In the case of Des Moines National Bank v. Fairweather, Mayor; et al., 1923, the U.S Supreme Court was asked to determine whether a city ordinance that imposed an annual license tax on banks and other financial institutions violated the Fourteenth Amendment's Equal Protection Clause. The Des Moines National Bank argued that it was discriminatory because similar taxes were not levied against other types of businesses in the city. However, after considering all arguments presented before them, including those from both sides as well as amicus curiae briefs submitted by interested parties such as banking associations and municipal organizations nationwide, the court ultimately ruled in favor of Fairweather and upheld the validity of this local law. They concluded that there was no violation since cities have broad discretion when deciding how to levy taxes for revenue purposes within their jurisdictions.

The dissenting opinion in the case of Des Moines National Bank v. Fairweather, Mayor; et al., argued that the majority's decision to uphold a tax imposed by the city of Des Moines on banks was incorrect. The dissent contended that this tax violated both state and federal law because it discriminated against national banks in favor of other moneyed capital within the city limits. They believed that such discrimination was prohibited under Section 5219 of Revised Statutes, which stipulates equal taxation for all types of moneyed capital coming under jurisdiction of State authority. Furthermore, they asserted that even if there were no explicit prohibition against such discriminatory taxes in either state or federal law, principles inherent to American constitutionalism would still render them invalid due to their unjust nature.