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  ...presumed to be subject to the legislative power of the State; from which it follows that immunities conferred by charter are to be treated as exceptions to an otherwise controlling rule. This principle was recognized by Chief Justice Marshall in the case of Providence Bank _v._ Billings,[1656] in which he held that in the absence of express stipulation or reasonable implication to the contrary in its charter, the bank was subject to the taxing power of the State, notwithstanding that The power to tax is the power to destroy.  
Corporations and the Police Power.--And of course the same principle is equally applicable to the exercise by the State of its police powers. Thus, in what was perhaps the leading case before the Civil War, the Supreme Court of Vermont held that the legislature of that State had the right, in furtherance of the public safety, to require chartered companies operating railways to fence in their tracks and provide cattle yards. In a matter of this nature, said the Court, corporations are...   Marshall, John

Source: This quotation comes from the words of DANIEL WEBSTER and those of JOHN MARSHALL in the Supreme Court case, McCulloch v. Maryland.Webster, in arguing the case, said: An unlimited power to tax involves, necessarily, a power to destroy, 17 U.S. 327 .In his decision, Chief Justice Marshall said: That the power of taxing it [the bank] by the States may be exercised so as to destroy it, is too obvious to be denied , and That the power to tax involves the power to destroy [is] not to be denied . · Excerpt from The Constitution of the United States of America: Analysis and Interpretation Annotations of Cases Decided by the Supreme Court of the United States to June 30, 1952 · This quote is about taxes and taxation · Search on Google Books to find all references and sources for this quotation.

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