s" -Tl i ARCiUMRNT OF IN THE HOUSE OP REPRESENTATIVES, THURSDAY, SEPT. 15, 1887. CONCORD, N. H.: N. II. Democratic Frebs Company. 188.7 CTe„,* *T' "* ARGUMENT. Mr. Speaker: If the distinguished gentleman from La- conia, who stands the peer of any man in New Hampshire in the depth and clearness of his thought and in the ability to deduce sound and logical conclusions from the great .mass of dubious and conflicting testimony and argument which has been placed before us during the last twelve weeks; if he, as he told us at the beginning of his speech, experienced a feeling of diffidence in addressing this House upon the merits of the two bills now pending before us, you can imagine something of my emotions at the present moment; and were it not for the fact that I am a member of the Railroad Committee, and one of those members who signed the minority report of that committee, I would not presume to appear before you. For I Hold this principle that the minority of the confmittee should always quietly and gracefully acquiesce in the findings of the majority of such committee unless there are very grave reasons for not doing so ; and having failed in sucli acquiescence it becomes their duty to define their position and place before the House the reasons for their disagreement. I shall not at¬ tempt to enter into an exhaustive argument upon the merits of these bills, but in addition to what lias been said in the minority report, as briefly as I may, give you a few facts bearing upon this subject and the conclusions I have drawn from them. I think you will believe me when I state that I have tried to divest myself of all emotion and all prejudice and to examine this question solely with ref¬ erence to its bearing upon the material interests of our state. I confess when I came here at the beginning of this session I did entertain a profound admiration and respect for the management of the Boston & Lowell on the one band, while on the oilier I was somewhat imbued with the 4 prejudice which, whether rightfully or wrongfully, has quite extensively prevailed against the management of the Con¬ cord. If I understand the situation we are here to legislate primarily for the people, and incidentally, it may be, for the railroads, and not as some gentlemen seem to assume, primarily for the railroads and incidentally for the people. Now if that is the true position for us to take, the first question to be considered is, Do the people of the state demand any railroad legislation at our hands? And if so, then, the next question of course will be, Do either of these bills provide such legislation ? I think it is conceded on all sides that the policy inaugurated by the Act of 1883, known as the " Colby bill," should be the settled policy of the state. That much being granted, it then becomes our duty to remedy whatever defects time and the experience of the past four years have shown to exist in the law so that its true intent and meaning can be carried out with • ° justice towards all and discrimination against none. Now the Chief Justice of the Supreme Court has, in the opinion rendered by him in the somewhat famous Dow case, pointed out one very serious defect in the Colby bill, and if you will examine the two bills before us you will find that each one of them contains a provision remedying that de¬ fect in substantially the same manner. So far then the bills are alike and there can be no controversy on that point, and I submit, gentlemen, that that is the only point in either bill which can, by any reasonable construction of language, be considered as an amendment to the Colby bill which is general in its character. Now if that proposition is true,—and I challenge any gentleman in this House to disprove it,—then we must seek for the cause of disagreement in the special legislation con¬ tained in each bill. That there is special legislation in the Atherton bill, we not only do not deny, but we stand ready to defend and urge the same before this legislature to the 5 best of our ability. You will find it in the first six sec¬ tions of the bill which provide for the union of the Concord and the Boston. Concord A Montreal in one corporation and the leasing of such other lines as physically connect, not for a term of 99 years, which would virtually wipe them out of existence as independent corporations, but for thirty years or one generation. But there is more special legislation in the Atherton bill to which I wish to call your attention. You understand I am speaking of the amended bill which the minority of the committee recommended. Section 9 reads : Said new corporation may take stock, loan mon¬ ey, or guarantee bonds or notes, and take security by mortgages of the railroads and their franchises, or otherwise so far as it may be necessary to construct an extension of the Pemigewasset Yalley Railroad to Fabyan's, and an exension of the Boston, Concord A Montreal Railroad to Colebrook, and thence to Canada line, and also any extension of the Whitefield A Jeffersonville Railroad to Berlin, and thence up the Androscoggin and Magalloway valleys, and also the Tilton A Belmont Railroad, the Lake Shore Railroad, and any other branch or extension of the Boston, Concord A Montreal Railroad that is already or may hereafter be chartered, or may be authorized by the general laws of the state, and may unite with or lease the same in the manner provided in this act for the union and leases herein spe¬ cially named ; and in case the Boston, Concord A Montreal Railroad and the Concord Railroad corporation shall both vote to unite under the provisions of section 1 of this act, and the same shall be approved by the Supreme Court as therein required, then, pending the subsequent proceedings hereinbefore provided for perfecting such union, the Bos¬ ton, Concord A Montreal Railroad is authorized to take stock in the Upper Cods Railroad, in the extension of the Pemigewasset Yalley Railroad, the Lake Shore Railroad, in the extension of the Whitefield A Jeffersonville Rail¬ road, and in the Tilton A Belmont Railroad, and to raise money by bonds or notes to pay for said stock, or to loan the same to said Upper Cods Railroad and the corporation 6 in control of the extension of the Whitefield & Jefferson¬ ville Railroad, the Pemigewasset Valley Railroad, the Lake Shore Railroad, and said Tilton & Belmont Railroad, for the purpose of constructing their respective roads ; and the Concord Railroad is authorized to guarantee said bonds or notes ; and the said Upper Coos Railroad, and the corpora¬ tion in control of the Whitefield & Jeffersonville Railroad, the Pemigewasset Valley Railroad, the Lake Shore Rail¬ road, and the said Tilton & Belmont Railroad are author¬ ized to mortgage their respective roads, franchises, and other property to secure and indemnify said Boston, Con¬ cord & Montreal Railroad and said Concord Railroad cor¬ poration therefor ; and when such new corporation has been formed, it is hereby authorized to assume such liabilities and obligations in discharge of such liabilities and obliga¬ tions of the said Boston, Concord & Montreal Railroad and said Concord Railroad corporation, and to take and hold all securities held therefor. And the said Boston, Concord & Montreal Railroad and the said Concord Railroad corpora¬ tion, or the said new corporation when formed, shall im¬ mediately proceed to take stock, or raise money, as above authorized, to aid in the construction of said Upper Coos Railroad, the Tilton & Belmont Railroad, and the Lake Shore Railroad, and the said extension of the Whitefield & Jeffersonville Railroad, or either of them, upon their re¬ quest and tendering the security above provided ; and in case the said Boston, Concord & Montreal Railroad and the said Concord Railroad corporation, or the said new corpo¬ ration when formed, shall refuse or neglect to furnish the aid above directed to be by them furnished, after the re¬ quest and tender aforesaid, so that by reason of such refual or neglect there shall not be, at the end of two vcars after such request and tender, a railroad completed and fit for doing business thereon, extending from Groveton or North Stratford to Colcbrook, and there shall not be an extension of said Whitefield & Jeffersonville Railroad in like manner completed to Berlin, and the Tilton & Belmont Railroad and the Lake Shore Railroad shall not have been complet¬ ed ready for business, then, in either event, in case any question shall arise as to the right of the party making such request and tender as to the duty of said Boston, Con¬ cord A Montreal Railroad and the Concord Railroad corpo¬ ration, or said new corporation, to respond thereto under 7 the provisions of this section, or in respect to what any party should do under any of the provisions of this section, any person or corporation interested in any such question may apply to the Supreme Court at the law term, or at a session thereof in vacation as hereinbefore provided, by a petition setting forth the facts and praying for an order or decree that such things be ordered to be done as he or it claims ought under the provisions of this section to be done, and said court, after due notice to the parties interested, and after hearing the evidence and arguments on one side and the other, shall make and enforce summarily such orders and decrees as in their judgment will carry out the true intent and meaning of this section. Now the gentleman from Claremont says that doesn't mean anything because it says " may " instead of must. Through you, Mr. Speaker, I would like to ask the gentle¬ man from Claremont if he is ready stake his reputation as a lawyer upon the construction which he put upon that word " may " in his speeeh before this House ? When the express language of the section is that if they neglect or refuse to comply with 'its provisions within two years, then the Supreme Court shall at once compel them to comply upon the request of any individual or corporation ag¬ grieved by such non-compliance. In Section 11 there is still more special legislation which you will find noted in the minority report and to which my Bro. Moore called your attention in his opening speech. The bonded and floating debt of the Boston, Concord & Montreal is, in round numbers, 81,000,000, none of which draws less than 0 per cent., and over 81,300,000 is to-day drawing T percent, interest. Nearly 81,000,000 of that amount is floating indebtedness ; 8300,000 more will become due in 18S9, and a very large amount of the balance in 1893. I don't think any sane man will deny but that bonds guaran¬ teed by the new corporation could be easily floated at par , 8 at 4 per cent. The saving in interest, as has been shown here, would amount to over 860,000 per year, and this bill, which is so full of special legislation, provides, in language which cannot be misconstrued, that 840,000 of that reduc¬ tion in interest shall be used to pay 4 per cent, on the old and new stock of the Boston, Concord & Montreal Bail- road, as a matter of simple though tardy justice to those people living along the line of the road who put their little all which they had accumulated by patient toil and self- denial into that stock more than forty years ago, and who have never received a cent in interest or dividends, and have been sneered at on this floor as " old veterans," who " wanted to feel a little dividend between their fingers." It is true that the svndicate have bought two fifths of this o stock, just as it is true that the Boston & Maine syndicate bought a controlling interest in the Manchester & Lawrence ; but how about the other three fifths ? Gentlemen, there are upon the books of the B., C. & M. to-day over one thousand names with only one share stand¬ ing to their credit—8100.00—every dollar of which repre¬ sents more than a day's work. Why, gentlemen, I know a laboring man who had accumulated 8700 from his toil. I have often heard him say that the largest per diem he ever received was seventy-five cents. Think of it a moment; that 8700 represented the dew and vigor of his young man¬ hood,—seven shares of the old stock. Ah ! It was fresh and bright and new then, expecting to have it as a staff to lean upon in his declining years. To-day he is an old man, just tottering on the brink of the grave, never having re¬ ceived a cent on his investment, and that stock which, had the money been put at interest, would now have amounted to a snug fortune, is to-day worth less than a single share cost him. Gentlemen, that man is my father. There is still more special legislation in this bill, to be found in Sec. 12. Let me read : Sko. 12. The rates for fares and freights existing at the 9