The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1874-07-23
The United States and the Railroads.
Spring Geld, CMass.) Republican.

Spring tslf. tMass.) Republican.
| The decision Of the United States Cir.
cunt Court at Madison, on Saturday, declIn-
ing to enjoIn the State of Wisconsin from
enforcing the railroad law, is tie r4ost i'm
portans judicial deeision for sonle years,
Il viii be remembered that the holdess oi
the bonds Of the Northwestern railEoad
prayed for the injunction on the grourd
| that by the execution Of the law the state
you'd imperil the payment Of their coupons
a,d tha. "impss- the obligation of con-
tracts which the Uuised States cons;isu-
ton iorbids. ManifestIy. If the injunction
were granted, it would put an end TO all
authority under the state constitu lions and
laws to reI cal, alter or amend cha'ters or
indeed to govern corporations at ah. For
tunately more sensible views prevailed
with the court, which was composed OF
Judge David Davis Of the Supreme Court,
Judge Drunmes,i of Iaipois and Judge
/ Hopkins of Wisconsia. The case was
thoroughly and exhaustively argued, E. w.
Stoeghtqu ofNew YORK being the chief
counsel for the road and ex Chief Justice
DIXON for the state, assisted by A.. Scott
Sloan apd !. c. Sloan. attorney general
and assistant attorney general of Wiscon-
sin. After a long line of decisions on this
clause of tie federal constitution, nearly all
extending its application and threatening
to anuihiidte all state authority over corpo-
rations by their e2travagant sweep, IT Is
gratifying to ach turuing-point aud to
find court wLioh aifirms the entire validity
of the conssitutionally-ex power Of
state to repeal, alter or amend charters.
This po Ser by being a part Of the constl-
tuition of Wisconsin, becomes virtually IA
condition Of all charters gran:ed under It,
and as such known to the eorporators AID
bondholders and accepted by them.
The effect Of the decision is to relegate
the railroad question to the state4. TEe
railroads are completely blocked in their
programme of appealing to the edera!
courts. Probably the legislature OF this
states themselves, now that they are eer-
tain Of their power and responsibility, vi
sndeavor to exercise it more moderately
and wisely. There will be agitation OF the
subject for while, and, let u. hope, a
clearer comprehension pf it, But for the
moment tie railroads must understand that
they are subject unto their creator. Of
course there is g great buster about i. in
Wall street, but there Is no real danger OF
II substantial appreciation in any Of the
sound stock and bonds. The western peo-
pie know enough not to sill the goose that
has laid the golden eggs, but they ton't
propose to have her ranging around quite
90 free aLlong the cabbages
The decision of the Federal Gonrs in
WiscOr.s n calls forth yariuus commons . ron
the Eastern press, generally uninvorahle.
Tie organs Of En-esrn capital have very
ph.intivs KAY of speaking Of the railroads
as having no rights WHICH the Legisia-
tnrss are bound - respect What are
these Legislatures, pray? One souli sup
pose they We're mobs OF outlaws or hrigand-
assailing private rights. They may not be
of wise men and sases, hut, SUCH
AS they a:e, they represent the people of
their respective States, end, within coasti-
tutional limitations, are severe ign. And
If they are sovereign over one thing more
than another, 1t is over corporations created
by the State constitution To their authority.
There will probably be su effort made to
appeal the case to the Supreme Comt for
an early decision.