Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1862-06-25
the reason Why il fails to be satisfactory

the reason why - SsUo 70 % seuoJoctOIy
As vet; we have only developed, in |
part, the principle involved il the sub
iecs Of this cootl oversy.
Having already stated the most strik- |
ing characteristics Of railway and mu-
nicipal corporations, in order that We
might be able more clearly to bring out.
il appreciable relief, the practical bear
ing which county subscriptions hsys
upon the reserved rights Of protesting
cit,zeni, ne will endesvor 10 complete
the picture, BY running out little more
in detail, some Of the consequences flow
ing from such . relation.
It must be remembered that when
counties subscribe stock in . railway
company they take upon themselves the
duties and responsibilities common to
ali other stockholders; that they sub
ject themselves, not only to the law that
governs private corporations, bat the
by-laws and regulations that may b
adopted from time to time tor the gov.
eminent Of the company, and to that ex.
tent it presents the anomaly OF . public
corporation, possessing some Of the a.
tributes Of government, subordinating
itse.f 10 the bchssts Of private joint
stock company formed for the purpose
OF trade and pecuniary profit.
Not only SO, but the couoty embarks
itself with Ill ito citizens, in the hazard.
Gus business Of common carriers, with
all its stern and extrao, binary liabilities F;
90 that the two hundred unwilling citi-
zens Of Wapello county who protested
against changing their business relations,
will not only be compelled to pay their
proportional part Of the capital stock to
launch the enterprise, but must necessa.
rly incur the risk and expense Of carry
ing on the undertaking ~ long a. they
reside and hold property in the county,
or the Company continue IN esse. We
have already alluded to the nature and
stringency Of the duties and responsible
tiles OF common carriers. The liability
of the citizens Of Wapello county, for
losses, failures, accidents, damages, re-
suIting from the negligence Of railway
servants, il not limited TO their own
county, for these thipge, but wherever
they may occur along the whole line,
from the Mississippi to the Missouri riv-
er.
Still more, if the railway company, Of
which the county Of Wapello becomes >
stockholder, should form raining con-
nection with other distinct lines, stretch
ing across the continent to the Atlantic
coast, and should sell tickets, and check
baggage, tor, or over the route, which
IS now usually done. ithas been held
that an action will be against either
company for loss Of baggage and detIi-
ment to passengers. Seld. 81. Red.
field on railroads.
! II loss occurs anywhere upon this
continuous line, the citizens Of Wapellc
NAV be made liable for his fair proper
ton Of the same. These losses are fire.
quent, and sometimes exceedingly heavy
If the Burlington L. Missouri R. r
Co., should be sued and held liable, tn,
county Of Wapello, like individua
stockholders, is bound, under certain
contingencies, by the laws Of this State
| to pay her proportional share of sucl
, losses out of her eeperate property. Set
, Is $50 Of the Code Of 1851. This sec
, ton, to be sure, il now modified BY tb'
, Session laws Of 1868, ll9, 80 % to limit
the individual liability to the amount O
| stock held by such member.
81 Subject to this section, as thus mod
, fed. it is competent for the company, j
is true, to exempt the private propert,
!. Of its members from liability for corpo
|, rate debts. In the case before us, tn
plaintiffs have done this in adopting
). their articles Of incorporation. But
was equally their right to have organic
4 ed their Company upon the indlv'dua
liability basis, and it is made their dut,
under 1878 Vi the Code, 10 publishing
> notice Of their organization, to stat
whether private property Is to be exemp
from the corporate debts. 1t is believ
ed by some that this they may do yet,
! they choose, by altering the articles .
= incorporation, and fixing the individua
!. liability Of their members within an
!. prescribed limit or maximum.
Whether they shall ever exercise thi
right is immaterial to this argument. Til
fact that they have the power to do 50, m
= NAV exercise il, and the further fact thu
i under the provisions Of $50, above refer
!. red to, they msy bc held Individually l,abl
+ under the contingency therein specified,
= sufficient to exhibit the principle We Or
= trying to develop. We will suppose, ther
. that the contingency in question will har
u pen, and . large judgment is obtaine'
}. against the Burlington and Missouri II. r
J Co. for some Of the thousand losses and &C
Q cidents for which, As common carriers, the
y are liable. This judgment should be satifi
company. But all know that this proper
: ty, and Is . matter Of necessity, and no
generally from any fault Of the company, |
q ordinarily covered with mortgages, give,
= to raise money for the construction Of th
3 road, and cannot be reached by execution
!. The consequence is, that each stock holder
+ in the case supposed, u liable to 40 amour
! equal to the stock be has invested. Wher
= : county, 10 its corporate capacity, has e
ken stock in . railroad, We suppose it vii
} have to pay its proportion Of this judgment
e in the same manner that the original sui
scription was paid, By : tax levied On th
property Of each citizen, in proportion {
+ the assessed value thereof. Ii any citize
!. Of the county, having property, refuses I
:. pay the contributions assessed upon hi
= property, be may be coerced to do 20 by
y forced sale VI the same.
~ Now, when be pays this money, Who get
. it, Does the county2 Il il spilled I
J any local or municipal purposes in whic