In the case of Western Cartridge Company v. Emmerson, Secretary of State of Illinois (1929), the Supreme Court ruled in favor of Western Cartridge Company. The company had challenged an Illinois law that imposed a tax on corporations based on their capital stock value, arguing it was unconstitutional as it violated both due process and equal protection clauses under the Fourteenth Amendment. The court held that while states have broad powers to levy taxes, they must not be arbitrary or discriminatory. In this instance, the court found that taxing companies based solely on their capital stock value without considering debts and liabilities did not accurately reflect a corporation's ability to pay such tax; hence it was deemed unfair and unconstitutional.

In the dissenting opinion for Western Cartridge Company v. Emmerson, it was argued that the Illinois law requiring a license to manufacture and sell small arms ammunition was unconstitutional. The justice believed that this law violated both the Commerce Clause and Second Amendment rights of U.S citizens. He contended that by imposing such restrictions on manufacturers, interstate commerce would be unduly burdened as these companies were significant contributors to national trade in firearms and ammunition. Furthermore, he asserted that this legislation infringed upon an individual's right to bear arms by making it more difficult for them to acquire necessary equipment like bullets or cartridges. Therefore, he disagreed with the majority ruling upholding this state regulation.