Nathan Clifford

“ But concede, for the sake of the argument, that the means and instruments for conducting the public affairs of the municipality are entitled to the same exemption from such taxation as the revenues of the State, it by no means follows that the private property owned by such a corporation, and held merely as private property in a proprietary right, and used merely in a commercial sense for the income, gains, and profits, is not taxable just the same as property owned by an individual, or any other corporation. ”