Summary

Portrait of Stephen Johnson Field Stephen Johnson Field Wolff v. New Orleans — Opinion of the Court

So long as the corporation continnes in existence, the court has said that the control of the legislature over the power of taxation delegated to it is restrained to cases where such control does not impair the obligation of contracts made upon a pledge, expressly or impliedly given, that the power should be exercised for their fulfilment. However great the control of the legislature over the corporation while it is in existence, it must be exercised in subordination to the principle which secures the inviolability of contracts.
Source: Wikisource

Portrait of Stephen Johnson Field Stephen Johnson Field Wolff v. New Orleans — Opinion of the Court

To induce its adoption by the city's creditors, the act, in its seventh section, provides that no tax for the payment of the principal or interest of other than the premium bonds shall thereafter be levied; repeals all laws requiring or authorizing the city to pay any such tax, and declares that it shall be incompetent for any court to issue a mandamus to the officers of the city to levy and collect any interest tax other than on the premium bonds.
Source: Wikisource

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