, 1874-05-28


'abt whnt hia aelf-interost sooma to diotato, we
can only say TINT ho Ia an npt scholar.
...............A-~.
THE WISCONSIN RAILROAD WAR.
onr renders havo aoon tho opinions of Evarts,
Curtis, Carpenter, and Sloan on tho railway log:
aalatlon Of WISCONSIN. hfesnrs. Evarts aud Cur
taa' the counao1 Of tito Companies, aro Of opinion
that tho Inv ia unconstitutional. sinco It reduces
the rates Of fare and freight so low that tho
compantos, wore they to oboy it, could operate
thctr roads only ut loss, and would be unablo
to pay tho intereat on their bonded indebtedness,
hossrs. Carpenter aud Bloan do not agree with
Mesara. Curtis and EvartH. They mnintaln that
tho lnw La constitutional aud seom to think that II
10 quite Irrelevant to tho question whether or not
the Companies would be submitted to pocuniary
4oas BY complying with ita provisions. Now,
noither Carpenter nor Sloan meet tho only ques-
tton IN the controversy frankly, fairly or fully.
Tho question is not whether tue Legislature Of
Wisconsin can a1tcr or repeal the charter Of a
railway corporation. On this point thoro can
10 no difference OF opinion. Horo Curtis,
ETarts. Carpenter and aloan agree, and
n,lnt agrec, for tho law gu tho n1nt-
tor is as plain az tho noso Oh a
mana face. Tho roal question ia not whether
tho charters Of the railway corporations may bo
altorod or repealed; but, whether tho altering
and rcpealing In question may be accompanied
by oontlscation OF property, real or virtual,
Evarts aud Curtis say not. Carpenter md Sloan
say they may. Assuming that tho represents
tions of the Railway Corporations are true, aud
TINT tho Wisconsin legislation In question hns
reduced the rates 80 that the roads can be
operated only at loss, VIC think that Eyarts
and Curtis are right, Carpenter and Sloan wrong,
Tho Legislature Of tho State of Wisconsin
cannot take from railway companies more
than 1t give them. It can take array
or modify that intangible right, tho in
corporoal franchise, which 1t gave them, to
become common carriers. It cannot take away
mora than this. It cannot deprive thom Of
yards length Of rail, Of wheel of their car
riages, Of IN ongino or cow-catohor, without
duo compensation. Repeal or modify aB It
may, It has not tie right to atcal. It cannot
put it's haud into tho pockets OF the stockholders
aud take q dollar out Of them. It cannot COM
pol tho atotkholders to ruin the roads for tho
bcneft Of tho travelling public ut q loss to them-
selves. The nights Of property are sacred,
eFon in "bloated bondholdcrs." Railway re-
form iB needed, but tho way to it is not through
epoltation, and If Mr. Carpenter thinks 1t ia
through such m avcnuo the people dosire to
reach reform he is very much mistaken.
Whom the Legislature of Wisconsin charters =
corporation to run ferry botwoon two points On
opposite sidcs Of q river, It grants only right
d franchise. Tho oorporatora, or atockholders
build boat6, Or buy them, hire hantls, aud 70 to
work. The right to run the boats is all tlat the
State has granted. II Is all it can take away or
modify. Tho boat belongs to tho stockholders.
The State cannot tako it from thom. 10 tako 1t
away would be to take property without
compensation and this common senBo, COM
mon Inv, and common Justice as we'll
aa tho constitution OF every State in the
Union, forbid. The legislation OF Wisconsin
may modify Or repeal tho charters of corpora
lions organized under Its Laws, but in go doing
It must savc tho property-righsH Of its citizens,
nothing, invalidate no contract over
Tho terms OF which 1t did not reseryo to itself
my powor-the contraots Of the road with its
bond -owners for inatance.
Tho powor to ropeal or modify charters re-
Eainod by tho Wisconsin Constitution extends
not only to railway charters, but to life snd
companioH' ohartors,-to all
,harters In faet- Is 1t meant that the
Lcgislaturo may compel the Northwestern Mu-
;ual Life Insurance Company, Of Milwau-
zoe, for instance, to issue its policies On
'uch torn1s Us 70 prevent itB paying ita losaos
'ccaaioned by death? Or may Wisconain
shawl manufacturing corporation DO compelled
o sell ita shawls at such rate as to cripple tho
institution itsof and cat up it's capital2 Evil
lently there ia right way and wrong way to
'noct railway reform.-and Mesnra. Carpenter
md Sloan seem to favor tho wrong way.
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rYr unpcCuv raor