Alabama state intelligencer., 1831-04-27

to certain purchasers of UntUerSty lands, at
 teen dollars per acre and npocardS.
 Resolved, That in order to secure to the Uni versity, the debt and interest due from D. C., who are represented to be unable to meet those heavy payments now due for their lands, be allowed fur ther credit of five years in equal nstalmens, each
 nsalment to be paid the list, January, in every year: PrOUided ho,eerer, that tine first instament shall be paid on before the first day of January
 l6}2: 1nd proridedatS0, that each individual herein named, snail well and truly execute deed or deeds of trust in favor of the University of Alabama upon personal and real estate to the full value oi fifteen hundred dollars, to what Is due upon each quarter section held by the same"
 The undersigned having voted with the minority against the adoption of the foregoing resolution, and believing, that it is duty that they owe, not lass to themselves, than to the community whom they to state the reasons that influenced them to do have, therefore. avaled themselves of this consttu
 onal privilege of spreading upon the journals of the bOard such arguments suggest themselves to their minds, in opposition to the passage o the ordlnacc
 The first subject for consideration Is, had the Trus- tees the power to grant the relief contemplated by the ordinancel To understand the proposition cor rectywe must necessarily examine into the nature Of corporations, and to the powers proper to be ercsed by them: we understand a corporation, like the one under considerations 10 be an artificial being invisible intangible, and existing only in cOntem- platon of law Being then, the mere creature of law, it possesses only those properties which the charter of its creation cOnlers upon It, either express ly or incidental to it's very existence, and as whOy incapable of exercising any power not delegated by the act of its creation. Then if we correct in definition of corporation the power In question could not be rghtiully resoned to by the Trustees without ii could be shown to exist in the law which gave birth to the corporation or some other law since passed, confering additional powers upon the Trus tees. Before proceed to notice the act of incor poraon, and the powers therein delegated, let in nuru fla,t, nftpin aud oyf0p nf csed by the Board in granting the relief provided for, by the ordinance The ordlnanc erescinds tracts to large amount made in pursuance of law, with the corporation: the debts, although now due, and at interest at SIX per cent per annum are by the provisions of the ordinance, divided into five equal instalments to be paid in five years, without n- terest that is. neither of the instaments draw inter est until due. Does not this act entirely change the original contract! And does not the stopping inter- est the debts that due, for five years, de- prive the Institution of important rights, secured to her by the original contract? Did not the obigors to the contracts become much bound thereby, to pay interest upon the bonds, until paid as they did to pay the principal; and would not the Trustees, have as much power to give up the principal, due upon the bonds to surrender the interest and is there any difference in contemplation of law, be- tween giving up interest that had already accrued upon the bonds, and varying the contract to deprive the Institution from collecting interest from her debtor, for five years! it will at be seen that the passage of the ordinance by the Board was the exercise of an important power and such could not be legally done by the corporation. unless the law creating it, had conferred 1t. We will next en- deavor to show that the Trustees had no right to surrender to the University debtors, any right that had accrued to the Institution, under contract made pursuant to law; and this will do by referring to the statute, authorizing the sale of the University lands by the Trustees The 9th section of statute passed IS22, Laws of Alabama, page 562, it is tl fl,.tf al,l h, sold al public auction. at such times and places, the sad Trustees shall direct, have, by ordinance heretofore directed at price not less than seven teen dollars per fourth part of the purchase money shall be paid down at the time of sale, an eighth part in year thereafter, with interest at six per centum per annum; the residue to be paid in like manner divided into eight equal annual in stalments" We have carefully examined all the statements that have any connection with this sub ject and are unable to find any clause concring up- the Trustees, any such discretion that assumed by the majority, in passing the ordinance above mo- ticed. But, on the contrary find in the language of the statute just referred to, that the Legislature in tended 10 give the Trustees discretion, to the manner of disposlng of the land. minimum is fixed by law: the Trustees not permitted to sell for less than seventeen dollars per acre. The bonds are to bear interest from the day of sale, at the rate of six per centum per annum The lands have sold as thc law directed, and the bonds taken: and although the Legislature has sad that the lands should not sell for less than seventeen dollars per acre. and that the Institution should receive interest the bonds, until paid, yet, by the ordinance under consideration the majority have violated the positive requirements of the Statute, by stopping inc inter- est on the debts for five years. In support of the opn- ions which we have advanced as to the powers of corporations, beg leave to refer 10 some authority. In the Supreme Court of this State in the case the State vs. Stebbns ct al., Stewards Reports, page 3J6, Judge Sa!fod in delivering the opinion of the court uses this emphatic language: The doctrine has universally prevailed, that corporation only exercise such powers specifically grant ed by the act of incorporation, necessary to carry into effect, the powers expressly graned."-- Then, contend, there was no authority vested by any existing law in the Trustees to grant the relief; and that the passage of the ordinance not neces- sary to carry into eectany power expressly granted
 A gain upon principles 0! justice, we ask how conld the majority pass the ordinance? Was the ob feet to benefit the institution and if such was the de- sign, will their expectations be reazed2 This will
 necessarily lead to inquire who the subjects of this relief. Are they persons n1oriously in,oivent wholly unable to pay? IT so they will not be likely to avail themselves of the provisions of the ofd nance. If some Of them are solvent, and others n- solvent 1t does not require extraordinary eXertion of the mind to foresee, what will be the opera tions of the relel It doest not require the spirit of prophecy to forele that all those able to pay will avail themselves of the relief, and that those in solvent will be unable to comply with the terms of the ordinance. What then, ask will the institu- ton gain by this relefl Will she not certainly lose the interest upon large amount of her debts for five years without the first assurance that she will save cent finer bad doubtful claims Have the ap plicants furnished the Trustees with any kind of vouchers that the bad debts will be securely Not one Yet the relief IS granted, and to whom To the nsolvents aone2 Assuredy not. Several of the individuals embraced in the ordinance are men of hxyfl