Page:Federal Reporter, 1st Series, Volume 2.djvu/8

 CASES �AEGUED AND DETEEMINED ���m THH ���mnM^Mt^€xxmxtmmwix\tiëmxt^ ���United States ex rel. Footb v. County Cotjet of Howabi> �COUNTY. �(CireuU Court, E. Div. of W. D. Missouri. ,1880.) �Local Taxation fok Benefit ob- Railboad Cokporation— Btatutes Coksthued. — The charter of a railroad Company enacted in 1865, au- thorized the corporate authnrities cl any city, town, or county, to sub- BCribe to its capital stock, issue bonds therefor, and levy a tax of not to exceed one-twentieth of 1 par cent, per annum on the taxable prop- erty of the municipality to pay same. A. subsequent act, passed in 1868, ftuthorized subscriptions by townships, in pursuance of a vote of the- people, to the stock of any railroad company, building or proposing to build a railroad into, through, or near the township voting the sub- gcription, and authorized taxes to be levied to meet the paymcnts on account of such subscriptions. Seld, that to pay the bonds issued under the latter act, the respondents were bound to levy whatever tax was nec- essary for that purpose, and were not restricted to one-twentieth of 1 per cent, per annum. �CoNTRACT — Laws nr Force -whbn Contbact was Madb — StJBSKquENT Legislation. — La^rs in force when such bonds are issued, and which provide for taxation to pay them, enter into the contract between the bond holder and the state, and as against the former such laws cannot be repealed. Otherwise as to acts enlarging the taxing power passed after the issue of such bonds. T.2,no.l— 1 ����