Morrison Waite

“ This is to be ascertained, not by inquiry into the manner of keeping railroad accounts, but by interpreting the language used by congress at different times to give expression to its will; not by determining whether, as matter of book-keeping, it is usual to carry undivided profits used for construction to a construction fund, but by studying the several statutes to see if it was intended that, if so used, they should be taxed under the act of 1870. ”

“ United States
The single question in this case is, whether a railroad company is liable, under the act of July 14, 1870, c. 255, § 15, (16 St. 260,) for a tax of 2 1/2 per centum on its profits for 1871, not divided, but used for construction during that year. ”