The Yazoo City Whig and political register. (Yazoo City, Miss.) 1842-1844, 1843-07-14

means unfrequent. Ifit was not fixed and {,
certain that The bank would make in this
matter Of exchange, and il in any couiingen-
cy not so remote as to.make it a mere dis
guise for unlawful gain, part Of the prin-
ciple might be lost, the agreement was not
IusuFous. Both these principles should have
been explained in the charge to the Jerry,
and their verdict might have rested on cor.
ltect grounds
T The contract in this instance in regard 10
the cotton is not illegal, according TO any
lprincipe, which can be bronghtto bear upon
lit. One Of the attributes of a corporation
at common law is; "lhat il may take and
grant property, contract obligations, sue and
be sued by its corporate name, in the same
manner as an indiyidual,n 2 Kent 27S, An
gel g. Ames 50. Unless specially restrain
ed by1heiT charter or by statute, they have
these powers neither limited as TO objects,
nor circumscribed as to quantity, Id. l04.-
These remarks apply solely to the acquis-
ton and disposition Of property ; corporate
powers in other respects are more stictly
construed. The chartered this bank in that
particular is very ample, cit is made capable
J of buying, receiving ind holding property
and estate of whatsoever nature, and the
, same to alien and dispose of at pleasure. -
: Terms more comprehensive could scarcely
' be employed. 1t is, moreover, powerful
I necessarily incident to every bank of dis
: count, that it should be permitted to secure
: its loans in any manner otprohibted by lis
charter, or some public statute. Without
E Esuch power the privilege of banking would
A L. Nk
= scarcely be doubted that the bank might take
:, a deed Of trust or mortgage on slaves Of
9 lether personality to secure due TO it. The
r, almost daily occurrence of such acts, is q
: Strong evidence of their legality, and sucl
q 3contracts have been often enforced in the
Q courts Of the country. There is but one re-
o striction in the charter Of this bank, thai
A. which is contained in the ninth section, by
DR. which 1t is enacted athat the company shall
n have power TO secure their loans, for periods
K of more than gear by pledges of real es
" tate SO pledged" With this single excep
N lien there is no prohibition upon il, TO seeuF,
of its loans in any way il may deem advisable
X itNvery corporation, unless expressly forbid
ne den, has By simplicatOn of law, the power t
e do such acts as are essential TO its exist
no tence, or. necessary to enable it to perforr
nd its functions" Banks g. Hines vs. the ban
Of the State of Alabama, 2 Ala. Rep. Az
W, Ia Poters 100. Surely nothing is more e:
lat lsental to the existence of a bank for an
an useful purpose, than power to secure til
n- payment of its debts. A bank having
in is charter, power TO convey real estate, ma
en- eRcumber it by mortgage. Jackson '
TO. Brown, 5 Wen. 500; it follows as a cons
he quence, that power TO purchase, include
cir power 10 accept mortgage. This preci'
point has been before the supreme courts
in two Of our sister States, in cases in viii,
list the charters of the banks contained, so t
ted as the reports show, no such clause as tn
ply already cited in this case; yet both coul
:. upon general principles. in the absence
ist. positive prohibition, held the contracts vail
mt p Ala. 472 as above; Deloach vs. Real Esta
,re- Bank Arkansas ct al; is. Louisiana al.
GER Having shown that there is nothing in I
the agreement as 10 the cotton which affects (
the validity Of this contract, and that the char
no of the court in regard TO what constitut
any usury was too broad and general. col
the next to enquire, whether if the existence
led, usury be established, the contract there
n Of becomes wholly void.
dis The loan in this case was for IL mont
H. and the only clause in the charter which (
this, affect il is in these words, 'the rate of {
9 is count which said company is authorised
lort- take on paper having ~ months OF lon
y to 10 run, is hereby declared TO be s per &c
prin- per annum." There is no prohibition
ltion take more, nor penelty for excess in I
e &C particular Our statute upon the subjec
Tor, interest in substance enacts, 'Sthat no !
!, ~ son or persons whomsoeyeT, shall take
alton 4ectly OF indirectly for any contract, n
;oVeT than 8 dollars for the forbearance or Civ
lues- day of payment of one hundred deFars
cot one wear, and lf more be taken or recei
OF its in, or by, any such contract, no interest
g adj premium whatever shall be allowed or
leans ceived, but the principal sum nolY.n +
ltlon, the terms of this act it is manifest that
9 the natural person had been the plaintiff in
atlon case, the charge would be usurious.
loan, different principle applicable to ham
~ re- ia other words, are banks included in.
Iry.- words person OF persons under the gel
ct the provisions Of the statute9 Ia the va
Pike. definitions, BY legal writer's, Of the
;ase Il corporation, II isofter called a persoI
hangc' Angel 81 Aues page z il Is said, that
galnst any number Of persons are consolidafae
loser united into a corporation they are tllen
ot the sidered as one person; it IS often cal.
ate Of artificial person; Angel 81 Amos So
BY no l472. Chief Justice Marshall CALI