Morrison Waite

“ The right to elect officers to direct and control its affairs, and to pursue the same kind of business for which it was formed, must be maintained in any regulations prescribed for its government, or we must admit that the power of the legislature over the corporation is, in spite of constitutional limitations, as absolute as that of the parliament of Great Britain. ”

“ If, for instance, where its road touches a navigable stream, the company charges less per pound per mile for transportation to a distant point which can be reached by water than it does to an inland station, it makes a discrimination against the latter station, and is guilty of extortion, although the transportation would otherwise not be given to the company. ”

“ In this way the corporation was put in the same position a natural person would occupy if engaged in the same or like business. Its rights and privileges in its business of transportation are just what those of a natural person would be under like circumstances; no more, no less. The natural person would be subject to legislative control as to the amount of his charges. So must the corporation be. ”

“ This power to regulate is not a power to destroy, and limitation is not the equivalent of conflscation. Under pretense of regulating fares and freights, the state cannot require a railroad corporation to carry persons or property without reward; neither can it do that which in law amounts to a taking of private property for public use without just compensation, or without due process of law. ”

“ The line between the exclusive power of congress and the general powers of the state in this particular is not every where distinctly marked, and it is always easier to determine when a case arises whether it falls on one side or the other, than to settle in advance the boundary, so that it may be in all respects strictly accurate. ”

“ Billings it was held that the incorporation of a bank without any special provision for taxation did not imply a contract on the part of the state not to tax at all. In Charles River Bridge v. Warren Bridge, 11 Pet. 419, the court said this rule of construction was not confined to the taxing power, and accordingly it held that the charter of a toll-bridge company did not imply a contract not to allow the building of another bridge in the immediate vicinity, which would materially interfere with its revenues. ”

“ Few individuals or companies would undertake an enterprise requiring skill, experience, and large expenditures, if those who were to conduct it were not to be selected and controlled by them, but by parties appointed, perhaps, under political influences, and possibly without the requisite knowledge and experience. ”

“ Under the charter the company could make such reasonable discriminations in its charges, dependent upon the amount of business done, the character of the material transported, the existence of competitive lines or points, as its interest might suggest, and which, to some extent, are indispensable to the successful management of the business of every railway company. ”

“ Chicago & N. W. R. Co., Id. 175, where, at the time the railroad charter was granted, the state constitution provided that all charters of corporations 'may be altered or repealed by the legislature at any time after their passage;' or of Winona & St. P. R. Co. v. Blake, Id. 180, where the charter prescribed no limit upon the legislative power to fix rates for transportation, and conferred no express power upon the company to fix or establish such rates as it might deem proper. ”

“ It confers on them the ordinary faculties of a corporation for the purpose of building the bridge, and establishes certain rates of toll which the company are authorized to take; this is the whole grant. There is no exclusive privilege given to them over the waters of Charles river above or below the bridge; no right to erect another bridge themselves, nor to prevent other persons from erecting one; no engagement from the state that another shall not be erected ”

“ Chicago. B. & Q. R. Co. v. Iowa, 94 U.S. 155; Peik v. Chicago & N. Ry. Co. Id. 164; Winona & St. P. R. Co. v. Blake, Id. 180; Ruggles v. Illinois, 108 U.S. 531; S.C.. 2 Sup. Ct. Rep. 832. This power of regulation is a power of government, continuing in its nature; and if it can be bargained away at all, it can only be by words of positive grant, or something which is in law equivalent. If there is reasonable doubt, it must be resolved in favor of the existence of the power. ”