Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1853-05-05


Isthe late aet of The Legislature Of Virginia. al.
tering The scale Of votes ii Railroad Compapies
constituiionAl7
IN 1919. the. Legislature passed General Rail-
road Law, 70 intuce capital 10 Railroad iavest-
neni hai esing ne absorbing interest Of the State
ln thai Law, among sther things. the STATE fxed
the relations which should exist between The Joint
partners Of every Railroad Gem panr. as q he
anenM " PelrT each should exercise il The man
zge9sntcf their common properly. And. Ofso1rse,
liked by The same law, aer ora saarr n power Is
the management Of every Railroad concern is
which she was joint pariner
All me subscriptions made te Railroad companies
and All ne sales md purchases Of Railroad Stocks
from 1919 70 1859 we're made, among other things,
On sns ianh q ihis arrangement Of mutual power,
a. held cut By the aci Of lSi9-every Law which
relates y contracts being necessarily part Of the
Under.thai Law, (to take The case Of the Cen,rai
kallruad Company, cited in the Enquirer Of the
l2ih INST the vote IN October last stood taus r.
Privaie Stockholders 400 votes; the Common
wealth 900 votes The Commonwealth having -
greed BY this her own telERtary act, 10 WELD less
than one fourth 81 the tcAae power in any Railroad
Company, in order 10 iaance private capital 70 en-
bark - the internal Improvements, vital to the
general prosperity Of the State.
In April, 1883 The Commonwealth, or rather the
Legislature, repudiaIes these relairs divisions Of
power upon The faith OK which, among other things,
the private subscriptions were made, and passes
laH q increase her own power in every Railroad
Company In Virginia, and 70 diminish the power
Of ae pslvale stockholders not only Fstatirsg from
such increase Of her own power, hut actually below
the arnonn, Of pows fixed BY the Act Of 1912
So thar underi this act Of 1853, she increases her
own power in the Central Railroad Company, from
900 votes TO 2I62 votes and she dimiHiStes the vote
Of the private stockholders from 400 votes down TO
1922 votes In other words, she said, agreed with
you, gentlemen, private stockholders, before you
made yonr subscriptions 10 exercise less than one-
fourth tof The whole power Of the Company; bul
aoU. IN you Aare made yskT Subscriptions, intend
TO wield double the power then proposed and l do
this 1hder the reserved right 10 alter and amend
| your charter. a. to me may seem proper
Hit was competent to the Legislature under this
/ reservation (which Is expressed in the words " to
alter and amend to increase the ratio Of the State
vote from one vote for every ten shares to one vote
fof every four shares then il is equally competent
70 her 10 increase it still further one Tor
cry eae share and hence il is that the Enquirer
says she is even now scaled down "to one fourth d
\ her equitable vete.n
II is clear then the Legislature can change the
scale al ALL SO as % enhance her Poic she can
1 do so 10 The Equitable" extent claimed by the En-
quirer In other words, she can lcgisiate herst1f
mere partner IL joint concern, into Htr rights aad
PdirerS; snd she can egisiate the other join
| partners out oftheir ritdl rights and powers And
she can do this 10 the extent Of casting hree-ilh,
| Of the votes, in every company in which she own;
three hfhs OF The Stock. The proyiso, in the Ae
Of April S53 of casting only two thirds the votes
cast By the private stockholders at any meeting BE-
ing mere boon, granted or not, as TO her g MAJ
seem proper
Ii issadmiIted then (for the argument carried hi
Enquiref 10 that poiut) that il the Legislature car
change the scale Of voting al ALL il can change i
again 10 the extent that The State can cast thre
fiflhs of all the votes in every Rail Road Compan,
| in which she holds lhree-flihs of the stock.
The State can then 6y he rois OF her proxy, at
general meeting Of The stockholders, !" reduce th
tolls, OF, dissolve the Company, and surrender III
charter-she having a MAJORITY Of the votes, an
being competent TO vote on all questions before III
Stockholders except { the election OF Directors
i Butthe State itself can 'Pdss TAO 10 reduc
the tolls" or 70 dissolve the Company.
The agent, then, has power to do that which d
| pfin ,ipal has no power 10 do; and the Principa
| can othat by another which he has no power 70 d
by hinsseit-which is absurd
| To chSnseI therefore, by the Legislature, III
scale Or yot nj so legislate itself into addition
| al powers anil to legislate the other joint partne
out Of their powers in whole or in part, and to d.
range The relations 6uiong all, p not such powe
/ as eontem plated by the, words alter and amend