On the general subject of the power of the legislature under its right reserved to alter, amend, and repeal, see Worcester v. R. Co., 109 Mass. 103 ; Prentiss v. County Com'rs, 63 Me. 569; Rodemacher v. R. Co., 41 Ia. 297, 20 Am. Rep. 592; Gardner v. Ins. Co., 9 R. I. 194, 11 Am. Rep. 238 ; Cooley, Const. .Lim. 279, note; Moraw. Priv. Corp. 1093 ; Hamilton Gas Light & Coke Co. v. Hamilton, 146 U. S. 258, 13 Sup. Ct. 90, 36 L. Ed. 963; Wheeling & B. Bridge Co. v. Bridge Co., 138 U. S. 287, 11 Sup. Ct. 301, 34 L. Ed. 967.
In general, only contracts are embraced in this provision which respect property or some object of value and confer rights which can be asserted in a court of justice. Debts are not property. A non-resident creditor of a state cannot be said to be, by virtue of a debt which it owes him, a holder of property within its limits; Murray v. Charleston, 96 U. S. 432, 24 L. Ed. 760.
The following acts have been held void as impairing the obligation of a contract: The insolvent act of 1812 of Pennsylvania, so far as it attempted to discharge the con tract; Farmers' & M. Bank v. Smith, 6 Wheat. (U. S.) 131, 5 L. Ed. 224; the in solvent law of Indiana affecting debts to citi zens of other states ; Cook v. Moffat, 5 How. (U. S.) 295, 12 L. Ed. 159; the act of Mary land of 1841 taxing stockholders in banks im paired the obligation in the act of 1821 or ganizing banks; Gordon v. Tax Court, 3 How. (U. S.) 133, 11 L. Ed. 529; the act of Ohio of 1851, taxing the state bank ; Piqua Branch of State Bank v. Knoop, 16 How. (U. S.) 369, 14 L. Ed. 977; general tax law of North Carolina as applied to a railroad whose char ter exempted it from taxation; Wilmington & W. R. v. Reid, 13 Wall. (U. S.) 264, 20 L. Ed. 568 ; the same in South Carolina ; Humphrey v. Pegues, 16 Wall. (U. S.) 244, 21 L. Ed. 326; the same in New Jersey; New Jersey v. Yard, 95 U. S. 104, 24 L. Ed. 352; the same in Illinois as applied to the charter of a university ; Northwestern University v. Illinois, 99 U. S. 309, 25 L. Ed. 387; the same in Louisiana applied to the charter of an asylum; St. Anna's Asylum v. New Orleans,
105 U. S. 362, 26 L. Ed. 1128; the act of Illinois of 1841 restricting mortgage sales impaired the obligation of a mortgage con tract ; Bronson v. Kinzie, 1 How. (U. S.) 311, 11 L. Ed. 143; the acts of Arkansas with holding assets of state banks from creditors impaired contracts with creditors; Curran v. Arkansas, 15 How. (U. S.) 304, 14 L. Ed. 705; the act of New York of 1855 author izing a bridge to be built impaired the ob ligation in a charter to another company ; The Binghamton Bridge, 3 Wall. (U. S.) 51, 18 L. Ed. 137; the act of Georgia of 1868 ex empting property from execution impaired the obligation of a prior judgment; White v. Hart, 13 Wall. (U. S.) 646, 20 L. Ed. 685; the same in Georgia ; Gunn v. Barry, 15 Wall. (U. S.) 610, 21 L. Ed. 212; the same in North Carolina; Edwards v. Kearzey, 96 U. S. 595, 24 L. Ed. 793; the act of Virginia of 1876 as to the deduction of taxes from cou pons on state bonds impaired the obligation to the state bondholders under the funding of 1871; Hartman v. Greenhow, 102 U. S. 672, 26 L. Ed. 271; the ordinance of New Or leans of 1881 authorizing a light company to furnish New Orleans with gas impaired the obligation to another company under another act; Thompson v. Allen County, 115 U. S. 550, 6 Sup. Ct. 140, 29 L. Ed. 472; so in Kentucky ; Louisville Gas Co. v. Gas Co., 115 U. S. 683, 6 Sup. Ct. 265, 29 L. Ed. 510; the action of a city council, under statutory authority given to it to contract with street railway companies as to the use of streets and the length of time which the franchise was to continue; Cleveland Electric Ry. Co. v. Cleveland, 204 U. S. 116, 27 Sup. Ct. 202, 51 L. Ed. 399 ; an act providing that no ex ecution sale shall be made unless the prop erty brings two-thirds of its valuation ac cording to the opinion of three householders ; McCracken v. Hayward, 2 How. (U. S.) 608, 11 L. Ed. 397; the increase of assessment in a fraternal benefit association contrary to the condition of the application; Wright v. Knights of Maccabees, 196 N. Y. 391, 89 N.