The news & observer., 1897-02-24
WEDNESDAY. February "a, 1897.
SOME REASONS WHY THE ANTI.
LEASE BILL SHOULD PASS.

AsEASE N11o0l4A ~AN11s
If the Legislature remained in session
all the time, there would be no need
whatever Of directors of the North Caro-
lima railroad. A special committee Of
both houses could make whatever inves-
tigation is needed, and the Legislature
itself would pass upon all matters con.
nected with the road. But as the Leg
fslature remains in session only 90 days
biennially, it is necessary to have di-
rectors look after the property in the
interim. and it for this purpose they
are appointed. The Legislature, when it
authorized the appointment OF directors,
It never intended to abdicate and give to
their creatures the power to project their
administration of the road for ninety
nine years, without the ratification of the
Legislature, the approval of the people,
or the sanction of the courts. This is
the reason why we deny the right of the
directors to lease the North Carolina
railroad for ninety-nine years, and why
we demand a judicial investigation with
the view of having the validity of the
lease tested.
We deny that the words farm OUT
in the charter of the North Carolina
railroad gives the directors the authority
to make the lease. In the decision rem
dered by the Supreme Court in the case
OF the State of North Carolina railroad
(T2 \. O., page 634), Justice Bynum
wrote an able dissenting opinion contend
ing that the power "to farm out the
right of transportation, did not confer
the right to lease the corpus thereof, !"
saying:
SIN the opinion Of the court, it is held
that the power to farm out the right
of transportation over a road is the pow
er TO lease the road itself, and under this
limited and specific grant, that the COM
pany can in the words of the deed of
lease demise, let hire, and farm out the
entire railroad with all its franchises,
rights of transportation, words and prop
erty, including its superstructure, road
bed and right of way, depot, houses,
shops, buildings, fixtures, engines, cars.
and all franchises belonging thereto
To me this appears to be an immense
structure erected upon slender founda-
ton, and needs at least a single decision
or authority to maintain it. A right of
transportation over road is one thing,
and the road itself with its engines, shops
and property is certainly another, ani
they can no more be confounded than
rent can be with the land out of which
it issues. One is right of passage over
the corpus, the other, the corpus itself
A lease of the road would carry the
right of transportation as an incident;
but the right of transportation would
not carry the road, for If SO every
wagner at toll-gate, who buys a ticket
over turnpike for year or a term Of
years, thereby acquires lease Of the
road and its management Nothing is
more common than for all roads, with
connecting lines. to farm out the right of
nsportation over their lines, and in
this day of close connections and rapid
transit. the practice is indispensable to
successful business. We every day see
this right farmed out to express compa~
nies, and by one company for the cars
and freight of another, and for special
purposes.
But it is perfectly clear. that without
q bower to that effect in the charter, a
railroad company can neither make n
voluntary sale. lease or mortgage any
more than it can bank, insure or deal in
stocks.
"Publc law is well settled and recog-
nized at home and abroad should not be
overthrown by the mere construction of
words Of n charter, Of ambiguous and
doubtful meaning: but on the contrary.
should control their construction accord
ing TO every rule Of Interpretation.
''The rapid multiplication Of these
bodies. their resources and far reaching
ambition. their ubiquity and vast com
binations. all moved and directed by
concentrated power and talent, constitute
them a distinct and almost independent
and oyershadowing power in our govern
ments, and in fact the great social and po-
Htical problem of the age. whether they
shall control governments, or govern
ments shall control them, are questions
that are forcing themselves upon public
attention, and fast assuming practica
Importance They should and will b.