Court : US Supreme Court
Decided on : Jun-02-1902
..... 186 u. s. 234 bank v. new york. that which was in the mind of the legislature was evidently equality in respect to interest and usury. t he doctrine that legislative recognition is equivalent to legislative grant is not pertinent. in order to come within the scope of that doctrine, there should ..... cannot be considered as an assent by the state to such an improper assumption of power. it is not to be assumed that the state is acting in bad faith; that it has so legislated that, upon the face of the statutes a uniform rate of taxation upon all moneyed capital is provided ..... c. 689, laws 1892), and which in terms authorizes trust companies: "11. to exercise the powers conferred on individual banks and bankers by section 55 of this act, subject to the restrictions contained in said section." section 55, referred to, provides: "every bank and individual banker doing business in this state may take, receive, ..... institutions or page 186 u. s. 232 individuals carrying on a similar business and operations and investments of a like character. the language of the act of congress is to be read in the light of this policy." the laws of new york in reference to taxation of the shares of stock ..... , or purchase paper, but had simply the thought of giving equality in the matter of interest and usury, that it is inadmissible to hold that thereby an additional power, either of loan or discount or purchase, was given to trust companies. the other change in the legislation referred to is found in section .....Tag this Judgment!