The Theory And Practice of Taxation

Cover The Theory And Practice of Taxation
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The argument in favour of the unconstitutionality or wrongfulness of the application of the proceeds of the taxation of the people by States or municipalities for aid- ing the construction of railroads has been, that they are built by corporations organized mainly for the purpose of gain; that they are under the control of such corporations rather than that of the State ; and that the taxes in ques- tion went to swell the profits of individuals, and did not result in good to the State or benefi
...t to the public except in a remote collateral way.
On the other hand, it has been urged that roads, canals, bridges, navigable streams, and all other highways, have in all times been matters of public concern; that such channels of travel and of the carrying business have al- ways been established, improved, and regulated by the State; and that a railroad had not lostthis character be-^p^ i cause constructed by individual enterprise, aggregated 1' ''^^^ into a corporation.
In rendering an opinion in the celebrated Loan Asso- ciation vs.


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