PROSPECTS AND EARNINGS. 355 



Jative control of tariffs, the roads could not obtain credit, and could 

 not be built. No other benefits over these to be had by the General 

 Corporation law, were gained by these special Acts, and there was 

 nothing else to justify their passage by the Legislature, or their ap 

 proval by the Governor. And it is clear that if railroads are to be 

 built by other organizations than the Government, they must be left 

 as free to make profits, under the law as it exists at the time of their 

 organization, as others making investments in any species of prop 

 erty. It is just, and has its foundation in the soundest political 

 economy. The fact that the State exercises its right of eminent do 

 main to secure the right of way for the construction of railroads, is 

 in itself an evidence of their great public utility, and it is only this 

 that justifies it in the exercise of its right of eminent domain to pro 

 cure the right of way. This exercise of eminent domain is made for 

 the benefit of the public, and not for that of the corporation, which 

 must pay the full value of all it takes for right of way, and which 

 from that time holds it and controls it as private property. Can it 

 be wise to discourage investments that are so unqualifiedly stamped 

 by the State as beneficial to the public ? Whether there is a reserve 

 power to the State to regulate the tariffs of railroads, other than the 

 limitation of the general Corporation Law, is a mooted question. 

 Whatever the power, it is applicable to every corporation formed un 

 der it, whatever its business or objects. But, however this may be, the 

 exercise of it, if its exists, must ultimately be regulated by justice, 

 and by sound and correct principles. In the passage of the special 

 bills, before alluded to, this principle was evidently recognized. The 

 people seem to have acquiesced in the action of the Legislature, and 

 we may confidently look for a full recognition of the principle here 

 after. The question is now being largely discussed throughout the 

 United States, and if the principle is correct, we may rest with con 

 fidence that the good faith and intelligence of the people will recog 

 nize it, and upon this good faith and intelligence must the railroads 

 of the present and future rely. Decisions by the Courts, upholding 

 a law that is repugnant to the will of the people, will avail nothing ; 

 but the majority will protect individuals in the right. The railroad 

 companies are made up of individuals, and a wrong to one of these 

 is a wrong to the whole people . And the question at last resolves 

 itself into this, that either individuals must be protected in their in 

 vestments in railroads, and allowed to make such profits as their 

 enterprise commands, or the State must own and construct rail 

 roads, or railroading must cease. There is no such thing as 

 separating control and ownership. Control is ownership. If the 

 exigencies of the State shall require it, to assume partial or com 

 plete control of any species of property, good faith will compel it to 

 provide compensation accordingly, as it does when it exercises the 

 right of eminent domain, and takes private property for public 

 use. The financial and business prospects of the company were 

 never brighter. The end of each year in its history seems to more 

 than realize the promises of the beginning. 



From the report of General Superintendent Towne, it appears 

 that the gross earnings were: Coin, $7,643,469 58; currency, $5,220.- 

 483 40. The operating expenses amounted to $4,929,684 09 in gold, 



