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Veazie Bank v. Fenno


VEAZIE BANK V. FENNO, 75 U.S. (8 Wallace) 533 (1869). In 1866 Congress imposed a 10 percent tax on the notes issued by state banks in order to drive the notes out of circulation. In 1869 the Supreme Court, in Veazie Bank v. Fenno, upheld the constitutionality of the enactment on the ground that this destructive use of the taxing power was for an object clearly within the constitutional powers of Congress—the power to regulate the currency of the nation.


Bensel, Richard Franklin. Yankee Leviathan: The Origins of Central State Authority in America, 1859–1877. New York: Cambridge University Press, 1990.

W. A.Robinson/a. r.

See alsoBanking: State Banks ; Legal Tender ; Money ; Reconstruction ; Taxation .

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