In the case of Keokuk and Western Railroad Company v. Scotland County in 1893, the U.S Supreme Court ruled on a dispute between a railroad company and a county over tax assessments. The Keokuk and Western Railroad Company argued that Scotland County had unfairly assessed their property for taxation purposes at an inflated value compared to other properties within the county. They claimed this violated their Fourteenth Amendment rights by depriving them of equal protection under law. However, the court disagreed with this argument, ruling that while there may have been some irregularities or inequalities in assessment practices, they did not rise to level of being unconstitutional as long as all property was subject to same general system of taxation. Therefore, it upheld Scotland County's right to assess taxes based on its own valuation methods.

In the dissenting opinion for Keokuk and Western Railroad Company v. Scotland County, it was argued that the majority had erred in its interpretation of Missouri law regarding taxation. The dissenting justices believed that under state law, a county could only tax property within its jurisdiction and not beyond it. They contended that since part of the railroad's track extended outside Scotland County, this portion should not be subjected to local taxes by said county. Furthermore, they disagreed with the majority's view on how to assess railway property value for tax purposes - arguing instead for an approach based on actual use rather than potential earning capacity or market value as determined by capital stock prices or dividends paid out to shareholders. This disagreement stemmed from their belief in upholding principles of fairness and equity in taxation matters which they felt were compromised by the court’s ruling.