“ Every company . . . shall, on or before the 1st day of July in each year, pay to the State treasurer an annual tax upon the gross receipts of said company; which amount or tax shall be in lieu of all other taxes upon the property of such companies, except such real estate as is owned and can be conveyed by such corporation under the laws of this State and not actually occupied in the exercise of its franchises, and not necessary or in use in the proper operation of its road ”

“ This tax of one per cent. on capital paid in-necessarily a very small tax, as we have already remarked, in the case of a road built chiefly or wholly by land grants of Congress-was, of course, more favorable to the company than that laid by the twentieth section of the old act now repealed. ”

“ And the State of Michigan in accepting the lands, accepted them 'with the restrictions and upon the terms and conditions contained in said act of Congress.' [3] It was soon found, however, as the road progressed westward, that it was coming to regions which were uninhabited, and that the land there being in a wilderness could not be sold for twenty miles ahead of even a completed twenty miles of road; that is to say, could not be sold in advance of the construction of the road through them. It was the road itself which first gave value to them. ”