Summary

Rufus Wheeler Peckham Detroit v. Detroit Citizens' Street Railway Company…

It would hardly be credible that capitalists about to invest money in what was then a somewhat uncertain venture, while procuring the consent of the city to lay its rails and operate its road through the streets in language which as to the rate of fare amounted to a contract, and gave the company a right to charge a rate then deemed essential for the financial success of the enterprise, would at the same time consent that such rate then agreed upon should be subject to change from time to time by the sole decision of the common council.
Source: Wikisource

Rufus Wheeler Peckham Detroit v. Detroit Citizens' Street Railway Company…

We do not mean to assert that in all cases of this nature involving simply the validity of a subsequent ordinance or law, a court of equity would be the proper forum, but confine our decision to the special facts of this case, including the fact that no objection has been taken to the jurisdiction of the court at any stage of the litigation, and is not now raised by any party to the same.
Source: Wikisource

Rufus Wheeler Peckham Detroit v. Detroit Citizens' Street Railway Company…

Of course, no one contends that this extension of the term for the use of the streets of the city in any manner affected the limit of the term of the corporate life of the company, but the limitation of its life did not prevent it from taking franchises or other property, the title to which would not expire with the corporation itself. A corporation whose corporate existence was limited to a term of years could always purchase the fee in property which it needed for the operation of its business.
Source: Wikisource

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