New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-31

highest and last court having jurisdiction
to determine this question.
To the objection of Mr.. Curtis that the
law impairs the obligation Of contracts,
because creditors have loaned money to
gage, Mr.. Carpenter forcibly says:
This is the most remarka BILE doctrine ever
maintained by eminent counsel. It ls, in
substance, that the railroad company, by
executing mortgage, has clothed its mort
gagee with powers it never possessed itself.
powers denied to it by the constitution of
the State which created the corporation
mOrtgagor. 1t is well settled that any per-
son dealing with corporation must take
notice OF the law of its creation, and all
cons citutional and statutory provisions
which limit and restrict the powers of the
corporation and that no one Can be a bona
Tide holder of what the corporation is inca
pable of granting.
pany to mortgage it's property, but the
mortgages were bound to take notice of
the public laws authorizing repeal or altera-
ton Of the charter, and that the purchaser
Of franchise took it. subject to the same
liabilities as the mortgagor. OF the effect
of the argument he says:
If the doctrines contended for by Mr.
Curtis should prevail it would follow that
this provision OF the constitution of Wis
consin had been repealed by mortgage
executed by railroad company; and that
the mortgage had not only deprived the
company of it's property and franchises COW
cred by the mortgage, but had stripped the
Legislature of power conferred upon it
and its successors forever by the consti-
tuition Of the State
Suppose that the charter provided that if
the company executed mortgage the Leg.
islature should have no power to alter it.
That would be invalid, but this doctrine
would permit the company to evade legis-
lative control By a contract.
The Senator concludes his letter in these
words:
The fact is that all the corporations of
the State created under this constitution
hold their franchises subject to the will of
the Legislature. Men who invest money
in railroads and railroad securities rely, and
may safely rely, upon the good faith OF the
Legislature and the love of even handed
justice entertained by the people. Ii the
provisions of the law are in any respect
unjust to the companies, which l do not
believe, the next Legislature will modify
them, but it will occur to every one that it
is not the surest method to secure an I'M
partial reconsideration of this subject to in
suit the State by defiance Of this law 1t is
too late for any man or set of men to claim
to be above the law. Ali must obey the
law while 1t exists, and the remedy for
law that operates injuriOusly is to procure
its repeal.
These diverse opinions of the great law
yers who have expressed them, have raised
storm which the Northwestern press en-.
deavors to tan to hurricane. While Mr..
Evarts escapes with few envious refer
ences to his fee of $4,000, and it is only
suggested that Mr.. Curtis totally miscon-
ceived the question presented, all the vitu-
perative language at the command of the
railroad journals of Chicago is used against
Senator Carpenter. Communist scalawag,
demagogue and highwayman's lawyer are
some of the mildest terms with which it
digniies its columns and adds strength to
its arguments. "Gubernatorial gab,' is the
title used for the Governors proclamation.
All these epithets, together with the steady
attacks made on him by other journals,
show the concern with which they read his
opinion. The threats of retaliation if the
law is enforced, the railroads indulge in
have naturally provoked recrimination
from the Wisconsin journals. The Milwau-
kee Sentinel, referring to the efforts to in
jure business men to induce them to op-
pose the Potter law, by refusing to build
an elevator and other improvements, says
the business men of Milwaukee are not OF
the stuff to be controlled by such means,
and suggests that
One OF the fist and most important du-
ties to be performed by the Legislature to
be chosen next fall is to pass law pro-
hibitiug any railroad, steamboat company,
or other common carrier, from ow ming or
operating any elevator or warehouse in this
State. otherwise than for temporary storage
of freights in transilu
The quarrel has become an intense one,
the railroads maintaining their rebellion by
every means at their command, and the |
State authorities. seeming determined to
enforce the law as long as it remains in the |
statute book The political aspect CT the
controversy has not yet been developed |
fully, but the issue of the next election will |
be on the law and Granger !
and railroad man will be pitGed against each |
other.