The Portland daily press., 1872-01-29
The Last Degree Of PRESUMPTION.

Nothing that we have ever written touch
ing the usurpations of the Maine Central
railroad is calculated to give so vivid an inn
preston of them as the confessions of Judge
Rice in his argument before the railroad COM
mittee. These confessions have been laid be-
fore our readers. Nothing that we have ever
predicted as to the extent of the arrogance
and disregard of law that would mark the
conduct of the corporation after it has been
permitted to carry its present purposes into
effect, is calculated to create so much alarm
as the following extract from defense made
by the Maine Central in its Portland organ:
Certain railway corporations in this State,
desiring to issue bonds secured by mortgage
on their property for the purpose of raising
funds to pay their outstanding liabilities, and
to more thoroughly finish and equip their
roads, and thus contribute to the safety of
the travelling public and afford additional
facilities for the transportation of freight and
passengers, have applied to the legislature for
an act giving them authority to make the
requisite mortgages. They can do this with
out any special legislation. 1t does not re-
quire an act of the legislature to author
ize an Individual or a corporation to borrow
money and mortgage individual or cor
porate property for the security of the loan.
But as capitalists are timid and cautious and
require to be convinced of the legal valid
ity of bonds and mortgages issued by
corporations, it is. usual to apply, as in
this case, for special act, applicable to
che particular loan, to save the necessity of
satisfying investors, by the opinions of per-
sons learned in the law, as to the authority
under the general legislation of the State.
The person who drafted this act for the Maine
Central directors assured them that it confer
red upon them no pO,Uers or rights additional
to those they now possess, but only saved to a
person DESTROYS of investing in the bonds the
necessity of consulting counsel to ascertain if
there was anything in, the general legislation
of the State which would impair the validity
of the mortgage.
1t is extremely difficult for any unprejudic-
ed or unbiased mind to perceive any reasona-
Ole objection to granting the request.
To say that the above is loose reasoning is
to state the case most inadequately. 1t is de-
iberately false reasoning. There can be no
objection to giving authority to the owners of
property to execute a mortgage thereof. But
there are very serious objections to giving
thief the power to raise money on the goods
he has stolen, or railroad corporation power
to pledge property that it is forbidden by the
AeN"S " viz 1oesoO civ w CApkCos ucllidl Vi
the Legislature to possess. The GOODNESS
with which the writer we have quoted ignores
the fact that the Maine Central is illegally in
possession of large part of its route, and
that it seeks ratification of its law-defying
acts in the bill now before the Legislature, is
in harmony with the astonishing impudence
displayed by the monopolists from the begin
ming.
But the point to which we wish more par
ticularly to call attention, is the persistence
with which the Maine Central plutocracy ad-
heres to its traditional policy of treating the
decisions of the Legislature with contempt.
The Legislature of 1870 said, 'sYou shall not
consolidate" Said Judge Rice in his ingen-
uous remarks at Augusta, 1--WE practically
consolidated Now the company declares
through its Portland organ that even if the
Legislature of 1872 should reaffirm the decis-
ion of that of 1870, by refusing to permit the
monopoly to do acts founded on the illegal
transaction of May 18th, the company ,uiu 40
defdntly on its acay as before, ignoring Sec
ond time the aciH Of the people 1t says in un-
mistakable language: "Deny the legality of
consolidation, like your predecessors, If vou
auill; zoe shall then act on our O,on h;oher lam
scorning to Observe your futile protests.