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Sale Of The Central Railroad

Sale Of The Central Railroad image
Parent Issue
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The Fr "res. oonwin. o proieai of mo.e in.n J column. .gn...h-le of ,he Ra.lroad.Andrews. J. I "'Ki "' . and E. H.wley. Jr. The reaeone assigncd r j' That by ihe et of tncorporation, the Stolc Mlls undrwnto." nnd i n fnct gvarunttcs ' right of woy lo ihc Coinpany, wjien tbc State iam no ufficient title, do transfcrnble tille, anrl in many case., no pretenceoi any title. Henee the Company con come on to ihe Stat e for ib.nnge. 2. Tbc Company are authorized lo enter on the land and eslates, both personal nnd real, of private individúale without having paid iho dam agea thercfor, ilius leaving the 6uffier to get hh pay by tlw elow proceas of the law, as bes', hc may. 3. The Compnny can on?y bc suedin a Court of Record, at the sn me time ihcy may take any lunds, malcriáis, nml personal property they may want wilhin the limita of 450 feet wide, from Detroit to St. Jo6eph.4. The Company ia authonzed to pay lor tho Road in the unrccognizul and unadjuslud bonds hold in Europe on nccount of the U. S. Bank. Tho protest hos nu argument ehowing that the wliolu debt ma y bo paid in these bondu, and othcrwisc, leaving our indebtedness on the rceognizcri bonds nccumulaiing ns fast na ever. It would not relieve tidofa dollar's taxation. 5. No supervisión over ihc charter has been rceerved Tor a (mure Lcginlaluro. There Í6 no right of repeal or altcration. The protestants eay that out Statulo book exprcBsly provides, that evcry act of incorporation sliall bc subject toaltorntion, amendment, or repcal, and in New York, for more than 2(1 years, ihe absoluto, uncondilional ri(zht of repeal ha9 been resorved in ecennct of incorporation, in railroad and bank charters, and in mauufacturing cotnpnnies, férrica, &c. In Ma6sachusctl8, the stalutc is similar to ours, and the clnuce is bulievcd to be inserted in every chnrtor grnntcd sincc '804. The same is truc of Maine, New Hampshirc, Connectieut, Missouri, and most of tho States. 6. The stockholdc-ra in the Company aie not porsonally holden for the dcbls of the corporaration. Tho Coropany can oasily mortgage the Road so that no creditorcan eet any tliing. 7. The Company is an unrestrictcd monopoly They can do business in any way thcy pleasc, spoculntc in produce, and pay out ony kind of currency, and they will bc cnablcd to control ihe Banks and the Lcgislature.Wo will eay a word on the eufficiency of these rensons. Tlic tirst renson is n good onc qs fnr as it goes. The Siate ought nol to undertako to give any oth?r title thnn it hns. The accond reason is a good one. Pnyment f r property should invariubly accompany or precede lts taking. The provisbns of the bil!, if rightly etatcd, will eet a very dangeroua precedent. The tliirl reason íb wcighty. We would vote atjninst the bill with that clause in it. The fncts involved in the fourth reason wc have nol cxamined euflïcicnty to form an accurate judgment upon them.Thu fiíth potiiion of the Prote6t is Bustained by statements directly adverse to tho general belief. We havo head it arguod, that in tho railrond charters at the East, no rcpcaling clauees werc ever inserted, and that no capitalist would I ' urn t property under a charter containing such a cluuse. But f tho facts bo as stated, the reaeon is a good one. If there be fifty railroads in I the United States, all subject to such a provisión, I why should we incorpórate one without it 7 - I We knowof no reason why Eastern Capiialistsl ■hould expect greater privileges omong us than l they havo at home. Tho sixth reaBon we ateo approvo. The greater the Corporation, the more need of individual accurity. Thie principie should be invariably adhered to in evory act of this kind. Tho seventh reason we do not considcr of much forec. Wc trust that tho odious and injudicious features of the bill will be hmended in tho Senate; but should they not, we are satisfied that the Governor, in the end, would be sustained by the pcoplo in placing lus veto upon it. The sale of the Road, and tho consequent prevention of burdensome toxation, are desirable ohjects : but there are others of lar more valuó. A direct and permanent departuro from just principies would. in the end, be a much grater evil to the peopk of tho State than any degree of Taxation wo shall bc likely to endure.