, 1874-05-27
RAILROADS.
CONTINUED 1ro,n tl,e Flrst raxc.

Eric Naroad casca, 40 and IT peunaylvauta tho Court
hold that tho language OF tho reservation was 70 DO
sfT1ny H. fsv9r f.. 40 Of a ase md tint
repeal tho ohaFtor or Ito Eric Railroad. summing
In tho matter Of the neolprocity Dank, q Now York.
posing m individual liability Stockholders not pro.
vtdca for ~ tho original carser. and tho oour{ Of
te contract the Stats could amohd te eiaeter 1t
Rofsrr,ns to tho matter Of tho Oliver Leo Bank, a.
s sss to a
IN blnct, page oB7. Tho general baukng law un1er
@ as sss "a: :o oaqsea b asSaa R,G1 @ s
Atop, and tho arsiolcs Of s.soc!asien contained
Sherman, becnino stoctholder, aud, subsequently.
ons adp psr It, a. Of sss e. 1
tict with tue Constituon Of tho United 8tates which
tion q contracts. All tho courts Of New YORK
hold that 1t not, nnd the supremo Court Of tic
United st9tea affirmed the dootHion. Mr.. Justice Mol
Now tho shirty.sceon1 uoe.ion. which reserved to
tho the power to alter tho net by necessary
any Of theso torlns snd conditions or rlos Of
liability, prescribed in tho act The articles Of aasoc,a-
Jaw under which tic bank was organized nnd subjoct
the general ayatcn1."
NNttbSo kAot1t 41 Aau3 faHl 4uuf
MI; Juat,ce Clifford uses this languago:.
"ohnrters of private companies arc regarded - ozc
fn'a s between sa tho a s
tca tl,a tlo Legislature ' cannot wei repaa so
tmpair or ,s alter saeh charter .gatn,t the
JudiciAl!y ascertanod and declared OF COURSE these
remarks apply only to net. Of incorporation Which do
not ;onsan ar observation or provisions a.nnoxna
nature Of the contract. Cases often arise whero tho
Legislature. IN granting act of Incorporation ior
ter conditional TO The Bsaso tho power to
alter modify, Or rersal The ssa at pleasure: Whom
clear That It quaacs tho gEant. md that the sbao-
9ueat e1srEae OF TINT act ia within the provision OF
In tho ease Of Tom,inson sgainss Jesup, Is Wall.
pRae .454, tho Northeastern 1iailroad Company
" IN E'se o In NH ls 9y ,roa, hs sa%r
limo ere @ vas general law Of le tGa sste PASSED eHhs IL
1884, providing that the charter Of every corporation
should DO ~ subject ! to amendment: alteration.
Iy which ho atosk of tho and H. s rss
estate estate ahould b o.emptsd ftom ta1atlon
was for the torn ii 6fty yeaIs. In isss,
constitution was adopted. II which II was provided
ths property Of ths road. Ts Court heia that the
d ISL affected tie '1 satire rotation % be.wesa am
LEGISLATIVE ,.;ss ssa,rol IL IL 5shts privileges .d IN
Mr.. Justlce Field. In delivering tho opinion Of tho
Court, .iscs @ this language:
IN is true that tho charter Of tho Company, uhen
betwocn them and the Stats, aud tint the amend-
'sn' 'Ss Thsn ssespe formed part q
tho same obligatory. character, and 1t may
be e4nally true q stated BY COUNSEL that the oremp-
son o sea s to @ ys G tho
purchase the ahares held bT him. but theeo consdera
t!ons eannos 10 allowed my weight iu dossrmiulns tho
reserved to Tug SLATE by ths sw Of 1871 authorized
existed Or as subsequently modified, It's entire re1o
holders took their interests with tho knowledge Of tho
e1stsaeo .! sn'a power; and OF the possibility OF It's
sasss'' at any time 'h' discretion OF tho 1es'a
u.s. was whero raros co:n,'ny wax Srran'ssd ' IT. f.
Constitution lad similar clauao to our own rs to IT,
torat!on md ropeai. by the original charter Of tho
20 BS ssna sa.a o9tv e *seS' ' provided tss
Dy s n .,sc,he q r y vi m csns s
mas to bare tho right h ths act Of the legislature to
appoint four out o. the tlirteen Directors OF the
company. ~ MT y Inilcs of the road svHs aban.
aud M isanFs @ ~ I'd passed an ac
ana iii iast al was ,sased @pairins d. obli
sst saa u supreme CONT i Gasd
snos9 qneed , from l %.see
1eKab leosse tley eonstrue and apply ills reservs-
tio1 Of power to variety OF caaes mud saem to
snd meet @ to great degree all tne objections Which
consideration. Other similar cases might be added,
aud tho elementary Writess cited as being IN
accord with the doctrine Of these decisions
but t. the opiaion Of T., Chancellor m Rent will
ums II, pgs 800. lo says: Aud though.the validity
Of tho alteration or repeal Of charter in consequence
Of anoh reservation n'Ay not bo legally questionable,
yet It mny become 1nntter Of serious consideration III
many eases. How far tho exeroso ot such power
could be consistent With justice or policy charter
be granted and accepted With TINT ressrvation shere
soena to be no ground to question tho validity Rud
e1cioacy Of the reservation" To this should, por-
haps, be added tho case against the Supervisors Of
Fond dn Lao County, 10 Wa, page o94, which, while
not turning on the construction Or elect Of tie
served power OF alteration or repeal yet is referred to
in this emphatic language: "That the Leglsla.
ture Of %isconsin mny alter or repeal the charter
granted to the sheboygsn & Fond dn Lao nailEoad
the constitution The railroad can therefore, 10 con-
trol1cd aud regulated by the statc. Its use can be
deinel its tolls and rateB for transportation may 10
limited"
Precisely what Chapter 273 undertakes to do, and
whit thu Supreme Court Of the Unitu States declares