Morrison Waite

“ Exemptions from taxation are never presumed. On the contrary, the presumptions are always the other way; and as in this case the capital stock is alone exempt, the property of the company is not to be included in the exemption, unless it manifestly represents the stock, within the meaning of that term as used by the legislature in the particular act to be construed. ”

“ None of the other statutes set out in the bill amount to a limitation of the power of future legislatures in respect to the taxation of the property. They are in no sense contracts, and all not, therefore, irrepealable. ”