Source: https://en.m.wikisource.org/wiki/Wilmington_Railroad_v._Reid
Timestamp: 2019-04-20 09:29:18+00:00

Document:
With this charter in force, the franchise and rolling stock of the company were assessed, under a subsequent law and pursuant to it, for taxation by the State of North Carolina and the county of Halifax, in two parts-one, the apportioned share for the county of Halifax, assessed in each case upon the entire franchise and rolling stock jointly, and the other a tax assessed upon certain lots of land in Halifax County, appurtenant to and forming a part of the property of the company, and necessary to its business.
On application for injunction against one Reid, sheriff, who was going to seize the company's property for nonpayment of the tax-the application for the injunction being made on the ground that the subsequent law impaired the obligation of a contract-the Supreme Court of the State adjudged that the law did not do this, and that the tax was valid. The case was accordingly now brought here by the company to review that judgment.
It may be here added that provisions exempting the property of companies chartered by it, exist in the cases of numerous companies incorporated by the legislature of North Carolina; beginning with the charter to the Dismal Swamp Canal Company, A. D. 1790. In some cases the provision exempted the company from all taxes forever; in others but for a limited time. In some, all dividends were exempted; in others, dividends when not exceeding a certain rate per cent. Such exemptions are more observable in earlier times than in later ones.
Messrs. Carlisle, McPherson, and B. F. Moore, contra.
^2 State v. Petway, 2 Jones's N. C. Equity, 396; Bank of Pennsylvania v. Commonwealth, 19 Pennsylvania State, 144; Lord Middleton v. Lambert, 1 Adolphus & Ellis, 401; Christ Church v. County of Philadelphia, 24 Howard, 300.
^3 State v. Rives, 5 Iredell, 297-Revised Code of 1856, ch. 26, §§ 5 to 10; State v. Petway, 2 Jones's N. C. Equity, 396; Attorney-General v. Bank of Charlotte, 4 Id. 287.
^4 Union Bank of Tennessee v. State, 9 Yerger, 490.
^5 Home of the Friendless v. Rouse, 8 Wallace, 430; the Washington University v. Rouse, Ib. 439.

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