eir
rates of freight and passengers from year to year, as will
be seen from the following tables, showing the charge for
freight per mile, and the average per mile for passengers
for each year, from 1868 to 1873 inclusive:

Charges per ton Average passenger rate
per mile--cents. per mile--cents.

1864 .04
1868 .03 40-100 .03 86-100
1869 .03 10-100 .03 92-100
1870 .02 82-109 .03 85-100
1871 .02 54-100 .03 75-100
1872 .02 43-100 .03 54-100
1873 .02 50-100 .03 42-100

"The law in question proposes to reduce our passenger rates
twenty-five per cent. and our freight rates about the same,
thus deducting from our present tariff about twenty-five per
cent. of our gross earnings.... This act, as we have seen,
proposes to take from us twenty-five per cent. of our
passenger and freight earnings, and the additional tax of
one per cent. of our gross earnings, all of which is
equivalent to taking from us twenty-six per cent. of our
gross earnings. Therefore, deducting this amount, equal to
twenty-six per cent. of our entire gross earnings, from
thirty-three per cent., our average net earnings on
business, would leave us only seven per cent. of our gross
earnings as the entire net earnings of the road, out of
which must be paid the interest on the bonds and the
dividends to our stockholders. It is therefore manifest that
this law will take from us over three-fourths of the net
income received under our present tariff.... The board of
directors have caused this act to be carefully examined and
considered by their own counsel, and by some of the most
eminent jurists in the land, and after such examination they
are unanimous in their opinion that it is unconstitutional
and void.... The board of directors are trustees of this
property, and are bound faithfully to discharge their trust,
and to the best of their ability to protect it from
spoliation and ruin. They have sought the advice of able
counsel, and, after mature consideration, believe it their
duty to disregard so much of said law as attempts
arbitrarily to fix rates of compensation for freigh