Interstate and Foreign Transportation: Hearings Before the Joint Committee on Interstate and Foreign Commerce, Congress of the United States, Sixty-fourth Congress, First Session, Pursuant to Public J. Res. 25, a Joint Resolution Creating a Joint Subcommittee from the Membership of the Senate Committee on Interstate Commerce and the House Committee on Interstate and Foreign Commerce to Investigate the Conditions Relating to Interstate and Foreign Commerce, Volumes 1-10
U.S. Government Printing Office, 1916 - Interstate commerce - 680 pages
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ADAMSON amount appear authority bank believe bill bonds capital carriers carry cent CHAIRMAN charge committee Congress consider consideration Constitution construction corporation cost course court created desire determine dividends earnings effect entire exercise existing facilities fact Federal Government fixed follows foreign gentlemen give hearing important incorporation increase Interstate Commerce Commission investment involved issue legislation limit lines matter means meet method miles necessary needs NEWLANDS operation organized ownership Pacific politics possible practically present President proper proposed protection question rail railroad railway railway company rates reasonable reference regard regulation represent respect result roads rule securities Senator CUMMINS Sims situation suggestion taxation Texas thing Thom tion traffic transportation understand Union United whole
Page 229 - And, in order to ascertain that value, the original cost of construction, the amount expended in permanent improvements, the amount and market value of its bonds and stock, the present as compared with the original cost of construction, the probable earning capacity of the property under particular rates prescribed by statute, and the sum required to meet operating expenses, are all matters for consideration, and are to be given such weight as may be just and right in each case.
Page 239 - The result is a conviction that the states have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the general government.
Page 112 - The power of creating a corporation, though appertaining to sovereignty, is not, like the power of making war, or levying taxes, or of regulating commerce, a great substantive and independent power, which cannot be implied as incidental to other powers, or used as a means of executing them. It is never the end for which other powers are exercised, but a means by which other objects are accomplished.
Page 469 - In the discussion of this question, the plaintiffs contended that a railroad company Is entitled to exact such charges for transportation as will enable It, at all times, not only to pay operating expenses, but also to meet the Interest regularly accruing upon all Its outstanding obligations, and justify a dividend upon all Its stock; and that to prohibit It from maintaining rates or charges for transportation adequate to all those ends will deprive It of Its property without due process of law,...
Page 115 - Recollecting the fundamental principle that the Constitution, laws, and treaties of the United States are the supreme law of the land, it seems to us almost absurd to contend that a power given to a person or corporation by the United States may be subjected to taxation by a State.
Page 114 - ... fact that they are agents, but upon the effect of the tax; that is, upon the question whether the tax does in truth deprive them of power to serve the government as they were intended to serve it, or does hinder the efficient exercise of their power. A tax upon their property has no such necessary effect. It leaves them free to discharge the duties they have undertaken to perform. A tax upon their operations is a direct obstruction to the exercise of Federal powers.
Page 112 - But since, in consequence of the expansion of the country, the multiplication of its products, and the invention of railroads and locomotion by steam, land transportation has so vastly increased, a sounder consideration of the subject has prevailed and led to the conclusion that Congress has plenary power over the whole subject.
Page 243 - ... a right, privilege or power of public concern, which ought not to be exercised by private individuals at their mere will and pleasure, but should be reserved for public control and administration, either by the government directly, or by public agents, acting under such conditions and regulations as the government may impose in the public interest, and for the public security.
Page 389 - Colony system of the New York, New Haven & Hartford, and the Boston & Maine railway systems, each of which controls several minor roads once independent.
Page 105 - ... compared with the original cost of construction, the probable earning capacity of the property under particular rates prescribed by statute, and the sum required to meet operating expenses, are all matters for consideration and are to be given such weight as may be just and right in each case. We do not say that there may not be other matters to be regarded in estimating the value of the property.