Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1875-01-21


out the state since the first day OF Oc-
tober last, except as to the carr iage Of
passengers and freight from points
within the state to points without, 1t
and from points without the state to
points within it, involving the question
of interstate commerce, which has
been reserved for consideration at he
final adjudication of the controversy by
the supreme court of the United States.
Rates for freight and passengers pass
ing entirely through the state are not
affected by the law; and all roads in
"Class G" are subject only to the pro-
vision that they shall not charge high.
er rates for freight than they were re
ceiying under their own tariffs June
LIST, 1873 Hence it may be seen that
the am unit of business actually affect
ed by the law is light, compared with
the whole. The power Of the state
over the franchises OF corporations, as
thus far judlcially determined, is abso-
lutte. most firmly believe that the
reservation OF this power to this un
limited extent was clearly and wisely
intended by the makers of our funda-
mental law. Doubtless the trainers of
that instrument toresaw and apprecl-
ated the benefits that might ensue
from the pro ecution of public enter
prises by means OF organized and ag.
gregale capital. But they also fore
saw and appreciated the possible dan
gers that might arse from the crea'
ton, within the state, of a power more
| formidable than the state itself. How
ever plausible the argument in behalf
of the contrary view, we can never
| intelligently concede that the so7er-
ign can become the servant of its sub
iects. We do not deny the sacred
and binding character of a contract,
or the duty of the state to protect the
Just pretentions of claims founded up
on vested rights. But because of the
sacred character of contracts, and be
cause OF the Just pretentions of claims
founded upon vested rights, our con-
stitu:ion has denied to the repre-
sentatlves of year the authority to
make charter contracts incapable Of
modification or repeal In repre-
sentative government the people only
are the perpetual fountain of justice
and power, and in such cases they
only can rightfully determine from
time to time the extent of their obliga-
tons to others, or of others To them
selves.
Nor is this doctrine peculiar to
our own state or country. In Great
Britain the charters of corporations
are held to be subordinate TO the
VIII OF parliament, and as matter
OF tact, the railway laws of England
are su3jsct to continuous modifca.
iion by the legislative power. In
this country, at tho present time,
nearly one-third of the states claim
and safely assert sim lar preroga-
tive, almost entirely without ques-
tlon or dispute.
PROTECTION OF FOREIGN CAPITAL.
Ii is alleged that tnis reservation
OF power in our constitution VIII en-
danger the investment of foreign
capital and restrain the progress OF
putlc improvements in Wisconsin
iudul5e IN no forebodings of this
kind The power TO destroy in
cludes an equal power TO encourage
and protect. Moreover, the power
of the state to destroy, by ways
more direct than those of public
supervision, has never been seriously
denied. No railroad company ex-
| Il iCh no HI Iaf II
by legislative enactment permitted
by provisions of our cOnsttu ton
other than those under discussion.
Under all circumstances possible, in-
VesJments of capital in Wisconsin,
, and all other states are more or less
dependent upon the moral obliga-
ton of the people and the coed faith
Of The law-maklng power.
| have said shat the power TO des-
troy includes The power To encour
age and protect. As to the full pur-
port of this declaration, | need but
remind you of the peculiar relations
of capital to modern railway enter
prise, aud its management. NJ one
can deny that in many instances
capital is deprived otits rightful com
pensaton. No ene vii! dispute that
pnblic confidence 10 Investments Of
Lnis kind by those not Immediately
concerned in the management, IS
now, and long has been, seriously
impaired. We should be slow 10
conclude that any capitalist would
object to such a measure OF public
supervision and control as would en-
sure him an equitable dividend upon
his Investment; and equally slow TO
conclude that railway stock habitnal-
ly sold in the market for bare frut.
ton of it's nominal value can be Sc
riously deprecated by power OF
legislation capable OF enhancing its
value. CAndor compels me TO say,
more plainly, that believe no real
occasion exists tor the present de-
probation in the capital stock OF
many of our principal railways, ex-
cept the absence of that judlcious
supervision Of railway msnagement
which our constitution wisely per-
mits.
THE RAILROADS AND THE AGRICTLTU-
RAJ CLASSES.
Pending the litigation between the
state and the raj ways distinguished
counsel for the corporations arranged
the agricultural classes OF the north
west on the chargs of forming com
binations, ofresistng just admins
tration Of the laws, of fostering the
spirit Of communism and instigating
a new distribution of land, by takin.
from those who have to give to hose
who have not; and this disparaging
discourse has been widely circulated