Excerpt from The Doctrine of Presumed Dedication of Private Property to Public Use, in Its Application to Railroads
In the April (1881) number of the "North American Review," I published an article on "The Ownership of Railroad Property." It was the object of that article to maintain that the property of railroad corporations, which has been purchased by private funds, has all the attributes of private property; and that, unless the charter of the corporation, or some law of the State which, by fair implication, or by express provision, is to be regarded as a part of the contract between the State and the corporation, has reserved to the State a power to regulate the rates of fare and freight, the corporation has the same right to fix its own rates as the owner of any other property has to determine the price for which he will allow the use of his property, and will render his personal services in connection with that use.
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