The Northern galaxy, and Middlebury people's press. [volume] (Middlebury, Vt.) 1843-1844, 1843-12-20
RAIL ROADS, TERRIBLY ANTI
LOCOFOCO.

Altho the loco party when IN power, ru-
led the nation with rod of iron, and reck-
lessly sacrificed the public good to its
lust of power, yet it has ever Wanted itself
the conservator of popular rights. Espe-
cially do the wiseacres of the party shout
monopoly monopoly, as ifthere was magic
terror in the word which must bring into
disrepute any measure of their opponents
however salutary, which might be any way
liable to this imputation. Of course we
have not been surprized since the passage
through the legislature of the Rail Road
charters, without subjecting them to future
legislative action, to find this raw head
and bloody bones, paraded through the
columns of every locofoco paper in the
State, except the Windham Co. Democrat,
which last week was denounced by the
mad Hamlet of the Woodstock Age, for dar-
ring to wash its hands of the canting n.y.
pocricy of the selfstyled democracy upon
this subject.
In every case where the power Of con-
troll over corporators can be retained con-
sistent with the accomplishment of the OBJ
ject, it should be, as the variable circum-
stances ofsociety might demand revision &,
improvement. Hence the propriety of the
course of Gov. Jenison in 1888 in return
ing to the legislature for reconsideration,
the act toincorporate the Memphremagog
Theological Seminary, on the ground that
unrestricted acts of incorporation should
not be resorted to except when the object
in view is of such magnitude and difficulty
of attainment as to afford no other proba-
bic means of accomplishment. In the case
then under the consideration of the Gov
ernor, and in all other similar cases where !
the rights of property of individuals are
concerned, to leave acts of incorporation
open for future legislation is most man
ifestly correct.
But many enterprises of the last impor-
lance to community cannot be carried out
without the aid of the capital of individu-
ais, who cannot be induced to act without
the hope of secure and profitable invest
ments. These observations are more
emphatically true in relation to Rail Roads
than to ivestments of any other description.
Should charters to banks or manufacture
ing corporations be subjected to the future
control of the Legislature, no serious loss
ofthe principal, would accrue to the stock
holders. An act of repeal, or Of unrea-
sonable restriction could not divest them
of their property, altho it might force them
to replace it in their pockets.
But capital invested in Rail Roads, can |
never be reclaimed. The Rail Road, and |
its fixtures are all that remains. There |
can be no withdrawal, but must be loss
of the whole investment, should the legis- !
lature render it worthless. But this very
obvious distinction between the different
objects we have alluded too, as subjects Of
legislation, that great expounder of the 10
cofocoracy of the State, the Editor Of the
Montpelier Patriot is either unwilling or
unable to apprehend. He has indeed
wrapt himself into perfect phrenzy upon
the subject, and threatens the wing party
with all manner of mischief because the
last legislature in granting rail road char
tiers, created vested rights which it cannot
rescind at pleasure; altho it is manifest
that every restriction to guard the inter-
ests of the public, any way consistent with
the accomplishment of the object is con- ,
tanned in the bills. Still exclaims Mr..
Marston Treason, this is rank Treason
against the State, land a surrender Of her
to a manipulating and grasp
inc creao." Hence war to the knife ex-
claims Sir Valiant against these abomina-
bles.
Ever since we have existed as a free
people, Turnpikes, toll bridges, canals and
rail roads, in every State in the Unlon'
have been granted without the reserved null
ifying power contended for, And should
he incalculable benefits of Rail Roads be
ost to Vermont by Gripping the charters
IN such way as to render them unavail-
ngl
Ask capitalists to make investments of
Millions to construct a rail road through
Vermont on the condition that no rights :
hould be vested in the stockholders which ,
he legislature might not recind at their
,leasure. And how many will stultify l
themselves by parting with their money, I
or the avails of which thew muSt Eorerar ,