支

FORMERLY CHAIRMAN OF THE COMMITTEE ON RAILWAYS AND INTERNAL
NAVIGATION IN THE LEGISLATURE OF VIRGINIA

NEW YORK & LONDON

G. P. PUTNAM'S SONS

The Knickerbocker Press

1889

COPYRIGHT BY

G. P. PUTNAM'S SONS

1889

The Knickerbocker Press
Electrotyped and Printed by

G. P. Putnam's Sons

CONTENTS.

PAGE

I-5

PUBLIC REGULATION OF RAILWAYS: Its Legal and Eco-

nomic Aspects Briefly Considered

CHAPTER I.—The Legal Aspects of the Question 5-26

Sources of Legislative Power.-The Railroad a Public High-

way.-Eminent Domain and Taxation in Aid of its Construc-

tion.-General Competition over Railroads.—Interchange of

Traffic.-Public Character of Uses to Which Railroad Property

is Dedicated.-Mode of Use and Price of Use Matters of

Legislative Regulation, unless Restricted by Charter Contracts.

-Delegation of Power.

CHAPTER II.

Limitation on Legislative Power Arising from Charter Con-

tracts. Strictly Construed against the Corporations.—Not

Binding Where Power to Amend, Alter, or Repeal Charters is

Reserved to the Legislature.-Examples of Application of the

Power to Amend, Alter, or Repeal.-Dual Character of Rail-

road Property Considered.-Private Ownership Restricted to

Public Use.-Right of Public Use Paramount to Private

Ownership.

CHAPTER III.

Limitation on Legislative Power Arising from the Private

Property Rights of Owners of Railways or Railway Securities.

-Power to Regulate Railway Charges, Analogous to Power of

Eminent Domain.-Can Only be Exercised for the Accomplish-

ment of Some Public Good, and must Not Deprive Owners of

Reasonable Income on Just Value of Property.-Just Value

Distinguished from Capitalization.-Regulation not Equivalent

27-44

45-65