New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-09-16

leaders OF the Republican party who had these mil
lions OF interest In these bls observed the
tlon their names DO not appear but think the name
OF Mr. Peter H. Sweeney and those of bis two princi-
pal associates do appear l don't know why they
saw ut to take this risk, but they did Perhaps they
had not 30 trusy followers as the other interests had
Gentlemen, good many years ago, when the old Dem
ocrac party was In exstence--tor although never
was member oft, cannot wi bhold the EXPIRE sson Of
my admiration some characteristics that old ray ~ IL
once was-a fierce war was, AZ you remember, ~aged
upon corporations as dangerous monopOlies They
righ, WHOM the convention Of lo}6 came together,
they provided by the funda mental law Of the State this
corporation thereafter created should forever be sub
ect TO Legislative control, should be dissolved Their
charters taken away repealed modified if the legs
lative power saw fit to do 1t good and wise
PROVISION wac protection which We needed In our
fundamental law They meant 10 protest the people
against the tyranny Of large moneyed monopolies end
they did well That ConStitution stands to day, il
stood IN full force and power the 18th Of April 1860
II was necessary, because franchise given by the
Legislature the lsw.making powers in the nature
OF contract; 1t had been decided by the courts in
the case Of the Dartmouth College-that franchise
that isl gift to the founder of that college-is in
the nature Of a contract and could not be taken
away by the Legislature. The Constitution of
the United Stses provides that no State shall pass
any law impairing the obligation Of contracts
therefore II contract exists, any law Of the
State of NewYorb act of the Legislature impsiring
II would DO void conrayenng the provisions OF the
Constitution OF the United States. grant contract
franchise, gift right conferred by the Legislature
contract, and the the Dartmouth Col
lego this principle has never been doubted No legs-
lave power can take IL away. The Constitution OF
1916 provided that hereafter whe0 the Legislature
grants franchses the Legislature ehall have the power
OF taking them away; and those who any OF those
grants shall take them subject TO the right OF the
Legislature, TO take them away. Ii sell you horse
to-day, with the right to take It back tomorrow, can
do So because 1t is part Of the bargain; but II 1t IS
not part of tho bargain, could not do go. Tha: Is
the exactly Keep steadily before you that under
State Constitution grant could be made to any
Corporation or joint stock company or company having
the rights franchises, &c, OF joint stock company
which the Legislature could not take away; that all
grants TO corporations companies, and associations
were taken, subject TO the night of future Leglsa-
ture to take them away. If you form corporation,
OF procure charter from the Legislature, any future
Legislature can take IL away agnn because before
you got il there was a provision in the Constitution
that thoy might take il away and you take 1t subject
to that proyisont is part OF the bargain by which
Won acquire t. Now these nien old Mt mean to make
two bites Of cherry. From the time have referred
TO- when this magnificent mine of wealth appeared be-
fore the eyes Of the politicians OF that dayrom that
time, TO the the time they attained it, whatever OF M
genuity, whatever Of SKILL could be brought TO bear
upon the subject been brought to bear and almost
flight Of genius these acts Of 1860 50 framed as
syade this glorious constitutional provision Ecdde
~ Wiekedly eyade III Eyade II IN fraud OF
the rights Of the people, for subjected the people to
a cruel monopoly Of m0neyed, huge, unwleding soul
less corporations, which were afterwards found and
took assignments OF the founders in question. These
Rctb create no cOrI0rhtlOns nothing OF
give 10 A. B. G., d. +, +, @, H. aud their assigns for
ever the nights and franchises conferred You see IL
lie grant with power TO take away under the provis
ION Of the CoBstuon and have referred to tho right
lay down aud ran these various roads all over the
city, everywhere road can by any possibility be nee
essary or profitable They give II 10 these grantees
and their assigna forever The plan was most Gun.
ningly devised. The consider these laws, the
more appreciate the ss,onishishng intellect of that
man 10 whom have 20 often referred for am told
that bic device that thus laid the constitution
pcvyeress at the foot of the Lobby Thus he connected
with hinself and his confedera,es-" We viii have the
franchises granted to A, ID, z, d, +, and their
assgns-to persons who shall hold them for
us and tranAer them NJ our bidding; then we
will form corporations under the general act
OF 1850, aud take assignments from these per.
tons 70 our corporstions, and there we are
forever from the people, whether their majesty
speak through Legislatures constitutional Conven
tons we are safe" We will do that; aud then we
viii form corporations without personal responsibility
or liability lay down tracks and these roads
not as We see it, have il all IN our own hands for
ever" Our franchises purchased from individuals
and no Legislature, no law Court no constitution
oil Convention, nothing under the broad light OF heaven
can ever take away from us this right We have got
IL to-day; we have got II forever AID forever There
IL but one event that take 1t away and that IL that
awful eyent-RerOiati0n That Is the only thing
that can ever take away there right. Gentlemen, il
competent IL usual 10 provide in acts OF the
character Of these These acts may be repealed OF
any subsequent Legislature and then il would be- ia
grants, because il was part Of the bargain that
gave them that they might be 60 taken away.
Yet only one Of these acts had that clause in
H. The Legislature had their attention called
vide in GU one Of the bills that the grants may be
repealed or modified, but the others neyer-Hever
Under that one in which there is this night 10 take
back they have got orgaGized with President and
Secretary and opened their stock book and 1t forms
what Ia called the belt road. 1t along the North
and East Rivers, the Central Park, and belts
tho city completely. This franchise is Of very great
value IL along by these docks ponng TO the map
is done; il you have goods there upon these
docks they can be right out on TO the track and
thea they ready for transportation TO any part Of
tie city. That Is Of the most valuable nterests
probably in the world. The corporation when they
come together fixed the stock value Of the franchise Ht
one million and quarter OF dollars. They very
cunning 10 value IL at this comparatively tnhing sum,
ii they bad put IL ten million dollars which Is its prob
allie value they would have alarmed the people. But
we will take heir estimate OF TIA million and quar-
ter True, this grInt has repeating clause in 1T but
the others have none. The Seyonh-avonuo grant 10
scarcey less valuable and that IN true of Of the
other grants; and this immense amount of property
was nOmDally given 70 VARIOUS persons named m these
bills respectively by the Legislative acts OF which
complain, and which we say were corrupt. That act
Ia corrupt which ought not TO have been passed by
reason Of having been voted for from motive other
than the public good II when you about to elect
man from your District to represent You AZ Albany,
he says, want you 10 elect me To the Legislature,
for although the property Of the State belongs 10 ali
the cltizens alike, yet want TO take million dollars
worth Of the property Of the State and give TO b,
ID. and f;' you would reply, o no, you must not
do that you must take away property and give
ittoindviduals that is not right. You must legsate
for the good Of alfor the good Of the whole State.
You must not select ans individual interest, and
promote that ut the expense OF all the rest that 10
rupt" You heard the oath administered to the Grand
jury" you do solemnly swear you win present no
person from envy hatred malice; yon will with
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