The use of Niagara waters for power production has been the dream of years and its earliest successful achievement is expressed in the present Niagara Falls Hydraulic Power & Manufacturing Co., whose existence as an active consumer of Niagara water antedates its statutory recognition. The legislature of New York began giving away franchises to power companies about twenty years ago. It has never asked a financial return of any sort for any of these, as, during the
period from 1885 to 1894, when they were most freely granted, it probably seemed not. wise to inflict a revenue on a budding industry. New York thus receives nothing whatever in return for the privileges it has granted for the consumption of its own waters. We mention this fact incidentally, just as we may mention that the Canadian companies are to pay a substantial return for similar privileges; but this matter of revenue has no bearing whatever on the. theme before us. Whether or not any public revenue be derived from the use of Niagara is entirely beside the issue save as taxation of the product of the companies can be used as a means for the control of the situation.
Nine of these companies have been legally recognized or chartered in New York. Of these charters, all were granted in good faith, but it may be doubted if all were asked for and received in the same spirit. Some, it would seem, were immediately for sale as soon as
