Melville Fuller

“ Nothing in this constitution shall be construed to prevent the general assembly from providing for taxation, based on income, licenses or franchises.'
'Thus it is manifest that what the constitution intended to be taxed was property,-all property; and, as to corporations, not only all tangible property, but that it intended to leave the legislature of the state free to tax the franchise of corporations if it so desired; that the property of a corporation should be taxed as the property of an individual. ”

“ And, considered as a property tax, as, in our opinion, the prescribed exaction must be held to be, we regard it as in harmony with the provisions of the constitution of the commonwealth of Kentucky. The property, tangible and intangible, owned by corporations, is subjected to like taxation, and so the tangible and intangible property of individuals associated together in companies ”

“ City of Louisville (Ky.) 30 S. W. 973, it does require the levy of an ad valorem tax upon personal property as well as real estate, and this case decides that a license tax, which is not a property tax, cannot be substituted for an ad valorem tax upon personal property engaged in certain commercial pursuits in the city of Louisville. ”