[DOWNLOAD] "Cary, Collector v. the Savings Union" by United States Supreme Court * Book PDF Kindle ePub Free
eBook details
- Title: Cary, Collector v. the Savings Union
- Author : United States Supreme Court
- Release Date : January 01, 1874
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
Mr. C. H. Hill, Assistant Attorney-General, for the plaintiff in error, distinguished the case of such a savings bank as this one was, from that of savings banks–such as he said there are many of–which simply take money from depositors, agreeing to pay to them a fixed rate of interest per annum; a rate for which the corporation is bound, no matter how little gain it may itself make; and for no more than which it is bound, however great its own gains may be; any surplus above the interest agreed to be paid to depositor, not belonging to him but to the corporation. Mr. H. J. Tilden, contra, argued that what the depositor got here was really the interest which was paid by borrowers on money put by him into the bank, and that calling that interest a 'dividend' did not less make it 'interest.' A distinction is expressly recognized in the act of Congress between interest and dividends, and the Circuit Court decided that the payments to the depositors were for dividends. The question is whether this decision was correct.
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