Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-03-27
Raiiroads-A Contrast.

railroad law. Under it, so far as we can
iudpe from a hasty perusal of its pro-
visions, all action in reference TO the
construction and equipment OF railroads
can be taken. BY its provisions, rail-
road corporations organized in pursuance
thereof, have power to cross, intersect,
connect, unite, ETC., with other railroads. |
The general object and idea of this ''act
to authorize the formation of railroad
corporations, and to regulate the same
Is, if we understand it, to provide for the
building and operation of railroads at
such and so many points as may be
deemed necessary for the public con-
yenience and profit, without recourse to
the Legislature for special charters.
Full and ample provisions are made for
appeals to the courts for the settlement
of all questions in reference to the use
of the grounds, tracks, turnouts, etc, OF
other roads, in cases where these mat
tiers cannot be amicably settled by the
corporations directly interested. we
have given but cursory examination of
the subject, but we presume-and our
opinion is founded upon such examina-
ton and the discussion which took place
in the Legislature upon its passage-that
the powers are full, perfect and ample
for the purposes intended. For the same
reasons, we consider the restrictions I'M
posed by the spirit and letter OF the law
sufficient for the protection of the rights
of corporations created under it, other
railroad corporations, passengers and
freight forwarders, owners .of real es-
tate through which such roads shall be
constructed, and the public generally
If it shall not be found ample in every
respect for the protection as well of the
corporation organized under it as the
public at large and all others interested,
it can, by its own terms, be altered and
amended by any subsequent Legislature.
Although we have always been favorable
to general railroad law, and, for the
reasons stated, believe that our present
law-the one referred to--will answer
the purpose of its enactment, we do not
refer to it, at this time, with any idea of
discussing the merits or dement's of any
such scheme, or of speaking of the gen.
eral benefits Of railroads to Vermont,
past, present or prospective. There are
several projects on foot, having direct,
immediate and vital interest to the peo-
pie Of Vermont generally, and to Rut-
land county and the town of Rutland in
particular, of which we have had oc-
casion to speak heretofore and will,
probably refer to, at different times,
hereafter. Our purpose, this morning,
is entirely different. Did it ever occur
to our readers that the boast, so often
made, that Vermont was the most per-
feet republic in the world, had an apt
illustration in this very subject of rail-
roads? We believe it to be true, as we
may, at some time, take occasion to en-
deavor to make plain, that our system of
government and laws, our habits as q
people, and our courts of justice, are the
most complete and perfect the world
ever saw. But in reference to railroads.
If we are right in what we have already
said, we have one illustration of the
proposition in the general railroad law,
already spoken of, but as that is, as yet,
---4-:~s ~--I a., -.-~-i-. ~--.a--- ----A
ter OF theroy instead of practice, we will,
in few words, illustrate the truth of
the proposition from our current history
and the news of the day. The railroads
of Vermont have incurred every vicissi-
tude of fortune that it is possible to con-
ceive of. To go back to the time of the
chartering of the Vermont Central and
Champlain and Connecticut Riyer-rail
roads. Their capital stock was taken
with avidity. The farmers of Vermont
We'd with the merchants of Boston fol
the opportunity of so investing their sur
plus funds. We know of young man,
whose father was absent at the time the
books of subscription were opened, max
ing arrangements, or seeking to make ar.
rangements, so that few shares of stock
might be reserved for him. An eminent
statesman of Vermont invested his all in
railroad stock, deeming it the most safe
and profitable of investments. These
were not isolated instances. Aside from
the benefit to real estate and other prop.
erty, the stock Of these railroad com.
panies was considered as good, if not
better, investments than bank shares.
We are speaking of the time after the
survey and location of the routes, and
Immediately before the commencement
OF work. The reports of stockholders
meetings, at that time, are brim full of
speculations and fancies of this kind.
They were all honest, too, in their be-
lief. We need not, nor is it necessary
for our purpose, trace the history of
these enterprises from this period when
everything was rose-colored and hope
ful down, step by step, at first little
short of funds, then actually ''cramped'
and in danger of an actual stoppage of
work, the issuing of unsecured bonds, a
first mortgage, a second and then third
mortgage, an entire loss OF everything
invested in the stock and unsecured
bonds, and partial loss of the money
placed in the other securities, and finally
foreclosure of mortgages, cutting off
sll securities and liens and, as it we're.
starting anew. Such, substantially. with
here and there possible exception, has
been the history Of our Vermont rail-
roads. Our courts have been appealed
to in the same manner as in controversies
between individuals Their decisions
have been quietly and pcaceably submit
ted to. There has been no organized or
unorganized outbreaks. Tearing up of
tracks, taking possession of-we should
mildly call it in Vermont stealing-loco-
motives, cars, etc, has been unheard of
Bribery and corruption has not been re-
sorted to, indeed it was not necessary.
and our people would not even wink at
10, much less countenance it, while our
&c IL. i.