Central Railroad & Banking Co. v. Georgia

By an act of the legislature of Georgia, enacted in 1833, a charter, unlimited in duration, was granted to “ The Central Railroad and Canal Company of Georgia,” with power to make, construct, and maintain a canal or railroad from the city of Savannah to the city of Macon. The seventh section was as follows: —

“ The said canal or railway, and the appurtenances of the same, shall not be subjected to be taxed higher than a half per cent upon its annual net income.”

In 1835, by an amendment to the charter, the name of the company was changed to “ The Central Railroad and Banking Company of Georgia;…