The Caucasian. (Clinton, N.C.) 188?-1913, 1897-04-22
fE . reasonable compensation and
protect the road in the securing Of
Z.


and adds that it is doubtful Il . rule
can be established Of general app!i-
cation in such cases.
I'VE contend that il the court can,
under any circumstances, consider
what is reasonable as q return to the
roads, this income must be caiculat-
ed, not upon the original cost Of the
roads, not upon the stocks and bonds
issued by reads, but upon the pres
ent value of the roads.
IL might refer to legal principle,
referred to in the opinion Of the
court below to in the Texas case
the Resgeu case-and l think in
other cases, that il the legislature
should attempt to take the road, in
that case it would be necessary to
allow to the roads the present value
of the property, although in the ap-
plication OF that rule Ia the decision
Of this case Mr.. Justice Brewer de-
clines to apply that rule ano insists
that it would not be q nit able to en-
tire ~ extipguish the indebtedness or
the stock il it exceeded the actual
present value of the ,ad.
''In deciding what is reasonable in
this case 1t seems TO me there can be
but one rule, and that Is that that
which is reasonable in other occupa
tions is reasona BILE in this business;
that basis which is reasonable r. in tn.
ordinary business d IF .irs of life must
be reasonable when applied to cor
porations; that which is reasonable
in the individual must be reasonable
when applied to the corporation.
1--WE contend that this court, if it
assumes to calculate an income for
these roads above operating ex-
penses, must calculate that income
upon the present value and must
only allow An income which is rea-
sonable upon what those roads would
cost today, when We assert that rule
We simply apply to the railroad bust
ness the rule that governs in every
other occupation.
"lf, for instance, farmer owns q
farm, and the price of his land goes
down, he has no way of raising the
value of that land by charging ex
cessive prices for his products. II
a man is engaged in store keeping
and the prices of his goods go down
on the shelf because he is not en-
gagged in a monopoly, he has no
power to secure an income upon the
original cost of his goods. Neithe r
has the ordinary citizen an opportr
nifty to water stock and il fate capi
tslization. he must calculate his in
come upon the actusl present'yalue
Of his property.
The fact that a new man can en-
ter into business side by side with 40
existing store and buy a stock Of
goods st present prices, compels the
man who owns the first stock to sell
his goods in competition with those
who are in business and who bought
at present prices. his~ls-trhe of
every occupation except q monop
oily.
"It is only that person or that cor
poration which has monopoly that
can lift itself 3 bove this general law
and l call attention of the court to
the fact that if few occupations
can secure a monopoly, ard protect
themselves from those rules which
govern others. those who cannot
avail themselves of monopoly are the
helpless prey of every monopoly or.
gapized.
The court in trying to do Justice
between the railroad and the State
must remember that the obligati IN
upon the court to secure reasonable
rates to the man who hauls goods,
who uses the road, is as bioding an
OIL llgation as the obligation to pro-
tect the man who invests his money
in a railroad.
1.-The law says that the railroad is
a common carrier. The law says
that q man who uses it is entitled to
its use upon the payment of reason
able rates, aud his right to reason.
able rates is as sacred as the righ'
of the road to reasonable. income.
You cannot raise this corporation
out of the ordinary rules.
"Corporations are created by law
Laws are made by individuals. and
the court canuot assume that the 10
dividuals of the nation would raise
up IN th+ir midst fictitious persons
and endow them with rights anG
privileges higher than the rights and
privileges of those who created
them. Tho court cannot assume
without positive proof that the peo
pie engaged in other OCCUPATIONS in
tended to organize in their midst
, through the operation of the law
corporate persons and shield then
from the rules that govern in th'
other walks of life.
Tho court is invited also to con
slider this fact that there is no inno
cent purchaser of stocks or bonds q
| against the patron of the roads
The court can protect the innocen
? purchaser of q railroad bond frou
, any action upon the part of the com
pany which would destroy the righ
/ of that holder rs against the road
The court may secure to the limo
: cent purchaser the legal title to tn
bond, but the court is under no obi
2 CATION to secure the holder of . rail
I road bond a value in the propert
upon viii h he has taken q b ond.
4 RIGHTS OF THE BoNDHoLDER
"What of the boudholdeli n
Q man buys bonds without the priv
lege of investigating. If man buy
l q bond of a road he can find ou
= whether the road is worth tn
amount of the bond. If he fails t
s inquire or If, upon inquiry, he fiod
the bonds exceed the value of th
road and still buys the bonds i
;. spite of his knowlt dge, is this coul
. bound to protect him from his ow
= negligencei Is the man who buy
either without In 1iry or buys WI,
the knowledge entitled to high.
equity than the patron of the roa
II who has the right to the use of II