Melville Fuller

“ If the exemption exists, as insisted, then the capital stock is free from taxation forever, and the road and its property are likewise free until, after deducting from its earnings all expenses, fixed charges (which include interest on all its bonded debt) , and 8 per cent. upon its capital stock, there remains a surplus sufficient to pay all the taxes on its property according to the current rate. ”

“ The closing words prescribe a rule of taxation, and do not operate to continue an exemption which has expired by the express terms of the grant. What is forbidden is the laying of a tax in such manner as will produce a particular result. ”

“ The view contended for practically leaves it to the company to say when it may be taxed, and when not; and while a state must be held to the bargains it makes, however improvident, it ought not to be held to have made such a contract as it is argued this is, unless its terms are so plain as not to be open to construction. ”