Stanley Forman Reed

“ The person liable for the tax, primarily, cannot always be said to be the real taxpayer. The taxpayer is the person ultimately liable for the tax itself. [31] The funds which were received by the State came from the assets of the user, not from those of the federal instrumentality, the bank. [32] The Colorado Supreme Court holds the user is the taxpayer. ”

“ Congress has not legislated against taxation of the cusomers of national banks. This court has approved a tax assessed upon the deposits of customers of national banks. [27] By section 6 of the Colorado act the 'person rendering or performing services shall be liable' for the payment of the tax imposed. But as subsection (b) of that same section requires the tax paid to be added to the charges for service 'as a separate and distinct item' and makes it a debt from the user of the services until paid, the tax is upon the user of the safe deposit boxes, not upon the bank. ”

“ Though the national banks' usefulness as an agency to provide for currency has diminished markedly, their importance as general bankers shows a constant growth. [15] We may assume that national banks possess only the powers conferred by Congress. ”