The argument in support of the decree below is: (1) That the statute under which the commissioners are to act impairs the obligation of the charter contract of the Mobile & Ohio Railroad Company; (2) that it is, so far as that company is concerned, a regulation of commerce among the states; (3) that it denies the company the equal protection of the laws, and deprives it of its property without due process of law; (4) that it confers both legislative and judicial powers on the commission, and is thus repugnant to the constitution of Mississippi; and (5) that it is void on its face by reason of its inconsistencies and uncertainties.
These several positions will be considered in their order.
1. The provisions of the charter on which the claim of contract rests are found in sections 1, 7, and 12, as follows: 'Section 1. And the said company is hereby authorized and empowered * * * to transport, take, and carry property and persons upon said railroad or way by the power and force of steam, of animals, or of any other mechancial or other power, or any combination of them which the company may choose to apply.' 'Sec. 7. That the directors shall have full power to make and prescribe such by-laws, rules, and regulations as they shall deem needful and proper touching the disposition and management of the stock, property, estate, and effects of said company, not contrary to this charter or the laws of this state or of the United States; the transfer of shares, the duties and conduct of their officers and servants, touching the election of and meeting of the directors; and all matters whatsoever which may appertain to the concerns of said company.' 'Sec. 12. That it shall be lawful for the company hereby incorporated, from time to time, to fix, regulate, and receive the toll and charges by them to be received for transportation of persons or property on their railroad or way aforesaid, hereby authorized to be constructed, erected, built, or used, or upon any part thereof.'
From this it is claimed that the state granted to the company, for the full term of its corporate existence, that is to say, forever, the right of managing its own affairs and regulating its charges for the transportation of persons and property free of all legislative control.