O.B. Latham et al. v. United States was a Supreme Court case that addressed the issue of whether the United States government had the right to tax the income of a state-chartered bank. The case was brought by O.B. Latham and other shareholders of the Bank of the State of Arkansas, who argued that the federal government did not have the authority to tax the bank's income. The Supreme Court ruled in favor of the United States, holding that the federal government had the power to tax the income of a state-chartered bank. The Court reasoned that the power to tax was an inherent power of the federal government, and that the power to tax was necessary to the proper functioning of the government. The Court also held that the power to tax was not limited to the federal government, and that the states had the power to tax as well. The decision in this case established the principle that the federal government has the power to tax the income of state-chartered banks.

In O.B. Latham et al v United States, the Supreme Court was asked to decide whether a tax imposed by Congress on distilled spirits was unconstitutional as it violated the Fifth Amendment's prohibition against taking private property for public use without just compensation. The majority opinion held that the tax did not violate this clause because it was an exercise of Congress' power to lay and collect taxes, which is expressly granted in Article I of the Constitution. However, Justice Field dissented from this decision arguing that while Congress has broad powers when it comes to taxation, they are still limited by other provisions in the Constitution such as those found in Amendments 5 and 14 which protect citizens from having their property taken away without due process or just compensation. He argued that since this particular tax had no relation to any legitimate purpose of government but rather served only as a means for raising revenue then its imposition constituted an illegal taking under these constitutional protections and should be struck down accordingly.