The Central Union Trust Company of New York v. Anderson County, Texas et al., 1924 was a case that revolved around the issue of taxation on bonds issued by a county in Texas. The Supreme Court ruled in favor of Central Union Trust Company, stating that under the Fourteenth Amendment's due process clause, it is unconstitutional for states to tax out-of-state bondholders differently than those within their jurisdiction. In this particular case, Anderson County had imposed higher taxes on bonds held by non-residents (Central Union Trust being based in New York), which was deemed discriminatory and thus unlawful. This ruling established an important precedent concerning interstate commerce and equal protection rights under U.S law.

In the dissenting opinion for Central Union Trust Company of New York v. Anderson County, Texas et al., Justice McReynolds disagreed with the majority's decision to uphold a tax assessment on bonds held by an out-of-state company. He argued that this violated the Due Process Clause of the Fourteenth Amendment because it imposed a burden on interstate commerce and infringed upon federal jurisdiction over such matters. The justice contended that states should not have authority to levy taxes on property located outside their borders or transactions occurring entirely in other jurisdictions, as he believed this would lead to double taxation and hinder economic activity across state lines. Furthermore, he expressed concern about potential abuse of power if states were allowed unchecked discretion in taxing non-residents' assets without regard for where those assets are situated or how they're used.