The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-04-17

H9hL any number OF imaginary battles anu
/ gain Imaginary victories, and wear imagih
1 ary laureiS; but he is able to fight real
I giants, and gain real victories. and should
net waste his strength upon wiedmiils.
! assert the right OF Congress to compel any
! corporation under its Jurisdiction 20 pro-
| vide sinking fund out of its profits to pro-
/ tect its credi. ors, To maintain its selvency,
and | emphasize the assertion when it Is a
| quasi puo bile corporation aud suStains rela-
/ tions To the public and Government to which
is solyfncy rs an essential condition. A nd
| ! reassert that the fact that the Government
/ happens to be creditor OF the corporation
| i'm pairs no right of Congress over il. We
are not disqualified from interest, and have
| lost no power because its exercise is uaces-
Saty To protect the whole public | deny
the right. and ] resist the power OF any
corporation 10 borrow the money of this
Governme nt and destroy its ability 10 repay
! by dividing the whole of its profits upon
stock, whether that stock be real or ficti-
tous, genuine or spurious, and | resent the
language that we must accept such compro-
m 50 as the Dmpany may OFF, or do worse.
repeat, Mr.. President. that the bill Ci the
judiciary Committee proposes Legislation
the enactment of law - a matter of Sover-
eign right. I re bill of the Railroad
Committre proposes uegotat ion. kind
If treaty between high contracting pow
ers. the severe gnty OF the Govern
INT on the one side AMI the soVer-
egnty of these two corporations on the
Obilt T. suppose the OH OF TIE hllifO4u
Committee siIoHld pass and the President
should approve it; it has then become "A law
So far com pliInce with the constitutional
forms can makeit but il is hy its terms a
law To take effect pom an uncertain contin-
gency. and as that contingency is under the
control of these railroad com pauics. il is
virtually law which vests a power of de-
feasance in the companies. Would it not
simplify this matter if upon the passage of
such IA bin we should send it simultaneously
II IL
to the presidents OF the railroad com panieS.
with power to them also to return it in ten
DAYS with their joint approval or objection
But these railroad companies have more
power in the premises than the President of
the United States, tor they can ut any time
after it becomes a law defeat its operation
By their action or non-action. Suppose the
act should pass anu the companies accept it
uader section ) of the act, and thereafter
make default refuse to- pay, there is no pow
er in the bill to compel com plance Then
section repeal. all acts and parts OF acts in
conflict with that aet. The United States
has surrendered the ) per cent of net ca IL
ingS, the half-transportation account; and
what is there lett hut the right tc alter
amend, or repeal reserved in this bill in the
very same words that it WIS reserved in the
act of 1864. Then the Sena-o" from Ohio to
my right Mr. Matthews1 and the Senator
from Georgia who has spoken upon this
question Mr.. Hill argued that the reser-
edy i 4 the act of 1864 and if their reason
ing is correct it is equally worthless in this
Much stress is laid on the condition of de-
fault introduced in this bill but default
does not enlarge the rights of the creditor
so a. to give him power to change the con-
tract. 1t only entities him to a remedy to
enforce it.
If Congress has the right to reserve pow
err to change contract after default,
it has equally a right to reserve it
70 ahan Wi 6ntanlt l. lie
tinction without a difference. for Congress
is made the judge OF the default. 1t be-
comes sim ply a question, not of power, but
of discretion, the proper exercise of power.
The right is reserved, L repeat, to the SOW
ereign, not TO the creditor; aud it these
words "alter, amend, or repeal" are to have
any value in the bill of the Railroad Com
mittee, they must have just the Significance
which we ascribe to them in the act of 1864
as part of the contract, entering into it,
qualifying every term, one of the conditions
upon which it is accepted by the party of
the other part. an express reservation o {
jurisdiction in Congress over the whole sub
ject. The right to alter. amend, or repeal is
Il right to alter every section, every line, |
word, and syllable OF the act, subject only
to such limitations as are in the COnstitu-
ton OF the United States. Outside Of that, |
it is "A question of discretion, of the sense |
of Justice; it ceases to be aquestion of pow
er.
Now, what provision of the Constitution |
is applicable +? 1t is said the bill of the .Ju- |
dietary Committee i'm pairs the obligation of |
1t is imulaterial to me whether |
there be such a restriction in the COnStitu- |
ton or not, for | should recognize the obi |
CATION of morals to be as strong as though it |
were in express law. Can a law violate the /
obligation of a contract which simply COM |
pelS corporations under the jurisdiction of |
Congress, quasi-pubic, creatures of the law, |
to make suitable provisions for the fulfill |
meut of their contract? To me this seems |
to be worse than confusion of language |
it is a perversion of terms.
Why. Mr.. President, let us Tecur for one |
moment to the circumstances under which |
the act OF 1864 was passed. The companies |
had been unable to proceed under the act o |
1862. Then Congress came in and doubled |
the land grant; it extended the time for the |
of the road it released one-half |
the account against the Government for |
transportation it took a second mortgage |
20 the Government in place of the first; it |
released the % per cent reserved; il gave |
them coal lands, gave everything asked or |
that could be asked, and reserved the right |
To alter, amend, or repeal. The cost of this |
great undertaking was a matter of esti- |
mate. of guess; none knew how much it |
would cost or what the profit would be |
when it had been constructed. Congress |
might well say, owe are giving literally |
we are giving for great purpose; We
stand ready to give more, if more be neces- {
sary; but we reserve the right to alter, |
amend, or repeal, in order to protect the in |
terest of the Government and the rights OF |
the people"
The roads were finished at less real cost, t
imagine, than any one conjecIured; their /
profits have exceeded the most sanguine |
expectations of their projectors. How is it |
proposed to exercise this reserved power |
By touching the rights Of property acguir-
ed under that law? Not at ALL BY with |
holding any of the MONEY! Not at all. Sim
ply by requiring these com panies, as Con-
gress might require under any other cOrpo-
rations under its jurisdiction, to pay one
quarter of their net earnings into sinking /
fund to secure their creditors, to maintain |
their solvency, and enable them to fulfill |
their obligations and comply with the ex-
press conditions under which the grant
was made. This is the outrage so mon
strous in its proportions that it violates the
of the United States, the moral /
instincts and the natural sense of Justice
which underlies society, and which rights |
the souls of Senators from their propriety
4 81.