In the case of Deposit Bank of Owensboro v. Daviess County, 1898, the U.S Supreme Court ruled in favor of Daviess County. The dispute arose when a Kentucky law was enacted that required banks to pay taxes on their shareholders' shares and also allowed counties to tax those same shares as personal property. The Deposit Bank of Owensboro argued this constituted double taxation and violated both state and federal constitutions. However, the court held that it did not amount to double taxation because each tax was levied by different entities for different purposes - one by the state for revenue generation and another by county authorities as per local regulations governing personal property ownership.

In the dissenting opinion for the case of Deposit Bank of Owensboro v. Daviess County, it was argued that a county should not be held liable for taxes on bonds that were issued unlawfully. The dissenting justices contended that since the bonds in question were issued without proper authority and thus invalid, they could not be considered property subject to taxation under Kentucky law. They further asserted that even if these bonds could somehow be deemed taxable property despite their illegality, such tax liability would fall upon those who illegally issued them rather than innocent third parties like Daviess County. Therefore, according to this view, holding Daviess County responsible for paying taxes on these unlawful bonds is unjust and contrary to established legal principles.