The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-15
THE sTREET-RAILwAY BILL.

The counsel of the Citizens Street-rail-
road Company give those who have read or
heard their arguments the impression that
its managers purchased the property and
have improved the plant with the distinct
understanding that its charter is perpetual
and that the franchise of the city is null
and void. and consequently that any at
tempt to terminate its charter in accord
ance with the terms of the franchise re-
ceived from Indianapolis is equivalent to
the confiscation of its property. If there
was not a distinct understanding to that
effect, the contention of the company fails.
If its managers have taken the chances
and expended money for plant and improve
ments. and they fail. they have no more
cause to complain than has a man who in
vests I'm wheat futures or goes into Wall
street to take his chances The City Coun-
Gil of Indianapolis has at no time held out
TO the present managers of the company
that its franchise should be perpetual. On
the contrary. it has always maintained that
1t is not. If these managers have come to
any other understanding regarding their
franchise, it has been done by ignoring
the city from which it received its fran
chise
The truth is the present manipulators of
the Citizens Company came into possession
of the property when the only question
concerning their franchise was whether il
would end in a year from that date or in
the year 1901. They had not dreamed OF
perpetual franchise by act of the Legis-
lature. They took a spectators, or, if it
were matter of less consequence.
gamblers risk i'm making the investment
They should not cry if they should lose
something, and if they have induced 9TH
ers to invest by making false pretenses
there is a remedy for those who are VIC
Tins. The plant will bring at any time as
much real money as it has cost. 1t will
not bring the s.. zoo. coo for which il is cap
italized because more than half of that
amount cost the promoters only the amount
paid for printing stock certificates and
bonds. The management of the company
has already by its dishonest issue of stock
and bonds, cheated the original investors of
half the money they put into the enter
prise. The present tribulation of the pro-
motors is due to the knowledge that they
will not be able to make two million dol
lars or more out of their transaction if they
are not permitted to proceed upon the the
Org that their charter is perpetual ana
thereby be in a position to squeeze that
amount out of the people of this city by
exorbitant fares and by refusing to pay the
city for valuable franchise.
If all that is needed is a charter from a
Legislature to enable band of profess
sional promoters to go into city, take
possession of its streets, lay tracks and op-
crate a street railway. cities have no rights
and powers in the matter whatever but
are the helpless victims of organized ex-
tortion. City councils cannot control one
of the streets if a street-railway company
covets 1t. The city, can impose no re-
straints, much less require it to pay for
street paving and a valuable franchise. Is
the Legislature prepared to place all the
cities of Indiana in the power of outside
street-railway corporations. as it would do
by refusing to pass Senate bill No 81.