Year: 1874

First, on the assumption that the


ACT OF THE 11TH MARCH, 1874,
relating to railroad, express and tele.
graph compalies, in the State of Wis
con lin, is inyalid.


We think the court has jurisdiction
of the case. The bill
is filed by bondholders, citizens,
OF Europe aud of other States, to en-.
force their equitable rights and to pre-
vent action by the railroad commits.
sioners which may result, as
alleged, in serious injury
to their rights. 1t was not
necessary to wait until the commits
sioners had put the law in full opera
ton and until its effect upon railway
companies had become complete before
application against them was made to
q court Of equity. A very important
function Of that court is to prevent
threatened wrong to the rights of
property.


TUE ACT OF MARCH 12


Second, we are Of the opinion that
the act of the nth of March, mentioned
above, was not repealed by the act of
the 18th of March, 1874, the second
section of which declares that all exist.
ing corporations within the State shall
have and possess all the powers and
privileges mentioned in their respec.
tive charters, and the act of the 18th of
March, 1874, and the ninth section of
which imposes a penalty for exorbi-
tant charges.


There are apparent Inconsistencies
between this last named act, and that
of the nth of March, but it becomes q
question Of intention on the part of the
Legislature. On the same day joint
resolution was passed, March 10Th,
directing the Secretary Of State not to
publish the act of March nth until the
28th Of April. facts Of 1s74,-p. 500. I
In this State no general law is in force
till after publication. We think we
may consider the joint resolution in
order to determine whether the Legis-
lature intended that the two acts
passed on the came day should repeal
the act Of the 11th of March, and from
that it is manifested such was not the
intention of the Legislature.


THE RESERVED POWER.


Third. The charters of
railroad corporations under the
constitution of Wisconsin may be al
tered or repealed by the Legislature
at any time after their passage. In
legal effect, therefore, there was incor.
porated in all the numerous grants un.
der which the Chicago s. Northwestern
Railroad Company now claims its
rights of franchise and property in
this State, the foregoing condition con-
tanned in the constitution. It became
q part, by operation of law, Of every
contract or mortgage made by the
company or by any of its numerous
predecessors, under which it claims
All share and bondholders took their
stock or other securities. subject to
this paramount condition, and OF which
they in law had notice.


If the corporation, by making con-
tract or deed of trust Of it's property
could clothe it's creditors with an ah>
solute unchangeable right, it would en-
able the corporation by its own act to
abrogate any Of the provisions Of the
fundamental law Of the State.


Fourth. This principle is not
changed by authority from the 1egis.
lature Of the State to corporation OF
another State. The corporation of this
State is still subject to the constitution
of Wisconsin and there is no pow er
anywhere to remove it beyond the
reach of it's authority. As
to the rates for transit of persons and
property exclusively within the limits
of this State the Legislature had the
right to alter the terms of the charter
of the Chicago and Northwestern rail-
road company, and the fact that such
alteration might affect the value Of its
p1aperty' or franchises cannot touch
thg question of power in the Legisla-
ture. The repeal Of its franchises
would have we'll nigh destroyed the
value of its tangible property, and
while the latter as such could not be
taken, still it's essential value for use
on the railroad would be gone.


SUBSIDIES.


Sixth. The fact that grants OF
land were made by Congress to the
State cannot change the rights Of the
corporation, or of the creditors. II
the State has not performed the trust It
must answer to the United Sta tee. -:


INTERSTATE CoMNERCE.


Seventh. The act Of the 18th Of
March. 1874, while not interfering With