The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-07-08
An Important DscIsion.

u Al AmkVNkAub DggA1ASAs
In March last The Wisconsin LegiS-
lAture passed 9 law regulating the rate
per mile Of which the railroads chartered
under The laws Of that State should carry
palsengen and freight The law pro-
yfdsd lot he appointment Of Coming
EonerS Whose business II should be 70 id.
Just the existing tariff Of the various lines
and scale them aeeordingto their judg-
ment Of what was equitable. The Com.
miisipusrI proceeded 70 make out such a
tariShaa Is adoption BY the State au.
thohas1 was otaeillly notified to the Gen.
sfGl Railroad Companies. 1t made i'm
portant reductions In the prices hitherto
charged By the said companies-so much
% that thsy refused % aequiesce in IT.
aud thsrsapon began . legal contest be-
tHeenlthe stste and the companies. The
Hon VIM. II. EyARTs, ofNeW York, and
the Hon. B, F. CuRTu, Of Boston, were
solicited By the railroad companies Tor
an opinion - to the conIdtutionallty Of
,he neWilAv. The point made BY the
companies was that the law practically
conhScated their property, and also that
in aSnuch d It destroyed thar ability TO
earn the interest on their bonded indsbt-
ednessitWaS to that extent an impairment
of contract between them and their bond.
holders, and therefore unconstitutional
The two eminent lawyers named gave an
opinion agAtnIti the oons,ltutionAlity Of
the law, and Ghortly SflerWard the COM
pGnlessnsd out an injunction IN the U. 8,
Circuit Court enjoining the State author.
ltiss from executing said law. The ques.
tomas 10 whether the Injunction should
Stand.Wsthen argued before the Court
and on satltdaylAst a decision was rem
derSd ID favor Of The constitntionslity Of
the law. LtBeems that in the charters Of
the Wisconsin railroads there Is i provis-
ion reserying to the State the right to
alter or repeal said charters at any time
after their passage This reservation the
Judges ssy IN their decision was 3 notice
to- those who bought the bonds Of said
companies Is to Whatmight happen in the
way! Of change or repeal, and therefore
the new law Is not an infringement upon
their rights nor an impairment Of any
contact between them and the companies
This decision, although not final Of
course, Is one that Is well calculated to
awaken Stteuton throughout the country.
1t will becarried to the o. s. Supreme
Court Ion revision, and sc sustained there
viii malk the initiation Of q new era in
Western railroad building. Once it Is
understood that the power to alter or re-
peal thechhrter Of a railroad company
can beso exercised as to take away from
the company the power 10 earn interest
on is bonds, there will be q speedy end
to the borrowing business. Capitalists
will no longer lend money TO any railroad
having such 8 clause in It's charter, and
in ssll-deienee the Legislature that passed
the new law win be compelled not only
10 repeal It, but hereafter grant charters
without the reservation spoken Of.
The Chicago TEt6uns Of Monday, in The
course Of is comments on the decision
says that II the policy adopted by the
Wisconsin Legislature is perseyered in
the.era of her Development Is goue. "Nol
q dollar would Lombard street or Wall
street IoGn in Wisconsin to-day to build a
mIls Of railroad" The immediate effects
Of the decision, pending final settlement
Of the whole question in the United States
Supreme Court, will possible be, the III
buns thinks, to induce the companies to
tnsttuteia rigorous policy OF economy.
such asfunnlng slower trsiDs with poorer
accommodations, and ~ The employment
Of poorer grade Of hands, and also BY
letting their road beds and rolling stock
run down incondition.
ls...- - .----I.I---