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292 JOURNAL OF PROCEEDINGS [Feb. 11,
capital stock would be held to be unconstitutional
even to that extent. When it was granted, our Bill
of Rights contained substantially the same article
which would now be held to forbid such an exemp-
tion. In the eagerness of the public to encourage in
1826, the building of the road, the permanent inter-
ests of the people and the constitutional limitations
upon legislative power were overlooked, and the pre-
vision was inserted in the charter which lias given
rise to so much discussion and to such great and
serious discontent.
This provision, although apparently in plain repug-
nance to the then existing Bill of Rights, was held to
constitute an irrepealable contract between the State
and the corporation, and subsequently, contrary to
what would seem to be an established rule of interpre-
tation, this exemption of the capital stock, was by
implication, held to also exempt all the property of
the company from taxation, upon the the theory that
the stock was the representative of the corporate
property and that inasmuch as the stock was exempt
the corporate property which it was supposed to rep
resent, should also be exempt.
These conclusions, as is well known, have been re-
luctantly acquiesced in ; for notwithstanding the gen-
eral readiness of the people to accept, without dissent,
the judgments of the courts, there was that in these
decisions which did not satisfy the popular intelli-
gence and sense of right. They seemed to extend the
original surrender by the State of its sovereignty to
this corporation beyond what was believed to have
been contemplated, and they have created in the popu-
lar mind a strong desire and resolute purpose to re-
strict this surrender within as narrow limits as practi-
cable ; and as a legitimate result of this popular feel-
ing of discontent there has grown up a well developed
public opinion that no further privileges should be
granted to this corporation, unless it will agree to give
up this unjust and injurious exemption.
This public sentiment found deliberate expression
in the constitutional amendment adopted at our last
election, and the two bills now favorably reported are
designed to give some practical effect to this amend-
ment.
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