MR. JUSTICE HARLAN delivered the opinion of the Court.
In 1829 this Court decided in Weston v. City Council of Charleston, 2 Pet. 449, that obligations of the Federal Government are immune from state taxation. This rule, aimed at protecting the borrowing power of the United States from state encroachment, was derived from the "Borrowing" and "Supremacy" Clauses of the Constitution,
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