Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-02-07
ahoss. ia.esssts tA.y. haa ..s.,ed for copsolida-

the puDlic now viewed with favor the consol-
dation of these roads, Anyhow it was fact
accomplished and he believed it was legal
The Interests of these companies and the in
terests Of the patrons of these roads are in
harmony with the public generally. You ag-
grcgate capital and you don't hurt the public
| or the stockholders or the bondholders. What
does this bill have to do with the ratification
of consolidation? His colleague admits that
he does not see anything cunningly drawn in
the bill.
Is it not fact that these roads are de facto
leased to the Maine Central. Whether that
is legal that is another thing. Does this bill
say anything about stock? 1t does not. 1t
speaks of bonds only. Distinction between
stock and bonds.
He supposed that the amendment had ref
erence to the writ of quo trarranto that was
pending, in its allusion to suits that are now
pending. Does not the honorable Senator
know that actions now pending cannot be at
fected by any amendment we may adopt? He
then cited statute Of 1870 Revised Statutes page
81, in point.
If we pass this bill we shall bring capital
into the State. 1t will furnish an outlet for
the interests of Savings Banks. lie further
spoke at considerable length.
Mr. MORRIS of Cumberland spoke as fol-
lows:
With no feeling Of hostility to the Maine
Central Railroad, it is with deep regret that |
feel called upon to oppose measure, which
they regard of such vital importance; and
yet / do feel that should be false to myself,
to the position I occupy, and to the best in
terests of our State, if l did not under the
circumstances existing at the present time,
oppose the consummation of this gigantic
scheme.
The legality of the consolidation which
these roads have virtually effected, l shall
| not attempt to discuss, nor am l disposed to
call them to an account at this time tor the
very Objectionable manner in which this has
been accomplished; it is sufficient for my
present purpose to take the subject just as l
find it just as it presents itself to us to-day.
Ny object is to secure safety for the future,
rather than to punish for the past.
The tendency Of railroads to consolidate is
one of the marked characteristics of the pres
ent time it seems to be law of their being,
and is almost Us general and powerful as the
6 forces of gravitation. With all that has been
said upon the subject, think people gener-
4 ally have but faint idea of the magnitude
' which this has assumed in our own State; it
o has given to very few men the control OF
: property almost equal to the original valua-
ton of the whole State, but this bears no
comparison to the results in New York and
!. Penn. nor is it confined to State limits alb
IL sOrDlnS competing anu connecting roaus dllke,
# it seems as though nothing short of the CONT
!. nent and universal dominion would stay or
7 satisfy its ambition.
d Five roads have virtually consolidated; il
it is very prevalent feeling on the part OF the
o the people that this has been done without
Il the sanction of law, while the managers of
=. these roads, embracing some of the highest
: business and legal talent in the country, con-
fidenty claim that it is in strict conformity to
law. We must bear in mind that the action we
are asked to take in this matter is no side
issue; it is simply the endorsement, the con-
:, summation the placing the cap stone of the
r greatest monopoly that it is possible to form
h in our State; it is presented to us as simple
& matter of convenience to certain parties, but
II it is nevertheless consolidation, pure and I'M
:, adulterated. In the discussion of this ques-
it ton l shall briefly touch upon three simple
z points, First, that this question is not prop
o erly before us. The corporation now known
is as the Maine Central Railroad has no right to
Y appear here as petitioners in such case as
/. this, nor have we any right to entertain a
& petition OF this character coming from them,
0 and If either from courtesy or custom, such a
e petition was received and referred, the action
Is of the committee should have been a prompt
), and decided leave to withdraw; and the rea-
If son which assign for this statement, is, that
y the corporations which are said to have been
d consolidated and are now known as the
IS Maine Central Railroad, have never been able
n to substantiate their legal existence as such
If corporation. They first asked permission
from the Legislature to consolidate; failing in
& this, they proceeded to do so without such au-
e thority. Action has been brought in the name
d of the State by its legal officer to test this
S question; if we adopt this report we torestall
1t the action of the courts. We take this mat
d ter from them, and we grant to these corpor-
d atoms all that they have ever asked in their
e widest dreams of power.
II My second point is the danger which will
attend such action. The first presentation of a
l. subject of this kind excites feeling of alarm,
: but as the matter is discussed and men be-
l. come familiar with it, this in measure pass
: es away, and yet the danger not only contin-
It ues to exist as at first, but is all the greater
1 from this very feeling of security. We may
: regard the dongs OF some of the railroad
d magnates of the present day as simply ride
y ulous; we have heard so much of Tom Scott,
W Jim Fisk, Gould and others, that it may seem
n to us like the repetition of stale Joke, but
these men are by no means to be regarded as
IT fictitious characters, or as persons of no in
N iuence. They are reality, mighty power
y and have done more to demoralize society al
l. large, and courts and legislatures in particu-
IS lar, than any other influence ever exerted in
u Oui country, ii we except tnat eXerteu by
It human slavery. But it may be asked, are we
r to compare the managers of this corporation
1t with such men as have named?' / can only
answer on general principles, that the love OF
o power is very strong, and the transforming
influence which it exerts is wonderful. His
q tory ana our own experience and observation,
d teaches us that what we call human nature
re IS much the same in all ages and every cline,
e and we can hardly expect that it would be
% greatly modified by the changes incident to a
? few degrees of latitude. The action of the
it committee show us the Importance of careful
lie ly watching against the encroachments of
such power; they seem to have closed their
al eyes to the well known and very general SEN
k timent the people of this State, upon this
If subject, to the fact that former Legislators
y would give no c0untenance to this scheme
II and that the legal existence of such corpor-
n alton was now being tested in our courts and
e yet they reported unanimously in favor Of
t this bill. So thorough, so complete surren.
? der to irresponsible power, and to such an
l extent, was never before witnessed in thi.
} State. as was manifested in this action of the
Railroad Committee.