Source: https://en.m.wikisource.org/wiki/Murray_v._Charleston
Timestamp: 2019-04-24 20:56:52+00:00

Document:
2. The stock in question, although it be registered and the certificates transferable only on the books of the city,-a provision for the greater security of the holder,-does not differ in its legal effect from an ordinary money-bond. It is a chose in action, attesting his right to demand a specific sum at stated intervals, and the city's correlative obligation to pay it. Having, in this instance, its situs at a foreign domicile, it is not subject to the taxing power of Charleston, which is confined to persons and property within the limits of the city. Railroad Company v. Jackson, 7 Wall. 262; Tappan v. Merchants' National Bank, 19 id. 490; State Tax on Foreign-Held Bonds, 15 id. 300; The City of Davenport v. The Mississippi & Missouri Railroad Co. et al., 12 Iowa, 539; Hunter v. Board of Supervisors, 33 id. 379; The State v. Ross, 3 Zab. (N. J.) 517; Collins v. Miller, 43 Ga. 336; Johnson v. City Council of Oregon City, 3 Oreg. 13.
3. The stock was not exempt from taxation by an ordinance of the city or a law of the State. Neither the decision of the Supreme Court, holding that it was personal property within the city, and that the ordinances imposing the tax were passed in the execution of a power conferred by the charter and justified by its terms, nor the imputed injustice and oppression of the tax, furnish grounds for review here. Providence Bank v. Billings, 4 Pet. 514; Mills v. St. Clair County, 8 How. 569; Satterlee v. Mathewson, 2 Pet. 380; West River Bridge Company v. Dix, 6 How. 507; Veazie Bank v. Fenno, 8 Wall. 533. The taxing power of the several States, except where restrained by the Federal or the State Constitution, extends to every species of property which exists by their authority or is introduced by their permission. McCullogh v. The State of Maryland, 4 Wheat. 316; Weston and Others v. City Council of Charleston, 2 Pet. 449; New Orleans v. Clark, 95 U.S. 644; Lane County v. Oregon, 7 Wall. 71. Exemption from its exercise can never be claimed by mere implication, but only from clear and express declaration; and if such exemption be a mere gratuity, the act granting it may be modified or repealed in like manner as other legislation. Tucker v. Ferguson, 22 Wall. 527; West Wisconsin Railroad Co. v. Board of Supervisors of Trempealeau County, 93 U.S. 595. In this case, there is not even the slightest implication, nor presumption arising from the nature of the contract or otherwise, that the city renounced the right of taxing the stock.

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