President v. People

Citations

• 5 Scam. 303

Syllabus

<p>Error to Cook.</p> <p>1. Taxation — exemption must be expressed. To divest the state of the inherent right of taxation upon every species of property the language of the statute relie on must be clear and explicit.</p> <p>2. Same — exemption of state bank. The lands and other property of the State Bank of Illinois are exempt from all taxes or impositions whatsoever.</p> <p>3. Same — legislative power to exempt. It is competent for the legislature to contract with a corporation to exempt its property from taxation ; and such [* 304] contract is valid and binding. (a) </p> <p>4. Same. The provision in the charter of the State Bank of Illinois, exempting its property from taxation, is a contract binding on the legislature.</p>