Note 647 — VIII CONCLUSION

"Historically this theory has been recognized and approved by English legislation from the time when Adam Smith applauded the equity of statutory turnpike tolls at the rate of one shilling for a light carriage and eightpence for a heavy dray, through the whole long series of Canal Acts and Railway Acts, down to the elaborately careful revision of the railway companies' charging powers in the series of Provisional Order Confirmation Acts dated 1891 and 1892. The opinion of modern economists all over the world as to the justice of the underlying principle may be conveniently summarized in a sentence borrowed from the first annual report of the American Interstate Commerce Commission: 'With this method of arranging tariffs little fault is found, and perhaps none at all by persons who consider the subject from the standpoint of public interest.'"—Ibid., p. 317.