Louisiana v. Taylor - 105 U.S. 454 (1881)
U.S. Supreme Court
Louisiana v. Taylor, 105 U.S. 454 (1881)
Louisiana v. Taylor
105 U.S. 454
1. The court again decides that section fourteen of the eleventh article of the Constitution of Missouri of 1865 (infra, p. 105 U. S. 456) did not withdraw or curtail any authority which a municipal corporation then possessed to subscribe for stock in, or loan its credit to, a railroad company.
2. The charter of the Louisiana and Missouri River Railroad Company, granted by the Act of the General Assembly of Missouri approved March 10, 1859, conferred upon the City of Louisiana power to subscribe to the stock of that company. By its act of incorporation, passed June 12, 1866, the city was authorized to pay for its subscription by the issue of bonds, if the ordinance providing therefor was approved by a majority of the votes cast at any general election held in the city, or at one expressly ordered for the purpose.
3. The power thus conferred was not affected by the general railroad law of 1866.
The facts are stated in the opinion of the Court.