Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1880-12-16
Tha alnilr6E EsTI Kai.IeT pnbli

hax,Rn pqhap rfghts and the eomE
panieslihat rum themfbeing pub
hliesiagcnts, itscis a 0surd TO Iisay
that. the o6fatez hasn6 right Ito
regulate and control taelM In the
3perrfoi1naRte,suf their faasd6ons
.fby sIichIiKB,as will freFeiiepar-
4 tiaiityaphIndRE.i ntlltextol4i6n.
! Ellisfis aDOMeFnsfT which nofree
liStateseniD dishrm itseRsbF gany
{,act ofifsljgdioiab Legislative, or
lexecutiye otf cefsJsqu u g9eay1'I
4 Ncodddas,lawfulIS the
tsStateIout and 0ue,and deliverlup
THE entire population to sackiand
AliIlages3nDi on giiaummoo
IfnBut arehot franchises prop
lefty innfhich the cbnpmy has a
vested right? Yesi sFhe5 piisi-
.leger effta king asscertainsfxed,
prescribed; nmifolany reasonable
rate Of tdllfremallpeisms alike,
according to the use they make
-ofthe road, lis "a power tllatthe
State may bestow upon.any per
son, natural eT-artificial. But
no lawfsIi nfFahnEise to takettoll
on a public highway caphexceed
those limits. 81 A, charters that
4 gaes beyond thisiaRoidatSI $50
Ae4sIAese Leempanies viii oppose
any effort to bring theln6IoM lato
unreasonable ratcMith the. algu-
lRmt thahsaellGed uceiondsasiis
9latienofs theicontfoct abetwceh
them and the State & But onEtho
pripeple 4aitle downii1ylGJudgt
Baldwin easegiabp1emen-
honed . acknowledgements
lwhicbsaHthorizes a niaNilhHinroi
EpH or Care solhigh tlatthaicom
lpanxis able,awithont EXCEEDING
IibI tlieopeeple offOm
using then own road - InTtht
granger cases from oIowan and
! Wlse9nsinCtlIe bargain Was thai
the companies rmighta fix tlleiI
own ratessoiIsat the18upremC
Court Of the, United States held
Hthata spbheqNentIiawito restrain
! them within sreasonable blimiti
: was no violation ofLtlie origina
contract vTbis o principlel APP.
Hplies to a eolnPahy whose maxi
dInum rate isIunieasoiih bly, high
because such-a els practical
lyo the same thing asznodimita
ton at a!loi) sagiQ ,sl7tnd- ri
: The conclusion that all tbs
; railroad corporations 1lin gths
: country may be constitutionaliy
restrained to reasonable and jus
} charges isdn6 merely drawn
i from the fact that railroads art
public highways,oIf they Owned
, the7coipus Of the road and dset
it in theIbpsipess ueflRsconlmoi
: carrier, they might be qompellet
to Delays themselves justly tt
: all their customers and Isabali'
to any regplatiqn fernthespnblis
| good. The nnansWerabIe, opin
| lonI.oF ChietgI ustice:f Wsite IN
, Num-, a1ggTt Observation-Disclosures
: l13) settles thatsTTaW lla ,s9Ioif
Tic Feasonablenessbraf bsthe
freight, tolls Oh taxes that maDbc
! charged, upon, any railwaY 8Eil
tdepend on he,expenscslef rlnn-
ing and repairing it and on thi
cost Of construction. .srThellattei
. will, of course, be the principal
element iniGthe ealetilati6n, f6i
{ thent6lIsl JouglIe t6obeA high
enough to give thede0lipSfatofe
a fairpr6ft onrtteicapital they
haze aetualyinxested. Bu'
! many oftheses eaNporations thave
! issued large amoHlfts of STOCK
and rgrtgqse bs1ll9 fer 9lei
the holders have paid nothing OF
: much less than theirnominal Kali
ne. s Another way on 4eiliargffiffaa
their appaFSntNd iiueHsf8As is to
. water their .stockIshkfeathe.pF pre-
d teHce of iafcreasi SING flhSasi T. capital.
while, in f2cfs5the .eadditionaI
4 shares are divided among athemF
.4selSe siawitholif putting ainew
, dollaradinto the business. OF
-fqourSe n9Pg9sJTtlIp lsF ahPF the
lieal cost of the road IS to be
measured Observation-Disclosures
of these bonds and shares. II
} is easy forff conBpetBMBE nghaeel
to tell how much any road ought
Ito cost, SUPPOSE the work to DC
honestly done andsiiberally paid
!. for. That being gssertaiped,
youhaye the true basis of d cal
culation which VIII show 4 how
much the tolls ought 3 .bees.sIss - !
Most Of our WesterSn roads
,twere built with thelip proceeds of
J pubiic lands granted lilediately
8 Or Immediately by the United
States to the several Companies
which now have them Ia charge.
They did NOT really cost the
stockholders anything, and an
some cases they gotlandswortI
i a great deal more than all 'eskpen-
Uses of making,s stoc king aud
! running the roads. "a be- two
companies between Omaha and
'jSan Francisco raised Ia cash
out of Government bonds Lands
I ahdmort9ages oftheir fralcbises
touror five times as much as they
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