The Yazoo Democrat. (Yazoo City, Miss.) 1844-18??, 1845-09-24

T h E Bris c oe Bill.

The following Bill was introducedby Gen,
Briscoe because upon application being
made to the Claiborne Circuit Court feder-
al Wing Judge (Coalter) reflsedtO allOwan
information to be fled againsta bank in Clai.
borne, thereby fayOring fraudulent cOrPo-
ration, and disregarding the laws Of the
land. This Bill merely proposes to 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 a 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 lGlO Of the land upon the ctUa
death of a corporation all its real estate re-
naming unsold, reverts back to the original
enantOr or his heirs. The debts due to and
from the corporation are all ertingUtsbed.
Neither the Stockholders, nor the Directors,
or trustees of the Cooperation can recOrer
those debts, or be charged with them in
their natural capacity. AL the personal
estate of the corporation reSts IN the PEG
IPLE."-2nd Kent Com. GAG, 247.
This is American authority ndoubted
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 awayto traudu
lent stockholders, and the Jews Brokers
and swindlers who have bOughtuPthe dePre
ciated Bank paper property which accord
ling to their own book, has "vEsTED II
| rHn PEOPLE n
But again. !" A Bank aOhOse stock i
Orned By private persons Is a private OOrPO
ration, though its objects and operations
partake ola 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
~ curtail, or cut down corporate powerl
is to alter them EQUALLY, As TO ENLARGE
THEM woUEn BE TO ALTER"-2nd Kent
247. Fl
Now, what right has the Legislature Il
say that trustees SHALL COLLECT the debt
for the benefit Of the stockholders, and not
holders, when the lGW Of the contract say
no such thing shall be donel Is it not +
enlarge CORPORATE TOWERS to alter tn
contract in the TEETH or KENT, and tn
reverend settled ldnCs Of The tGnd7
Again Kent says, that, " ifPrivate prop
erty should be taken for a purpose not OF
public nature, as ifthe Legislature shOul
take the property Of A and give ito B, tn
law would be unconstitutional and void. =
END Kent, 276.
AS soon as a judgement Of forfeiture
pronounced against a banking corporation
a debtor, according to the "settled law
IL ~
his contract" neither owes the swindlinI
flnote holder, or the fraudulent stOekhOlde
one dime. Then to take his property b
/ the Sheriff and give it to them, is to tax
/ the property of A and give it to B.
Il Forthess and many other reasons W
| could mention, we are in favor Of the orig
I nal BriseOe Bill as the "settled law Of tn
llapdY-as the law Of the contract which
+ alter the legislature has no power Whate'
I Ter. Believing that all he people OF q
/ par,ies wish to understand what the orig
nal Briscos BIN is, we shall keep this art
Gle andihe BIN in our columns until q
ELECTION -a IFS nr
AN ACT H
To prescribe the mode Of Preceea',''
Against Incorporated banks for a vlold
ton of their corporate franchises, an
against persons pretending 70 erere''
corporate privileges, under acts q i'1coi
pofdtior, and for0tber PlaPoseS.
SECTION !. IS n kRacfGD bT THg LEot
I,TuRr o. TIE STArE OF MIsuluFFii Ihat