Note 100 — Chapter IV · THE LAW OF TAXATION

Bank of Commerce v. New York City, 2 Black, 620 (1862) quoting from McCulloch v. Maryland, 4 Wheaton, 431 (1819). The principle is laid down in the decision that “the sovereignty of a State extends to everything which exists by its own authority, or is introduced by its permission; but it does not extend to these means which are employed by Congress to carry into execution powers conferred on that body by the people of the United States.” Id. 429.