks, it does not include any claim or demand for deposits which the person owning, holding in trust, or having the beneficial interest therein is entitled to withdraw in money on demand, nor the surplus or undivided profits held by societies for savings or banks having no capital stock, nor bank notes of solvent banks in actual possession ”

“ It is impossible to tell, from anything appearing in the record, what proportion of the whole sum of credits consists of moneyed capital, within the meaning of the federal act. We know that claims for labor or services do not consist of that kind of capital. We also know that there are probably large amounts of other forms of property which might enter into the class of credits as defined in the act which would not be moneyed capital, within the meaning of the act of congress, as that meaning has been defined by this court in the cases above cited. ”

“ It cannot be reached in any system of taxation, and it is useless and idle to attempt it. Equality, so far as the differing facts will permit, and as near as they will permit, is all that can be aimed at or reached. That measure of equality, we think, is reached under this system. So far as this point is concerned, it is entirely plain there is no discrimination between unincorporated banks and bankers, on the one hand, and holders of shares in national banks, on the other. ”

“ If the value of national bank shares is increased by reason of the franchises of the bank itself, as claimed by the plaintiff in error, while no such added value obtains in the case of unincorporated banks, there is no discrimination against bank shareholders on that account. ”

“ An examination of the statutes of Ohio in regard to taxation shows that debts can only be deducted from credits, and how much of credits is moneyed capital is unknown. The case is not authority adverse to the principle we now hold. ”

“ We do not think it is a document of which we can take judicial notice, or that we could refer to any statement or alleged fact contained therein, unless such fact were embraced in the finding of facts of the trial court, upon which we must decide this case. ”