Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-07-23
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The Press on the Decision.
From the New York n ltion.


the court, says " The position maintained by
the counsel for the state, which the court has
nominaly sustained, is that the right to salter
or amend" charters reserved by the constitu-
ton includes the right to fix rates of compen-
sation whether they are reasonable" or not
and that the state might, if il pleased, compel
the railroad TO pay the whole of its receipts
into the state treasury by way of taxation, or,
in other words, might confiscate the property
of the stockholders and their creditors. Moth
ing more monstrous in the way OF a definition
of right was probably ever heard outside of
a buccaneers cave. The books of the com
pany were produced in court, and it was
shown clearly that the rates imposed on the
road by the state law did not afford the law
full rate of interest on the capital invested in
its construction. The railroad companies are
now asked TO trust their property to the mercy
and discretion of the state Legislature, which
is poor comfort, considering the mode in
which that body has approached the question
in its recent legislation. 1t Is becoming clearer
Aery day that the Western movement against
the railroads is, under cover of redressing a
few acknowledged but on the whole trihlng
abuses, fresh outburst of dishonesty by
which certain portion of the community is
infected as with the scrofula, aud which finds
vent now in one form, now in another, aud
which politicians are always ready to use.
-Four years ago ii was in an attempt TO pay
the public creditors in greenbacks now it is
an attempt 10 plumber the railroads; and next
year it may be IN a raid on all nonresident
creditors. The worst of il is that when these
eruptions show the mselyes, honest men are
apt to look on and smile at the outset, or else,
as In the present instance, stimulate them a
| little, in the hope that, though offensive in
themselves, some great good may eventually
result from them TO the body polite. In the
matter OF railroads, leading Liberal Republic
can papers and orators famed the flame OF
hostility to the roads, in the belief that it
would result in the promotion of powerful
opposition to the Republican party. We al
ways denounced this as a Wretched delusion.
| 1t has ended, as it was plain il would end, i'll
| an attack on property of which the KING of
1 Dahomey would be ashamed, and which places
l the country once more in a discreditabIe att.
| tude before the civilized world, and is likely
/ to inact great injury on American industry.
| But there is good reason Tor believing that
| this early pushing of the thing to the extreme
| will open the eyes of the people to the danger
with which this Granger folly is threatening
| American industry and fame"
| From the New York Tribune.
If the Potter law is to stand the railroads
of course are at the mercy of an angry and
| excited adversary, and ruin stares them in the
II
| an enterprise whose profits may at any time
be swept away by the act of Legislators who
have no interest in his fortunes and no special
/ knowledge of his business. Whatever may
become of the owners OF the existing roads,
| no further development of the railway system
/ of Wisconsin can be expected under the pre-
| sent state Of things, and the farmers will have
no better facilities for getting TO market than
| they possess already But il is not to be sup
posed that the railway companies will surren-
der their property without a struggle, and if
they cannot beat the commissioners in the
courts, they will put their money into local
| politics, with the same result which we saw
| IN New York under the old directory of Erie.
| The Potter law makes the ownership Of a
certain number of members OF the legislature
as necessary TO a railroad company as rolling
| stock.
From the Chicago Times.
Stated in simple proposition, the decision of
the court is that no owner OF railroad property
in Wisconsin has any property right which
the legislature is bound to respect, and this
decision is rrefutabIy grounded in the old doc :
trine of 'vested rights" The Times will defy
the keenest criticism and the most rigid logic
to find false step in the argument which
leads from the initial postulate OF the 'Evested
rights'' doctrine to the conclusions formulated
by the court, and which amounts to an asser-
ton that when man invests his private prop
erty in business under an act Of incorporation,
it in effect becomes public property, over
| which he no longer has any right of manage
ment; in which he no longer has any right of
property. OF course this decision puts an
end to all further investments of private prop
erty in Wisconsin railroads. Not another
dollar is any European or American capitalist
likely TO put into railroad property in a state
which has repudiated the s'vested rights'' doc
trine in the letter of ito organic law, bat whose
legislature and political luuctIonaries never
theess assert that doctrine and apply it under
the decisions of the courts.
From the Western Farmer.
All political power, according TO our theory
of government, rests finally with the people,
and the people are disposed TO do right, when
they see the right. Constitutions have usually,
however, placed limitations on the power of
the legislature, TO prevent danger OF hasty,
arbitrary or oppressive legislation, but in this
case the people seem to have given unre-
stricted power TO their representatives. 1t IS
feared that at least the temporary effect will
be bad that both non-residents and citizens
of the state will be unwilling TO invest money
in corporations under this Interpretation of
the power of the legislature, which has hith-
erto been claimed to be limited to "reasona-
Bile controi,'
From the Fond du Lac Commonwealth.
We deeply regret that the railway mana
gers have seen proper to defy the law, yet we
are not willing to say that the law is just
one. That it will be repealed by the next
legislature, we have every reason to believe.
From the Chicago Tribune.
Calamities often fall most heavily upon
those least able to bear them. The railway
cooflict illustrates this. Who are the sufferers
by it? Not the SPECTATORS who were in
L. IL
hold securities which any political majority
can render doubtful The blow falls upon the
| workingmen.
Let il become known IN money centres that
investments in the West are dependent upon
the will of the popular assemblies, and no cap
itasts will be so deluded as to place their
money at the mercy OF politicians. We have
been shown a letter received by one of our
citizens from a New York banker, the agent
of foreigners who have invested some
| S30,000,000 in Western railway securities.
| The recent Wisconsin decision strikes him
| thus:
II that is United States law the country will surely
fad the evil of it when it is too late. Repudia
ton is bad enough but to be robbed on the shallow
pretense of such clause in the state constitution is
something far worse, and so it will be held not only
| abroad but also by every European banker in this
| country. Since October, 1870, the coupons some
1895 900 900 of railroad bonds have been left unpaid
and the loss falls very hard Europe; but single
VIII De thought 10 compare Win euoTts u
the Wisconsin legislature to rob the innocent stock
and bond holders. We hear much of extortioR, ETC..
but why if they exist does not the law attack these
abuses instead of mitting wholesale consscation
/ Farmers may say what they please: if they support
politicians who openly advocate what common sense
must tell them is Ubiquitous and unjust, they make
themselves responsible COR their doihgs and will find
out the bad consequences surely as there is sun
| in the heavens.
Suppose the cheaper rates demanded are Sc
cured, what is likely to follow? The compa-
MES will not furnish hrst-class accommoda-
tons for second-rate compensation. Should
the rates demanded prove as Improbable as it
is affirmed they would, then all improvement
would cease. No new enterprise would be
started to compete for losing trade, nor
would those existing be able to improve their
property, however much they might desire to
| do So The public would look in vain for
spacious depots, additional steel rail, and
superb equipment. The supply and mainte-
nance of these give employment to hosts of
/ "a ind AaII