Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-11-03
CARRoLLToN. MONDAY. NOVEMBER g. 1916.

I
ct leased and discharged by the law Of thei
contracts, and from all legal liability, b,
q due course OF law, where is the moral obi
g CATION attaching TO lhem9 Take the cas-,
IS OF an endorser on a bill of exchange or !
a promlssory note: He simply puts bis uamt
! on the back of the instrument---iho com
! mon,. mercantile law, requires that de.
Q mand OF payment, refusal Of tho drawee
aud acceptors TO pay, protest or nonpay.
ment IN due time, must be shown to have
been made and given, or the endorser is
released and discharged from liability; and
after an cndorser is discharged for want
OF these. legal requisites being complied
with, did any man hear of his being con.
sldered under any moral obligation 10 pay.
Just so the law enters into the contract OF
The bank debtors, and when no is legally
discharged, he is morally discharged.
But some of the opponents of the mea.
sure contend that even after a judgment
OF forfeiture against bank--even il the
amendment were repealed, or unconstitu.
llonal, the bank or its creditors could file
q bill in a court Of chanceryl or equity a.
galnst the debtors, aud obtain decree
against them for the amount of their re-
spectve debts. This opinion receives
countenance from but few of the legal pro-
fession, and is palpably absurd to any L..
gal mind, not given to tho yagaries Of To-
gal speculation. Ii this relief could be |
obtained in court of equity, why was
there any necessity of passing the amend
ment at all. Why is no such doctrine TO
be found in any law book whatever? Why |
are Kent, Blackstone, Coke, Comyn and
Story, silent on the snbjectl Why do
Kidd, Wilcox, and Ames, in their re.
spectiye works, on corporations, say moth
ing of such doctrine2 The latter, the
work of Angel and Ames, on corporations,
a new and comprehensive work that, al.
ter being approved, both by the bench
and bar Of the United States, has passed
TO second and improved edition, pub
lshed in 1913, and which the venerable
and learned Chan. Kent, 10 whom il is
dedicated, in the chapter in the 9th edi-
ton Of his commentaries on corporations,
refers to "conlnining an able and thorough
examination Of every part Of the learning
apperiaining 10 this head, and as being a
performance which deserves, and win re.
ceIvo the respect and patronage Of the
profession. a new and enlarged edition 4
Of that treatise appeared in 1913; and d
the work is vastly improved, and admra- v
bly, digestod"-2 Kent's com, 9Th edition, d
p. 3l5, note (d) The only answer is, f
that such a doctrine exists only in the n
brain and imaginations of mere visionary il
theorists, and spectators, or few pari- d
zan lawyers. A court of equity sci at d
1ought that law, and judgment Of for
eture regularly obtained, when il Is d
eading maxim in equity, that equity ID
olows law A court Of equity relieve cI
/ set Of banking corporations, who have s.
raudulently violated their charters, when OF
is a maxim in equity, that he who does b,
niquity shall not have equily" A court n,
t equity relieves swinding banks from de
he consequences of their crimes, when il ia
an established principle that suilors must III
ONO into thai forum with clean handsn IN
And the bank creditors could, only, 10 AT
hal view, assert The right Of their debtors, f.
nc bank corporations. Such an opinion In
almost too preposterous 10 require ar. cd
ument for legal men. The condition of 81
,rfeitare Tor a violation Of charter--the an
idgment Of forfeiture and its consequent 90
,s, we're founded in the ilmehonorcd wis. II,
ON Of the common law, and in wise wa
I'D wholesome public policy, as salulary tel
,straint (the only one that could be do. nm
scd) upon failhlcss and fraudulent cor az
,rations, to deter them from violation ty
I'd perversion Of the privileges conferred on
! them By their charters--io induce them lhe
perform the stipulations Of the charters 10
their part--and 10 carry out the object cul
ID design--the legislature had in view, The
9 promoting the public good in granting is {
is Of incorporation. The word forfeit. oil,
o signifies d mnlct, fine, pain, or pen tho
iy--and shows by the very force Of the Gu:
rm, that il was the object Of the law in as
posing The condition and the conse qucn- for
$ Of its breach, to provide d punish upt
INT for the corporations for violating nv
cir charter Comyn in his digest, III. son
franchises, corporations, G. 81 vol. 4, fort
500, calls violation Of charter, {
zach Of bust,perrersioa Of the end of is vioI
mi, and misdcmeanor. con
These opponents, not only contend, that orig
;ourt Of equity cen, after judgment Of 10 |
fixture, enforce the collection Of debts |
II were due the corporation before for Ind
lure, but that the debts are only sus 27e
ndcd by the judgment Of forfeiture, that p.
ally extinguishod, the language OF The tut
v writer's mems suspended, and that the pro,
II estate reyerts, the personal property lie
forfeited TO tie State, and the debts OK. lure