, 1874-06-09

LA @4t MN!l-kuUHA OAIbuuuLA ApItbG CHAGp
tho Supreme Court Of tho United States held
that law altering the chartor Of any corpora
tion in material provision, without tho consent
Of tho corporation, was Inv impairing the OBJ
lgation Of u contract, and, therefore, void. The
e1Yoct Of this dooiHion waB to make all charters
perpetual aud inviolate, 80 long as tho corpora
tiona oblnintng tlonl exorcfaod their franchises
faithfully, ,-oxccpt, Of oourao. whore tlo Gen.
eral Government had expressly reserved to oitseif
the right Of repeal or modification. No matter
how dtsadvantagoous to tho public tho exercise
Of franchiao might bocomo, tho charter grant,
ing It could not be ropoalea. II 1t bo-
came q tax on tho many for tho
benefit Of tho fow, all tho many
could do waa to "grin and bear it," A hundred
or thousand ycars might roll away sinco tho
corporation was chartered; it's rolations to tho
public might have changed for tho worse, yot 40
long aa tho Constitution of tho unitod States ro-
tained proyiaIon TINT no State should pass
Inv impairing tho obligation of contracts, SO long
tho charter must romain unchanged, no matter
what tho Consequences. Aftor tho decision was
might have, provision wpB introduced into tho
Constitution Of tho stato OF Wisconsin, and, wo
bolieve, Of somo other States, rosorving to tho
Legislature the right to alter, modify, or repeal
any charter granted to any corporation what
ovor. The first attempt materially to
cont Wisconsin lcgislntion fixing tariff
for tho railroads of that State. It ia claimed by
tho friends OF thoae acts that thoy arc coustitu-
tional; that tho right to modify tho charters OF
tho companies Ia absolute, anu may be exercised
arbitrarily and without any preliminary investi-
CATION as to whether The roada hayo abused their
franchises, or as to tho effect Of the modification
on tho property rights Of tho ownors Of tho
roads. They maintain, III other words, that for
no reason whatever, arbitrarily, because such IL
the good will and pleasure Of tho Legislature Of
Wisconsin, It Ia constitutional in that State to
require any corporation, railway, Or fire insur-
nnco, or printing company, with q charter, to do
business just as tho Legislature shall dictate; to
chargo such rites as 1t al1all prescribe, whother
in 30 conducting Its business aud charging
auch rates it loses money or not. Tho
courts havo not yot passod on tho ques-
tion whether this ia tho proper Interpretation
Of the provision Of the Wisconsin Constitution
or not. II 1t shonld be held TINT this Is tho
proper Interpretation Of TINT article It seems to
us that, In endeavoring to avoid tho conso-
quonces of the Dartmouth College caHe, that
State has been jumping out Of the frying pan
into the fro iii it's anxiety that ita sovereignty
should not bo impaired, 1t has gono great way
to impair tho rights Of individuals, and to atriko
State. II the Constitution Of tho State of Wis
consin says that tue Legislature mny, arbitrarily
and without cause, modify tho chartor Of any
railroad corporation, banking cor
poration, manufacturing OF insurance company
In tho State; ii it says that such corporations
hayo no rights that tho State is bound to respect,
what encouragement will thero be to cstablial
such corrorationB thoro7 WHO IL going to put
money in thom7 Where could Wisconsin, to-
day, lind money enough to build ten nailea Of
railroad ? Tho provision in tho Wisconsin Con-
atitution giving tho Legislature tho right to
repeal or modify a charter ia good one, pro-
yided it Is not made to aot Az q connscatihg
clause. It ia bad ono Ii 1t will deprive any
Citizen OF tho United States Of his property with
out due process OF law. Not arbitrarily, but for
good Cause shown. should it authorize the nodl-
lcation or repeal Of tho chnrtor Of corporation.
Tho Constitution OF Wisconsin, II interpreted
by tho courts aa it IL BY some Of Its ctixona, will
be n bad thing for tho credit and for tho future
loyolopmont OF its resources.