Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1845-10-16
REMARKS OF MR.. FAIRBANKS,
Made in the House on Friday last on Introducing
the resolution relative to Railroad Charters.

Made in the House on Friday last, on Introducing
the resolution relative to Railroad Charters
Mr.. SpEAKER,-- Several Rail Road Charters
have been granted in this State, which perhaps are
calculated to benefit the public very near equally.
The whole State is interested and these different
enterprises have all equal claims for privileges and
immunes 1t is unfortunate that in the first grant
of Charters they had not been all placed on the
same footing, but it will be found on examination
that great discrepancy exists some securing to
corporations special privileges which the others do
not possess. There is manifest injustice in this
IF they are calculated to benefit the State equally,
they should possess equal imnunities, and grant
of privileges to one which the others do NJ possess,
is taxing one part of the State for the benefit of
mother. 1t requires careful consideration and a
thorough examination Of the different charters to
ascertain in what way this object can be accom-
plished, consistent with the rights which are area
dy vested and by referring the inquiry to the Ju-
dietary Commute, rnay trust that this will be
done consistently with justice to all parties.
Especially Is it important that any provision in
existing charters, eXempting Rail Roads from tax
alton, should be so referred. 1t is entirely nconsls-
tent with the spirit of our institutions that large
amount of property should be exempted from taxa
ton. except such is devoted to literary or chart
table uses The burden that is taken off from one
portion of community is laid upon another 1t
would be unjust to exempt the property OF pri
Vate citizen from taxation; and for a much stron-
ger reason is it wrong TO take the burden from
corporation and lay it upon the rest OF the commu
ny. Our government designs to extend equal
rights and privileges TO all classes and it is no more
than just that all who enjoy these privileges should
contribute equally according to their ability, for the
support of Government.
1t is extremely unfortunate, Sir that charter
should have been granted with such an exemption,
and it becomes serious and important question,
how can the evil be corrected. Perhaps some will
say, repeal the clause granting the exemption. But
Sir, this will not do. 1t will not do. There are in
lsuperable objections to such course If you have
power to repeal one section of an act, you have
power to repeal the whole and if you repeal this
clause, you establish the principle that the egisla-
ture may repeal any charter which they have gran
ted. Once establish this principle, Sir and you
strike death blow to every Rail Road enterprise
in the State. If after corporation has accepted
charter, invested their properly, and put the road in
operation, the Legislature has The power, at any
time, TO repeal their charter, and thus render their
property vaueless no sane man will ever invest
dollar in the enterprise. Establish this principle,
Sir, and you nfct incalculable injury upon every
part ofthe State, for every Rail Road project must
fail.
But sir, there is another objection to reLeal, of
still more serious character. We have no right
to do il. When grant charter for corpora.
ton, it is in the nature of an agreement. We say
to individuals, Z" if you will invest your property in
this enterprise, under such and such regulations,
we will give you such and such privileges; " and
when they come forward and organize their COM
pany, and accept the charter, they join hands with
us and the bargain is completed. The stockhold-
ers are one party and the State is the other, and the
agreement is Just as solemny binding any writ
ten contract between private individuals. 1t would
i'll become us, who are legislators to refuse COM
plance with an agreement, when we require 1t OF
private citizens.
| Fam aware, sir, that some Of our sister States
have repudiated their contracts, and to their shame
be it said, haze refused TO pay their just and hon
est debts Should Vermont refuse a compliance
with her contracts by repeating the charters of cor
porations, she, too, would be guilty of reputation
Sir, have felt proud in being regarded citizen
of Vermont She has ever stood high ground.
Her integrity has been Mistaken, and her fair char
acter untarnished, and far far, be the day when
she shall be held up to-safe scorn of the world, as
guilty of reputation.
But believe sir methods may be devised to cor
rect this evil without resorting to course so de-
I grading. Corporations, favored with such exemp-
tons, will yet have further favors ask of the leg
islature, indispensable to the prosecution of their
enterprises; and we make the condition OF
granting such favors, the voluntary surrender OF
their peculiar immunty:-or some other way may be
devised thro' the wisdom olthe Judiciary Commit
lee, which will remove the evil, consistently with
maintaining their just rights.
There is, Mr.. Speaker, in community, common
sense, which believe in the end, almost invaria'
by arrives at correct conclusions, and offer this
resolution as embracing what believe to be the
common sense of this House, and of community
without distinction of parties, and trust it may re-
celve the unanimous concurrence of the House.
The claims Of Ei,cood and Others the Safely
Fund in the matter Of the Esser Bank. The Chan
cellor, in pursuance of an adjournment from the
hearing in September, delivered at the Court House
on the l4th inst, his opinion in this great case, the
amount of which was, that the proof before him
did not sustain the aedged fraud of the claimants,
and that with the exception of about 81 900 of the
claims of Houghton & Co.. their claims should be
allowed against the safety fund-which claims
must be substantiated before commission to be
appointed for the purpose, and that decree would
be made on such commissioners report, from which
appeal might be taken.
GEORGIA ELECTION
Returns from Counties give the following re-
suits:
Crawford, Wing, 1886 Clay, 1882
McAlllster, loco, 2,l34 Polk, 1874
o. One hundred and seventy Unitarian minis
tiers principally of New England) have signed
protest against Slavery.