The Yazoo Democrat. (Yazoo City, Miss.) 1844-18??, 1845-09-17
T h e Briscoe Bill

, The following Bill was introduced by Gen
; BriscOe because upon application being
made to the Claiborne Circuit Court, feder.
al Wing Judge (COalter) refusedto allow an
} information to be filed against bank in Clai.
borne, thereby favOring q fraudulent cOrpO-
ration, and disregarding the laws Of the
land. This Bill merely proposes 10 make
the courts do their duty, and enforce the
law as it stood when the bank charters
were granted. We defy any man to point
out word in it about releasing debtors, or
instructing the courts what judgement they
are to pronounce. 1t merely secures fair
trial under the law of the contract, leaving
the courts to say, and expOund what the law
is. Now what is, and what has been that
law from time immemorial. According
to the settled lao of the land upon the ciUil
death of corporation all its real estate re-
naming unsOld, reverts back to the original
grantOr or his heirs. The debts due to and
from the corporation are all ertingaished.
Neither the Stockholders, nor the Directors,
or trustees Of the Corporation can recOUer
those debts, or be charged with them in
their natural capacity. All the personal
estate of the corporation Uests in the PEG
PLE."-2nd Kent Com. 246, 247.
This is American authority undoubted,
and as favorable to corporations as any
ever published in America, always quoted
by Bank Attorneys, and their agents as the
highest in questions of law known in the
country. We would then ask what right
has the Legislature to vote away to fraudu.
lent stockholders, and the Jews Brokers
and swindlers who have boughtupthe depre.
ciated Bank paper, property which accord
ing to their own book, has "vEsrED IN
THE PEOPLEP'
Rllt aSaiu. "A Bask ssAess SsooS- =
O,Oned By priOate persons Is a private cOrpO-
ration, though its objects and operations
partake offs public nature-2nd Kent, 222.
That private corporation is contract be.
tween the cOrporators and the govern.
ment, and that it cannot be impaired or al.
tered is Bank Attorney law which every
man in the community has heard thousand
times. Now, what says Kent to this
~ o curtail, or cut down corporate powers
is to alter them EQUALLY, AS TO ENLARGE
THEM WOULD BE TO ALTER"-2nd Kent, |
247.
Now, what right has the Legislature to
say that trustees SHALL COLLECT the debts
for the benefit Of the stockholders, and note
holders, when the la'O O the contract says
no such thing shall be donel Is it not to
enlarge CORPORATE POWERS to alter the
contract in the TEETH OF KENT, and the
reverend settled IascS Of the land?
Again Kent says, that "ifPrivate prop
erty should be taken for purpose not Of
public nature, as If the legislature should
take the property of A and give it to B, the
law would be unconstitutional and void. "-l
2nd Kent, 276.
As soon as a judgement Of forfeiture is
pronounced against banking corporation,
a debtor, according to the "settled law Of
his contract" neither owes the swindling
note holder, or the fraudulent stakeholder
one dime. Then to take his property by
the Sheriff and give it to them, is to take
the property of A and give it to B.
For these and many other reasons we
could mention, we are in favor Of the Origi.
nal BriscOe Bill as the j" settled law Ofthe
land''-as the law Of the contract which to
alter the Legislature has no power whatev'
er. Believing that all the people Of all
parties wish to understand what the oFigi-
nal BriscOe Bill is, we shall keep this arti-
Gle and the Bin in our columns until the
AN ACT
To prescribe the mode Of preceding
against Incorporated banks for a UioLa.
ton Of their corporate franchises, and
against persons pretending to erero'Se
corporate privileges, under acts Of inooT-
poratiOl, and for other purposes.
SECTION I. Be IT EHAcTEB ~ THE LEaIs-
ttTuGE OF TIE STATE o. MIsusuPFI, That 4 j