Rufus Wheeler Peckham

“ Ct. 592, where, under the laws of Missouri (section 4 of the act of March 2, 1869) , there was a provision that the consolidated companies should be 'subject to all the liabilities and bound by all the obligations of the companies within this state,' and 'be entitled to the same franchises and privileges under the laws of this state, as if the consolidation had not taken place.' The question was said to admit of doubt whether, under the name 'franchises and privileges,' an immunity from taxation passed to the new company. ”

“ By its answer the defendant company claimed immunity from taxation both for itself and its shareholders, and also set up a plea of res judicata, and alleged various objections to the validity of the several assessments upon which complainant claimed taxes due to the state. The case was duly tried, and judgment for the complainant was rendered by the trial court, in which it was adjudged that by the charter neither the defendant company nor its shares of stock had any immunity from taxation, and that both were, for the years mentioned in the bill, subject to the taxing power of the state. ”

“ We think the decision of the supreme court as to the weight to be given the judgment is not reviewable by us, because it is not a federal question. The former judgment determined that, as between the city and the shareholders, the latter were not subject to pay the taxes for the years specified. In the action now under consideration we have determined that there was no immunity conferred either upon the corporation or the stockholders by the statutes cited. ”

“ Justice Hunt, in delivering the opinion of the court, said that: 'A more important or more comprehensive privilege than a perpetual immunity from taxation can scarcely be imagined. It contains the essential idea of a peculiar benefit or advantage or special exemption from a burden falling upon others.' Again, in Tennessee v. ”

“ On the 11th day of March, 1867, the legislature incorporated the Washington Fire & Marine Insurance Company of Memphis, Tenn., and by that act 'all the rights and privileges' (omitting the word 'immunities') of the De Soto Insurance Company of Memphis, Tenn., granted to it in its charter or amendments, were granted to the Washington Fire & Marine Insurance Company, above named ”

“ Hill, which should be conclusive upon the parties to the stipulation in all things the same as though actually rendered in that case. If the decree in the Hill Case were affirmed, then this decree was to be affirmed, and, if the other should be reversed, then this was to be reversed. ”