St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-12
RAILWAY BOARDS REPORT,

The board of railroad and warehouse
commissioners have completed their first
annual report to the legislature, in compli-
ance with the act of March 5, 1885. The
act referred to requires that the commits
legislature such suggestions as they may
deem proper relative to the amendments
and changes in the railroad and warehouse
laws. The first change that the commits
sioners suggest is that the various dis
tinct subjects embraced in the present law
be separated and that each be embraced
in separate act so as to more fully comply
with that provision of the constitution
which says: mo law shall embrace more
than one subject. which shall be expressed
in the title" The wisdom of this Sugges-
ton IS so apparent that it needs no discus
sion. In accordance with this idea, the
commissioners submit with their report
series of bills for the consideration of the
legislature, which. in the opinion of the
commissioners. will fully meet the public
requirements in regard to railroad and ware
house legislation. The first is an act Great
ing the railroad and warehouse COM
mission and defining the duties of
such commission in relation sto
common carriers. 1t is in its essential ele-
ments the CULLOM interstate commerce
bill, with such changes as are thought to be
necessary to a proposed regulation of rail
roads by state authority. Among the rea-
sons assigned by the commissioners for pro-
posing this bill is the probability of such
law being passed by congress and the deSir-
ability of having our state law work in har-
mOny with the national statute. In this
connection the suggestion might occur to
the legislature. although the commissioners
no not make it, might not the
necessity for a state law regulating
railroad transportation be Obviated by the
passage of national law? Or. in other
words, will there be necessity for two sets
of officers. state and national, to enforce the
same legislative provisions? But it Will be
time enough to discuss that point when
congress has passed the interstate COM
merce bill.
One of the most important bills reported
by the commissioners relates to a subject
upon which our statutes have heretofore
been silent. 1t is an act relative to the
issuing of ''Watered stock" making it I'M
lawful for any railroad company to issue or
in any manner dispose of stock which has
not been fully paid for in money. and de-
clarng void all fictitious stock, divi-
bends and other fictitious increase of
the capital stock or Indebtedness of
any railroad corporation. Inasmuch as
all the political parties in this state are
committed by their platforms TO the passage
of such law. it is safe to assume that a
bill of this character will be received fav-
orably by the legislature. The till is ac-
companied by another one. which is in
tended to prevent the possibility of the
manufacture of inflated capital. Such a
law would net only be an act of justice to
the people of the state. but. as the COM
missioners suggest it would also be pro-
lection to capitalists who are legitimately
investing their money.
In the absence of any provision IN the
fundamental law of the state granting the
legislature the power to control railroad
corporations. the commissioners propose an
amendment to the state constitution assert
ing the full power of the state in that re-
spect. In view of the fact that the supreme
court of the United States, by many sue
cessive decisions, has declared that this con-
trolling principle does exist in a state legis-
lature, whether it is nominated in the Or
ganic law or not. the only necessity for
such an amendment lies in the desire to
give the people, in their sovereign capacity,