Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-10-29
CARRoLLToN WEDNESDAY,. OCTOBER 20, 1915

ration or banks, as well as those due b,
the bank or other corporation, would be TO
/, tally ertinguished--and these effects aRc
< consequences Of djudgment of forfeitur.
o charter, apply 10 banks in Mississippi
3 See the following authorities:
2 kenl's Com. Sd, 4th and 9th editions
,, p. 307, note (b).-Ange g. Ames on Cor
porations, I'd edition, p. COZ and notes g
/ 4 and 5).-Sla,e Bank vs.. the State Of In
diana. LIST Blacklord's Rep. 2G7-Robin,
ct ais VS.. Embry ct nls. Chancellor Buck
nerl.-l SIN. & Mar. Oh. Rep. 1866 267
and Mr.. G. S. Yerger's argument in same
case, p. PA, 255.-Judge Thacher, IN his
opinion in the case of The Com. Bank Of
Rodney vs.. the State OF Mississippi, Jan
Term, lS45, Of our High Court of Errors
and Appeals Fox VS.. Horah, Judge Gas
ton, Iredell's Equity Rep. 35S.- Sixteen
whig members Of the Legislature al the
extra session Of ls43, in their protest
against the Briscoe bill, ms it passed the
llouse--see House Journal, pp 2ol-2-3
The Southron IA leading wing newspa-
per) published at Jackson, Of Aug. 20ih,
ls15.-- Args'aent Of J. Tnllmadge and
D. B. ogden, in case of McLaren VS. PEN
ninglon, Page's C. r. l07, and the
Chancellor at p. lll.--Folger VS.. Chase,
lS Pick. R.-And 7. Il. Robins, w. w.
Frazer and w. s. Bodcy. in the deed of
assignment of the Com. R. r. Bank of
! Vcksburg to them, and signed by them.
The Indiana case may be found published
in the Mississippipn, of Sept 10, l845.
The friends Of the Briscoe bill advocate
the repeal of the amendment to that bill
as il originally passed the lower House Of
the Legislature in 1913, al the extra SEES
sion--which amendment was rejected by
the House, and afterwards tackled on in the
Senate, Judge Guon proposing it, and
passed. when some four members of the
lower House had gone home, on the last
day of the session. The Slh, 9th. 10th
and llth sections Of the law as it now
stands on the statute book, constitute the
amendment. The friends of the bill con
tend that the amendment which provides
that the debtors of the banks shall not be
released after a judgment Of forfeiture
shall hare been obtained against The banks
for violations Of thar charters, By The ef.
.fed, and as a legal consequence of such
judgment Of foveiture-and for the APP
pontment of trustees to collect debts, SC.
is unconstitutional, as impariag the
obligations Of The contracts made By HE
debtors 'rhh The hanks.
The law is, that SO much of the exist.
ing law as is applicable at the time of max.
ing contract, enters into it, and forms a
part OF it, and the parties are in law pre-.
sumed 10 know it, and to contract with
reference to the existing law. And, also,
that every person contracting with cor
poration is, by law, presumed TO know the
law that applies 10 such corporation, and
TO contract with reference, and subject 10
it. And we have seen by the well set.
tied law Of the land existing at the date of
the contracts made by individuals with the
banking corporations of this State, the
debts due to and by banking corporation
become ertinguished by the judgment Of
forfeiture. Every contract made with a
bank is made upon The condition imputed
by law, that if a judgment of forfeiture is
got against the bank before the contract is
paid or otherwise discharged, the same Is
hereby ertinguished "Ecery creditor of
a corporation contracts 'eHh reference 10
this coatingcncy.'-Angel & Ames on
Corporations, l2s-9-Peier's Sup. Court
U. S. Rep. 2sl, 2S7. The Constitution
of Mississippi and of the United States
provide that The legislature shall pass no
laT impairing the obligation of contracts
Hence II is paIpable that the amendment
in declaring that bank debtors shall mol be
released after .judgmeat Of forfeiture,
riolatcs the obligation of Me contracis of
Individuals Nth The hanks, making item /
unconditional contracts, iotcn By their ma
tire and legal effect, they are conditional |
land reviving debts which are legally
discharged-and, therefore, il is uncon,
stitutional, null and void. Ii
Now, for the legislature 10 enact that /
after a Judgment Of forfeiture against a I
bank shall have been obtained, that the
debtors shalnot be discharged, is unexam-
pied in the history of American legislation, |
is 10 deny 10 the debtors the right and law
Of their contracts, is special Legislation in ;
of our constitutions, State and /
Federal, in favor oil bnnk officers, bank
attorneys, trustees, and brokers, who may
have purchased up The bank paper for a {
mere song. Such law clearly impalrs {
changes, alters and destroys the obligation /
OF all contracts with the banks. II the /
banks had by the common law Of the land, I
as il existed at the lime Of granting their ]
charters and the making Of ali contracts !
with them, the right 10 enforce The colIec-l
lion of their debts after a Judgment Of for |