Morrison Waite

Name: Railroad Companies v. Gaines — Opinion of the Court
Author: Morrison Waite

Railroad Companies v. Gaines — Opinion of the Court

Summary

“Railroad Companies v. Gaines — Opinion of the Court”, is a work by Morrison Waite. It explores elements such as taxation, exemption and charter.

Quotes from Railroad Companies v. Gaines — Opinion of the Court (Morrison Waite)

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ Exemptions are never to be presumed. On the contrary, the presumptions are always against them. The exemption of the property for twenty years only is equivalent to an express power to tax after that time.
It is said, however, that both provisions of the statute can stand,-that which exempts the capital and that which taxes the tangible property,-if the part of the property which represents the capital is exempted, and that which represents the bonded debt is taxed; but we certainly have no clear manifestation of any such intention by the legislature. ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ Thus the capital stock of a bank usually consists of money paid in to be used in banking, and an exemption of such capital stock from taxation must almost necessarily mean an exemption of the securities into which the money has been converted in the regular course of a banking business. And in general, an exemption of capital stock, without more, may, with great propriety, be considered, under ordinary circumstances, as exempting that which, in the legitimate operations of the corporation, comes to represent the capital. ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ Lexicographers define 'privilege' to be an exemption or immunity from some general burden; a peculiar advantage or benefit. The right and privilege to 'make and use' a railroad free from taxation, vested in the Nashville and Chattanooga Company, were granted to the Knoxville and Charleston Company. ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ No corporation shall be created, or its powers increased or diminished, by special laws; but the General Assembly shall provide by general laws for the organization of all corporations hereafter created, which laws may, at any time, be altered or repealed ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ All property shall be taxed according to its value, that value to be ascertained in such manner as the legislature shall direct, so that taxes shall be equal and uniform throughout the State. No one species of property from which a tax may be collected shall be taxed higher than any other species of property of the same value. But the legislature shall have power to tax merchants, pedlers, and privileges in such manner as they may from time to time direct. ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ In not decreeing that the Mobile and Ohio Railroad Company should never be subjected to any taxation which would reduce its dividends below eight per cent.
Mr. W. Y. C. Humes for the plaintiff in error.
According to the settled judicial construction as well as the popular import of 'capital stock,' the term, where it occurs in the charters of these companies, must be held to signify the property purchased therewith and represented thereby. Such stock exists only nominally. ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ Otherwise, we must ignore the cardinal rule of construction, which requires that the different provisions of a statute should, if possible, be reconciled, so as to make the whole consistent and harmonious. ”

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Source: Wikisource

Morrison Waite, Railroad Companies v. Gaines — Opinion of the Court

“ The section of the act of 1875, important to the consideration of this case, is,--
'SECT. 11. That each and every railroad company which will accept as a special amendment to its charter for a period of ten years from the first day of January, 1875, and that will pay annually to the treasurer of the State one and one-half per cent on the gross receipts from all sources of such company, shall be exempt from the provisions of the foregoing sections of this act, and the payment of said one and one-half per cent upon all gross earnings of such road shall be in full of all taxation. . . . ”

Morrison Waite

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