M'Culloch v. Maryland · ¶77

, This opinion does not deprive the States of any resources which they originally possessed. It does not. extend to a tax paid by the real property of the bank, in common with the other real'property within the State, nor to a tax imposed on the interest which the citizens of Maryland may hold in this institution, in' common with other property of the same description throughout the State. But this is á tax on the operations of the bank, and is, consequently, a tax on the operation of an instrument employed by the government of the Union to carry its powers into execution. Such a tax must be unconstitutional.

U. S. Reports, bound volume
U. S. Reports, volume 17, at 316 (Library of Congress) · transcription: Caselaw Access Project
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