50 Ga. 620 | Ga. | 1874
“An Act to amend the charter of the Macon and "Western Railroad Company, which was assented to on the 29th of December, 1847; to allow an increase of the capital stock of said company; to fix the rate of tax to be paid by the same, and for other purposes.
“Section I. Be it enaeted, do., That the said Macon and Western Railroad Company is hereby authorized to increase its capital stock so as to make the same ($2,500,000 00) two million five hundred thousand dollars. This increase may be made from time to time, as it may be deemed expedient by a majority of the board of directors of said eompany for the time being, and by such sum or sums as said board of directors may order and determine; and said board of directors for the time being, is hereby authorized, by a majority, to prescribe the terms and conditions of subscription for such additional stock as may, from time to time, be required: Provided, nevertheless, that such additional stock, as it may be issued, as well as the present stock of said company, shall hereafter pay the same annual tax to the State as the other railroad companies of this State now do, viz: one-half of one per cent, on the amount of the net income.”
The consolidation or union of the Macon and Western Railroad with that of the Central Railroad took place after these taxes had been assessed on the property of the former, and, therefore, the question is not affected by any provisions in the charter of the Central Railroad. The taxes are for the years 1870, 1871 and 1872.
But it is totally unlike the guaranty or exemption granted any other company. In the charter of the Georgia Railroad, the clause is, “The stock of the said company and its branches shall he exempt from taxation for and during the term of seven years from and after the completion, etc.; and after that shall be subject to a ta.x not exceeding one-half per cent, per annum on the. net proceeds of their investmentsPrince’s Digest, 308. Here is a clear negative against a liability to be taxed beyond
By the Act of 1869, the Macon and Western Railroad Company was authorized to increase its capital stock to $2,500,000. No further road was to be built; no additional improvements were required; no public interest to be subserved, or benefit gained. So far as the Act shows, it only authorized the directors, from time to time, to raise the then amount of capital stock, one and a quarter or one and a half millions, to two and a half millions. No burden was thereby to be assumed by the company which was not then upon it, except that the increased stock would have increased its liability to be taxed by the State. Hence, to guard against that, were probably added the words, that it should thereafter “pay the tax assessed on other roads, one-half of one per cent, on the net income.”
We do not say that this exemption was secured as a chartered right, under the peculiar phraseology of the Act. It is not necessary to pass upon that. But it is our opinion that under no proper construction of this Act can it be held that the real estate of the company, situate in the city of Macon, had any privileges secured tout against the taxing power of the municipal authorities.
If, then, there is no exemption in the charter of the Macou
On the other side, it might be, and has been asked, why should not the property of a railroad company, situate in a city, which may be of very great value, and which has all the benefit and protection of the municipal authorities and ordinances, the police and fire organizations, kept up and supported at the expense of the city, be subject, like all other city property, to bear a portion of the burdens which such benefits necessarily require ? But it is unnecessary to enter into this question. It is not a sufficient answer to say that some of the property of the company might thereby run the hazard of being seized and sold, and the whole corporate estate and franchise be endangered. It cannot be taxed higher than what is assessed on any other citizen, and if that be paid, all risk to property or franchise is avoided.
Suffice it to say, that where relief from a common burden is claimed, it must be made to appear that the exemption has been distinctly granted by the authority which has the power. We do not think that this can be gotten from the Act of February 9th, 1869; and it is further our opinion that, under the powers conferred by the city charter, the Mayor and Council of the city of Macon had authority to levy and collect these taxes, and that there was error in granting the injunction restraining their collection.
Judgment reversed.