The Yazoo Democrat. (Yazoo City, Miss.) 1844-18??, 1845-10-15

tora and appeals. Fox VS. HOrah, iJudge
Gaston) ] Iredell's Equity, r.. 35s. Six
teen wing members Of the Legislature at
the extra session Of ls43 ia their protest
against the BriscOe Bill al il passed the
House. See House Journal 202 203.
The Sou hron, "a leading whig aper1
published a. jackson, oE August 90 lh, j s IS.
Argument Of Messrs. ]. Tallmadge and
David B. Ogden in case Of McLaren vs.
Pennington, lPaige's @. r. l07, and the
Chancellor at P. 1ll--Folger vs. Chase, rs
Peck, r. and Messrs. Ihos. E. Robbins,
w. w, Fraser, and VIM. s. BodIey in the
deed Of Assignment Of the Cont. and R.
r. Band Of Vicksburg to them, and signed
by them. The Indiana case may be found
published in the Mississippian of September
10th, 1s45.
The friends of the Briscoe Bill advoca-
to the repeal Of the amendment tothe Bris-
Bill as it originally passed the lower House
of the Legislature in 1843, at the extra
session, which amendment was rejected by
the House and afterwards tackedon in, the
Senate, Judge Guion proposing it, and
passed when some four members Of the
lower House had gone home on The last dan
of the election. The 9Th, 9th, 10th, and
18th sections of the law as it now stands
on the statute book constitute the amend
ment. The friends Of the Bill contend that
the amendment which provides that the
debtors of the banks shall not be released
after a judgment Of forfeiture shall been
obtained against he banks for a violation
Of their charters, BY the effect and legal
consequence Of such judgment Of forfeiture
land for the appointment of Trustees to
collect debts Gte.--is unconstitutional as im-
pairing the obligations Of The contract made
BIZ the debtors acith the banks.
The law is that SO much Of the existing
law as is applicable atthe time Of making
Of contract, enters into ii, and forms a
part of it, and the parties are in law pre-
sunied to know it and to contract with ref.
erence to the existing law, and also that ey-
cry person in contracting with corpora
ton IS ~ law prasrDDed n know The law
that applies to such corporation and to con-
tract with reference and subject to it And
we have seen that BY The well settled law
Of the land existing at the dates Of the con-
tracts made by individuals with the banking
corporations Of this State, the debts due to,
and BY banking corporation become err
tinguished bya Judgment Of torteitHre.-
Every contract made with bank is made
upon the condition implied by law, that if
a judgment Of forfeiture is got against the
bank before the contract is paid or other
wise discharged, the same is thereby er-
tinguished. "Every creditor Of a corporation
with reference to this contingent
cy"-Angel & Ames on corporations, p.
l2s, 1919, and Peters Supreme Court ofthe
U. S. reports 2e1, 2s7. The constitution Of
Mississippi and of the us. provide that the
Legislature shall pass no lalD inpGiring the
obligations OF consrdctS-fence il is palpalle
that the amendment in declaring that bank
debtors shall not be released after judy
nent of forfeiture UiOIatee the obligations of
the contracts of individuals SOith ne banks,
making them unconditional contracts when.
by their nature and legal effect they are con.
reviving debts which are le.
gally discharged-and therefore il Is uncon-
stitational, null and void. Now Tor the leg
islature to enact that after a judgment Of
forfeiture against bank shall have been
obtained, that the debtors shall not be dis
charged, is unexampled in the history Of
American Legislation is to denyto the deb
tors the right and law Of their contracts,
and is special legislation in violation of0ir
constitution, State and Federal, in favor Of
bank officers, bank attorneys, trustees and
brokers who may have purchased up the
bank paper lor mere song. Such law
clearly inlpairs, changes, alters and DESTROYS
an contracts with the banks. 1.-THE banks
had By the common aw Of the land as i
existed at the time Of granting their char
lers aud Of the making Of al contracts Of
individuals with them, the right to enforce
he collection Of their debts after iudg-
ment Of forfeiture entered against them. the
Legislature could not take that right away
By subsequent legislation. Il banks did
not possess that right BY the law as iiexis-
ted when they were created, and their con-
tracts with individuals were made, i was
NOT ana is not competent for the Legislature
such q right. i Is true & has
been decided that legislature mag waive
4 forleiture Of the charter Of a corporation
in some cases ia he New York and Mas
sachusetis reports, but 10 'ohere has = been
decided thdt such Z waiver can BE- made %
lake eject df1r q judgment Of lo-1iei
has been obtrined, and The cxtinguishmenl
~ debie has taken eject WhcTohf o. sf
Get the rights and change the oonirae,s Of