Pacific Railroad v. Maguire

Citations

• 87 U.S. 36
• 22 L. Ed. 282
• 20 Wall. 36
• 1873 U.S. LEXIS 1486

Syllabus

<p>1. The twelfth section of tbe act of the Missouri legislature, passed December 25th, Í852, by which it was declared that—</p> <p>“The Pacific Railroad shall bo exempt from taxation until the same shall be completed, opened, and in Operation, and shall declare a dividend, when the road-bed, buildings, machinery, engines, cars, and other property of such completed road, shall be subject to taxation at the actual cash value thereof:</p> <p>1 ‘ Provided, That if said.company shall fail, for the period of two years after said roads respectively shall be completed and put,in operation, to declare a dividend, that then said company shall no longer be exempt from the payment of said tax — ”</p> <p>created a contract that, subject to the proviso, the railroad should not be taxed.</p> <p>2. The ordinance adopted as part of the State constitution, by the people of Missouri, July 4th, 1865, levying a tax on the gross receipts of-tho company,, within two-years after it was completed and put in operation, in order to pay debts of the State, contracted in order to help to build the road, (and which the railroad company was, as between itself and the State, primarily bound to pay).-impaired the obligation of the contract,- 'and was void.</p>