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"of Railroads"

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Parent Issue
Public Domain
OCR Text

After at first flatly refusing to sub mit an amendment to the State const: tution auihorizing the validation of th municipal railroad bonila declared unconstitutional by the Supreme Court of tho State, tha Miohigan Legislatura was finally prevailed uron to subait a riew article to the coustitution, to be entitlod " Of Kailroads." Tuis is in tbreo sections, Üi6 fii'st authorizing the Legislature to establish rates of charges for the transportaron of passengers and freight and prohibiting "running contracta," or agreement8 by one road to exclusively f7or another ; the second geotion prohibits altogether any consolidation of compcting liues, and only allowa of any other cousolidation on a sixty-day notioo to stockholdcrs ; and the third authorizes the Legïslature to provide by law for the payment of municipal bond hereto:ore issued in aid of railroad, eaoh tnimicipality to eignify its desire to pay said bonds, and indicate the mode and marnier of the aame. These sitious are to be separately submittcd to the popuhir vote on tho 8th of November nest, at wl.ioh timo, it is to be hoped, the t'iird seetion will be most ef feutually voted down. Tliere is no question of repudiation in these bonds ; they wcro unlawfully issucd, and holdors havo an ampie romedy to rcoover as against tho railroad companies by the plea of failure of consideration. Let the railroads give up tho monoy and the boudhoider the boud, and the thiog ie settled without auy amondment so dangerously drnwn as the ono dow pro posed. " Such bonds" in this amendaient will legally carry any future issue.


Old News
Michigan Argus