The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-19
Representatives Of Two
Continents at Saratoga.
Annual Meeting of the Amer
ican Bar Association.
Presidents Address Dealt With Rail-
way Relations in Courts.


tion. which formally begun this morn
ing, is the most largely attended and
the most eventful so far, I'm it's history.
This learned body, representing every
state and territory I'm the United States.
viii continue in session three days. and
VIII conclude with banquet on Friday
night. The fact that Lord Russell, chief
justice OF England. and other distin-
guished members OF the British bar will
be guests OF the association, and will
take a prominent part i'm the proceed
ings, attaches To the meeting an inter-
national Importance that will be appre-
ciated to the fullest degree on both sides
OF the Atlantic. especially as Lord Rus
sell is to speak on Thursday on Inter
national Arbitration"
President Moorfleld Story OF Boston
made the opening address His subject
was The Most Noteworthy Changes
I'm Statute Law on Points OF General
Interest Made in the Several States and
by Congress During the Preceding
Year." as required by the constitution.
He pointed out that the legislation I'm
different states, though widely separated
and representing both the Oldest and the
newest civilization, strongly showed the
essential unity of this country I'm dealing
with the same problems that confront
all the states. He pointed out that
while the past year has been marked by
much discomfort among the people. that
the laws show only profound peace and
general prosperity. Discomfort does not
affect legislation.
Another noticeable point is the rapid
growth Of a disposition to assert the
general interests of the community at
the expense of individual freedom" The
underlying principle of socialism, that
everything that man owns he holds
for the state, is asserted more and more
frequently. The statutes OF every state
contain laws that would have seemed
unwarrantable invasions Of privat
rights not many years ago. Such legis-
lation is the collateral inheritance tax,
the graduated income tax, tS graduated
tax on the estates of deceased persons
when adopted. and the character and
number of the uses for which money
Is now raised by taxation.
The most important and longest part
OF the address is devotsd TO railway re-
organization; IL is based upon astatute
OF Kentucky, which for the first time
attempts to deal with this subject, and
which the address considers as step
I'm the right direction, as ii enables the
courts 10 protect the interests of in
vestors by making every reorga MIA
tion OF "a railway the subject Of judicial
investigation. and securing for every in
tcrest a hearing. The address points
out that the great railway systems OF
this country have been built up and
equipped with borrowed capital Many
OF the securities represent investments
OF more than their face value. Capital
stock has been frequently issued with
out payment; often as a bonus to so
with the bonds In this way the money
of creditors has been invested and the
control of the property retained by the
debtor-the railway company. Great
systems of railroads have been built up
10y contracts between companies, some
times in the form of leases and some
times OF traffic agreements, carefully
drawn by astute counsel and providing
for the protection OF the properties thus
consolidated in case OF a failure to ma kc
the payments stipulated in the agree
ment, but the last three years have
shown that these contracts cannot be
enforced in the courts. that the rights
that they are intended TO secure are not
recognized, and that for all practical
purposes the creditor is at the mercy OF
the debtor and obliged TO accept sub
stantially such terms as the debtor
chooses to offer AS matters now stand,
counsel must advise their clients that
they can draw no instrument OF this
character with the least assurance that
its provisions viii be respected.
IT is to the courts that we must look for
protection. Their authority rest pecu-
liarly on the respect of the people for
their absolute impartality, and in the
long run they cannot preserve that re-
speCt unless they observe the well-settled
rules of judicial procedure, and unless
they respect ana enforce every legal
claim. Parties must be 10 TO determine
for themselves whether their interests
will or viii not be served 10y the asser-
tion of their rights. The moment that
the courts undertake 20 vary their con-
tracts, or deny their rights. that moment
the confidence of the community re-
ceivos a shock, and no man knows. on
what he can rely. II the courts had al
ways refused TO entertain these appii-
cations for receivers, when made 10y the
debtor corporation, or even if they had
selected impartial receivers, and facili-
tated the enforcement OF every agree
meut. railroads would have been recog-
nlzed more promptly and on a more en-
during basis than Is now possible, while
the confidence OF the community I'm the
efficacy OF law and the sanctity OF con-
tracts would have been far greater.
Judicial action which iinpairs the obl-
CATION of contracts Is more dangerous
than any statute which aims at the same
result
When the court. through It's officers.
undertake TO manage a railroad for
years. and chat chiefly without hearing
tile Questions which arise Ina It's opera
ton: when il appoints these officers. and
I'm SO doing grants the final relief sought
without notice. it violates the fuudamen-
tai rule OF our constitutional system
They Want sunday Cars
Toronto. Aug. 19.-rhe agitators for
Sunday street cars have been very active
during the past few days. and claim
that they have 1i.0oO names enrolled on
tt.ff 10.