We held that the power to tax intangibles was not restricted
to one  State whether  "we regard  the right of a state to tax as
founded on  power over  the object  taxed, as  declared by  Chief
Justice Marshall in McCulloch v. Maryland, 4 Wheat. (U.S.) 316, 4
L.Ed 579,  supra, through dominion over tangibles or over persons
whose relationships  are the source of  intangible rights;  or on
the benefit  and protection  conferred by the taxing sovereignty,
or both.   Id.  307 U.S.  pp. 367,  368, 83  L.Ed. 1347, 1348, 59
S.Ct. 900, 123 ALR 162.

                   [Tax Commission v. Aldrich, 316 U.S. 174, 178]
                                     [86 L.Ed. 1358, 1369 (1941)]


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Tax Commission v. Aldrich