, 1873-04-19
THE NEW RAILROAD AID LAW.

mont to regard and treat them in that light.
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THE NEW RAILROAD AID LAW.
Tho State sonato on Wednesday passed a
bill which will probably 10 fruitful Of trouble
should 1t become law. Tho now Constitution
poron1ptorily prohibits tho subscription or dona.
tion Of any money or bonds or other devices In
MD OF any railroads or canals by my ununici-
pality in tho State. This Constitution booamo the
Inv on the 8tla Of August, 1870, Unfortunately,
perhaps, tho Constitution provided that tho
prohibition should not apply to subscriptions
authorized by popular voto Of such mrntcipall-
ties takcn before tho adoption Of tho
Constitution. Under this latter clause, thoro
was d grand llurrying-up Of tho .voteH by
towns and counttoa boforo the 8th Of Au-
gust, 1870, on which day the municipalities
Of Illinois Ind subscribed In MD Of railways an
aggregate sum Of not loas than Sf5, 900, 900. OF
this sum thero hayo been issued to tho railways
local bonds amounting to s13,6oo, 900, bearing
tntorost ut ratos ranging from to 10 per cont
per nnnnm, and having twonty years to run.
Tho annual charge for interest On tho bonds
already issued, taking tho average at 0 por cont,
is 81, ,215,o00 THO burden Of this tax iB already
severely felt, and tho expected benotts to result
from tho railroads have, IN most cAsos, not been
real1zcd.
From, ono million to one million and D lalf Of
tleae bonds, thougl, voted before Aug. ., 1870,
have not boon issued, because tho rail-
roads for Which the Gid WIS intended
have not been constructed. The fall
disorganization or wortAlossncss Of tho compa-
MICS, or change OF routes. The bill which paased
tho State Senate OIL Wednesday, authorizes any
city, town, Or county which voted donations or
subscriptions Of bonds TO any railroad corpora
tion, in casea wllero such railroad has not beon
built, to subscribe such stock anl Issue Huch
bonds to any other railroad corporation. Tile
condition is, that such other railroad corporation
shall construct o line Of railroad in or through
such municipality. Any railroad company do
authorities Of such county or town, and If q mn
jority OF. tho legal voters shall asaont thoroto
then such original subscription Bhnll bo trans-
forrod to tho othor rai1road applying therefor.
This act is full Of danger. 1t al,owa tho peril
nacity with which private corporations sock to
plundor tho public. Tho fact that these mill
ions and a half Of bonds aro lying unissucd in
tho various town md county troasurios has not
escaped tho observation Of thcao railroad llar-
pics. Thoy sought tllis legislation two years
ago, aud now sock it again. Tho Legislation is
oxtra-constitutional. It socks to mako that
which tho Constitution prohibits legal. It
authorizes now subscriptions in aid Of railroads.
A subscription in aid of tho A g Railroad
OF the T Railroad. Tho people voted in
August, 1870, in favor Of subscriptions to dig
tinct railroad corporations having distinct
lineB and routea. How can tho LegiBla-
turo DECLARE that such subscriptions wero
voted for other railronds having other
narne and titles, and hnying othor routcs
aud tor1ninI? The Constitution limits
tho issuo Of bonds to those voted for specifically
before tho 9th Of August Tho Constitution did
not legalizo tho future issue OF bonds for rail-
road purposes generally. The acts Of the Logis-
laturo noyer authorized tho voting for or tho is-
sue OF bonds to railroads generally. Tho notice
OF tho election prescribed tho name OF the rail-
road corporation to whom the bonds wero Issued,
and there WIS no more power to issue such
bonds to any othor corporation than there was
to give them to the Emperor Of China nor can
this power bo now givon. This very point IL an
ndjudicated question determined by tho Supreme
Court Of the United States. In case taken up
from this State (Afarsh Us. Fulton County, 10
Wallace, whore county unaor tho law Of tho
Legislature voted subscription Of bonds
to particular railroad company, aud
that company changed it's name bofore tho is-
Ruo Of the bonds, though it remained practically
maintained tho road intondod to DO aidcd, the
Supreme Court OF tho United States hold TINT tho
issue and tho delivery Of bonds to one corpora
tion which had boon voted to anothor
was void, and the holders Of the bonds could
not compel the payment thereof. The Court
held that tho issno Of the bonds was authorized
by the yoto Of tho people, and that vote could
not BIO tortured or construed into giving authori-
ty to iysue bonds to any other corporation Can
tho Legislature in 1878 dcclare that, whore tho
people Of my town or county yotod in 1870 to
donate bonds and tax themselves for twenty
years to aid one railroad, they voted, in fact, to
HHue the bonda to any other railroad that might
apply for thom ? This bill proposes nothing
leua thnn authority to mako new subscription,
and Is percmptoriy prohibited by tho constitu-
tion.
Tho iasua Of those bonds Will he extremely uu-
fortunate, because 1t is absolutely certain TINT
thoir ultimate payment will DO roaistod. We
have already case OF refusal to pay county
bonds, and tho interest thereon, III blscoupin
County aud In other counties thore il restiyc-