PREFACE t In preparing this treatise on the very important subject of franchises, especially those of public service corporations, the author has endeavored to logically arrange and make clearly apparent the essential governing principles and the law which is applicable, and to present them as concisely as is consistent with clearness and an exhaustive treatment thereof. Great care has been exercised in stating not only these essential principles and the law applicable, but they have been illustrated by decisions or statements of facts in the text, and elucidated by notes embodying numerous quotations from the courts. Especial attention has also been given to the enunciation of the doctrines set forth in the decisions of the United States Supreme Court. While the above states the author's general purpose, his specific plan has been to define and consider in logical sequence the nature, character, source and underlying principles of all franchises, and the distinctions between them, for the better ascertainment of what franchises of corporations comprise; to define and show the nature, character and source of power of all corporations, to classify and distinguish them, and so make clear what constitute public service corporations and their peculiar characteristics, especially in regard to those franchises possessed by them which are not common to other corporations. Inasmuch as franchises are derived from and owe their existence to the sovereign power or State, and the right to their exercise is dependent upon the extent to which the State or subordinate bodies may grant, regulate or control and forfeit such franchises, and the validity of legislative enactments, the author has also considered in their proper and logical order, certain subjects, such as Federal and state constitutional and legislative powers; the delegation of powers by Congress, by the State, and to subordinate bodies or agencies; the law of interpretation or construction of constitutions and statutes; the various constitutional provisions, including obligation of contracts, due process of law, and equal protection of the laws; and as dependent thereon the relative rights of the State and of all corporations in relation to franchises and governmental control and regulation, including rate regulation, taxation, alienation and forfeiture of franchises. The author trusts that the plan of this treatise is such as to commend itself to the Bench and the Bar, and that the work will be of some aid not only in saving time and labor, but also in ascertaining, determining and applying the principles and the law governing franchises. JOSEPH ASBURY JOYCE. NEW YORK CITY, NEW YORK, January, 1909. CHAPTER IV. NATURE OF FRANCHISE CONTINUED DISTINCTIONS. |