In  1091,  during  the  third  year  of  tlie  rrign  <>[  Willi.un  .'ind  Mary,
Tarlianifnt  provided  for  the  regulation  of  the  ratfs  of  chargt'S  l)y
common  carriers.  This  statute  remained  in  force,  with  some  amend-
ment, until  1827,  when  it  was  repealed,  and  it  lias  never  been
ro-enactcd.     Xo   one    sujijioses  that  the   jiowcr  to   restore  its  pro-


DUTY   TO   SERVE   THE   PUBLIC.  91

visions  has  been  lost.  A  change  of  circumstances  seemed  to  render
such  a  regulation  no  longer  necessary,  and  it  was  abandoned  for  the
time.  The  power  was  not  surrendered.  That  remains  for  future
exercise,  when  required.  So  here,  the  power  of  regulation  existed
from  the  beginning,  but  it  was  not  exercised  until  in  the  judgment
of  the  body  politic  the  condition  of  things  was  such  as  to  render  it
necessary  for  the  common  good.
Neither  does  it  affect  the  case  that  before  the  power  was  exercised
the  company  had  pledged  its  income  as  security  for  the  payment  of
debts  incurred,  and  had  leased  its  road  to  a  tenant  that  relied  upon
the  earnings  for  the  means  of  paying  the  agreed  rent.  The  com-
pany could  not  grant  or  pledge  more  than  it  had  to  give.  After
the  pledge  and  after  the  lease  the  property  remained  within  the
jurisdiction  of  the  State,  and  continued  subject  to  the  same  govern-
mental powers  that  existed  before.
