"The Broadway Railroad charter was formed under chapter 252 of the laws of 1884, entitled 'An act to provide for the construction, extension, maintenance, and operation of street surface railroads and branches thereof in cities, towns, and villages.'
"The first section of that act expressly provides that every corporation formed under it 'shall also have all the powers and privileges granted, and be subject to all the liabilities imposed by this act, or by the act entitled "An act to authorize the formation of railroad corporations, and to regulate the same," passed April 2, 1850, and the several acts amendatory thereof, except as the said acts are herein modified.'
"In the case of 'The People of the State of New York against Dispensary and Hospital Society of the Women's Institute of the city of New York' (7 Lansing, page 304), a corporation formed 'under an act of the Legislature of the State of New York, entitled "An act for the incorporation of benevolent, charitable, scientific, and missionary societies, passed April 12, 1848, and the acts amendatory thereof,"' was judicially determined to have forfeited its charter by reason of the payment of money as a reward for the use of influence in obtaining an appropriation from the State, and the corporation was dissolved by judgment of the court.
"The authority of the Legislature to repeal a charter is much broader than the judicial authority. It is expressly declared by the Constitution and by the law to be in the discretion of the Legislature. It may be done on moral evidence of wrong-doing on the part of the corporation, while a court could only act on judicial proof. It may be done on grounds of public policy or expediency.
"The bill pending in the Senate for repealing the charter of the Broadway Company and annulling its franchise may do well enough if a Broadway railroad is to exist.
"Whether any holders of Broadway Railroad stock or bonds can be shown to be innocent and entitled to special indulgence, can be better judged of when the investigations are concluded.
"One thing is quite clear. The corruption of public officers in order to obtain possession of valuable franchises at much less than their real worth, can only be stopped by making such schemes impossible to result in any profit.
"A general law should be passed requiring every such franchise to be disposed of at public auction.
"If proofs cannot be found to bring the wrong-doers to criminal punishment, the confiscation of their investment will be a salutary warning to them and to the public generally."