Melville Fuller

“ It was not doubted that the Macon Company was intended to go out of existence, for, as said by the court through Mr. Justice Strong, provision was made for the surrender of all the shares of its capital stock, and without stockholders it could not exist. ”

“ We do not deny that exemption from taxation may be construed as included in the word 'privileges,' if there are other provisions removing all doubt of the intention of the legislature in that respect, (Picard v. Railroad Co., 130 U.S. 637, 642, 9 Sup. Ct. Rep. 640,) but we have none such here.
And in this connection some further observations may properly be made. As pointed out by the supreme court, the charter, as originally granted, was for the construction of a railroad from Wilmington to Raleigh, a distance of something over 100 miles, with a capital stock of $800,000 ”

“ The applicable rule is too well settled to require exposition or the citation of authority. The taxing power is essential to the existence of government, and cannot be held to have been relinquished in any instance, unless the deliberate purpose of the state to that effect clearly appears. ”

“ These proceedings are relied on as an estoppel, so far as the road from Halifax to Weldon is concerned, or as controlling authority in the premises. We think they cannot be so regarded. The causes of action are not identical, and the points or questions actually litigated are not the same. The distinction between the road from Halifax to Weldon and the main road from Wilmington to Halifax was not adverted to ”