, 1873-11-10
HTQQK-RAIHINa.

election fraudA
BT00K-RA1s1Na
Tho Nation objects to the phrase "Hateret
stock" as misleading and question-beggine
form Of words. In England where atock-rais
Ing Of ono kind and another has been carried tt
high degree Of perfection, tho phrase adoptot
to distinguish this sort Of propertyis " Calves;
and 1t ia designation not without mort. 4
railway thus takos on tho slmilitudo Of dairy
farm, from which d oortain amount OF buttor
1 and ol,ooao accruea snnually; and where occa
sfonaity tho cows produce offspring. Before
doing so, however, tho COWS dry up, and the
production Of butter and ohooso coasos, whoroaa
In tho case Of u railway about to yola +" calvqa,
tho production OF butter and cheese Is observed
to be on tho increase.
SINCE the Nation las finally taken Judicial no.
tice Of tho roal point in tho controversy we
shall not quarrel about names. Throo OF four
wooks ago We stated this point, as follows:
| Tho roa1 queation In the Ia whether railway
property is entitled to share In tho growth and PROS
perity Of tho country to tho extent Of doubling ia
nona! capital Whenever 1t 1nny 10 supposed that tho
"eaa Of 1ne country nae oohoea, or oi increasing It
- "'s.' ''pp'A .'''''N's :.
tn' 4'sH$W ~ '1'o 1"1noa"e u law e"''e5
| 10 aeoofo'Ae's "'Aet'oo W 'no ''a'eo" 4n 'noso
| words:
Tho truo question At Issue between the farmers and
make large pronts. or arc bound to eonno themselves
to tic ordinary rate Of interest," What meant when
s,ta-o s,oos W, .tp. that !, na us at j.. s,oe "
such fashion that nscnd OF paying Is per cent on ono
shnro, itpays ~ por cent on two. There Ia nothing OBJ
%a oa. - ~. Nv M - .y m n
real point in dispute hns nothing to do with tho num-
Der Of shares, or the tio or manner Of their ssue 1t
.nnaa ~. ~ ,ar" oa '+ - s,a. ~ 1nu ars,
other by law OF CUSTOM ormorals, md ara the COM
panies going beyond 't7 md tho tarneFa' movement
n aoa s ets. sa s"' n .n1 ~. snnt
pantra have oona hase,a t. Thst this assumption is
0"soiesS noeo' no argument 10 sho~'
me Na''on's Statement OF: tho case is cor
rect at last Int lts conclusions from thia stato-
ment arc not II tho right be conceded to rail-
foads to iasuo new stock representing no in
cfeaaed investmeht' ous Simply for the purpose
OF paying ~ por cont On two sharos 1nFtoad OF
10 per cent on one share, thon they havo the
right to "ator their stock' or drop tAotr "calYes"
go as to pay per cent OF seven shares Of stock
Instead Of 60 per cont on ono share. This ia the
thing which tho Na'io" says "does not concern
tic public in tho loast." The faot that all tho
railways which find themselves IN condition to
pay 10 per cent On one Share resort to tho prao-
tice OF multiplying the share by two, md paying
~ pnr cent on the product, Hhows that they
think 1t does concern tho public.
It has boon universally hold by Tho courts that
railroads nro common-oarriors. and it ia vell-
defined principle Of Law that common-oarriers
cannot charge unreasonable rates or mako un~
Just Determinations. Theno points worc olabo-
rately reviewed BY the supr eme Court Of Illinois
In tue Well-known caae against the Chicago d
Alton 1tatlroad. Chiof-Justice Lawrence said
that railroad corporations which obtain their
right OF way through tho exercise OF tho right Of
eminent domain (Which can only bo delegated for
public purpoaos) "nust be regarded as quoSf
pubic corporations, aud therefore subject to
4oslslaslVe CONTROL 30 1ar a. may bo necessary
LOT tne pAono "ol1afe.' 1t was held, n this de-
els'on, that the Legislature could make =
1'neuu'' VI fa'e9 onts p,s'"o 1oo'e o7'aopee'
aou shAt 'ne teasonap1ehoss or uhfeaeonsbl'"
a'"s ~ ia'eS "uSs, Z" Drought IN question: DO
'a'a1"'ao1 y P!ool' "n'' noFe na'ufa1 oo-
'tlous Va mool 'aaa 'no amoun' .! interest
o"4 4A'u * '"o '"'''a1 aos"o'f9 '"oeSFea' u IL 20
.AV'a 'Aas ,,to l"so " onafeoS ensp'os falt-
'"' '. ''+H ~ pos 'o"' on an "a'oans Oh s'ooA
's1a' " aouD.o 'e9 eap':"t 'ii'es'oo 's IL nos
'4u4' e4'u' ~ 'uo"'os tnAs - oArps 10 pof cent
" s'4' AS'4@' eel!'a4 = ~ poi e'as p IN OK
.'S' osot !" 1'4 4,'44n .os ''n' '"psa' oinployeq
ID ho' tne faafoa" S10sat'He Eno IL" WHICH pro"
a!o''7 oohli'ol'oa1f'of9 from eneFglns unrcason-