Oliver Wendell Holmes, Jr.

“ With the construction which we give the contract between the company and the city, the argument that the obligation of that contract is impaired must fall. It is argued here that the reduction of rates is not reasonable, and is or may be taking a first step towards a compulsory purchase of the company's plant at an unfairly low price, by cutting down its value. We may assume with the supreme court of Tennessee that if rates were reduced unreasonably a judicial remedy would be found. ”

“ They are words of a company which was notified by the act which called it into being of the power expressly conferred upon the city 'by ordinance to regulate the price of water' which the company might supply. People who have accepted, as experience shows that people will accept, a charter subject to such liabilities, cannot complain of them or repudiate them, nor can the company which they have formed. ”