Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1874-04-16
Certain Railways and the
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opSh ih pAS CthtS vi w tSNOtiSiI.
A New York dispatch to the Chi
cago Tribune of Tuesday, says that
the general superintendent of the
Milwaukee & st. Paul, and the Chi
cago d Northwestern railway com
panies have been east to attend
joint meeting of the Boards of Direc-
tors of the two roads, which was
called to consider the new railway
laws of Wisconsin, Iowa and Min
nesota, and to decide what course
should be pursued in relation to
them. The superintendent inform
ed the directors that they could not
operate their roads under the new
law, and pay expenses. They agreed
in giving it as their belief that, if
the laws were lived up to, the roads
would no more than pay expenses,
and certainly could not pay anything
to the stockholders, even if they>
could the interest on the bonds.
They said that the operating ex-
penses were fully 75 per cent. of tho
gross receipts, and that the reduction
of freights resulting from an enforce
ment Of these laws would diminish
the receipts fully % per cent, which
would result almost inevitably in q
failure to pay interest on the bonds,
so that the roads would be lost To the
stockholders and taken possession OF
by the bondholders. There were
also present at this meeting some Of
the most prominent legal talent Of
the country, in the persons of Chas.
O'Connor, Wm. NJ. Evarts and j..
II. Hoar, who had been summoned
TO give opinions as to the constitn-
tionality Of the laws. The dispatch
goes on to say that these lawyers
were unanimous in their opinion
that these enactments were unconsti-
tutional, and would never be sus.
tanned by the United States supreme
court, although they might be hy
the inferior state and federal courts,
which were surrounded, and, to u
certain extent, influenced by local
influences. These laws, i'm their
opinion, were nothing more nor less
than acts Of confscation. Their
opinions are to be revised and writ
ten by them, and will serve the
roads as their justification for the
course they intend pursuing.
The boards Of directors, after hear
ing these full and explicit state
ments Of their managers, and tho
opinions of the lawyers, unanimous.
ly resolved to resist the law, and in
structed their managers to go On and
run the roads upon business princi-
pies for the benefit OF the stockhOid-
ers, fixing such passenger and freight
rates as might seem to them best for
the interest Of the community aud
the stockholders, and pay no atten-
ton TO the law where it confiicted
with the opinions they had received
from the lawyers.
This really looks like business on
the part Of the railway companie,
but we apprehend that the people OF
the states mentioned will not be
frightened from an attempt to test
the laws, even 90 the highest court
Of the nation, though regiment of
lawyers decide the case for fee, in
advance of trial in the courts. The
whole thing looks like bluff game.
for railway companies do not often
publish to the world the advance
opinions Of their legal advisors.
What adds to the probabilities that
intimidation is meant, is that
certain OF the directors intimated
that in their opinion the best thing
TO do Ii an agent Of the road should
be indicted for violation of the law,
and punished by fine and imprison-
ment, would be to shut up the office
Of the agent thus convicted and let
tho trains run past 1t without stop
ping. g.-Erdirie Farmer.