The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-11
s3,2ss, 500 s,s4s, $50 s,.s,

m0ntn6
wac s5ss COG greater than for the corresponding months
in ls4s and the value Of exports for the drt two months
was 6s6 2ls greater than for the correspond
ing months in 1896 The exports for February this yesr
exceeded in value those for both January and February
in lsds, by more thon two hundred thousand dollars
The foreign export trade Of this port and for the country
generally. never was in a fourishing condition.
The bulk of our exports is in agricultural products
and the destination Of large per cent is Great Britain
We give publicity to the following communication
ard commend it to the inspection of the stockholders
with the remark that cannot perceive, while there
existed necessity ofthe special acts how the condition
Of bs hondboders not coerusd by the pledge, Is i'm
proved Ifthsre existed general right to contract
debts. those acts authorizing the company to borrow
from the State of Massachusetts, and the city of Nor.
wch six hundred thousand dollars, they prove any.
thing direct negative OF general right to borrow
This is argument sustained by every court of law
and based the soundes principles of statutory law that
grants ard especially these comforting monopoes, must
be construed strictly and power not expressly grant
CO, can be inferred.
1.-THE capital Of corporation be limited would be
violation Of the charter to 60 beyond, and that
which cannot be done directly, by no inference
cas be legally done indirectly such the issue of
bonds other obligations If this principle were not
true should be involved in the absurd doctrine that
Legislative restrictions not only offered guaranty but
that directors 10 serve their own other projects
possess The power. without the knowledge or consent of
tho stockholders to pledge mortgage the property of
the company, beyond the power of redemption If the
ockholders had been consulted there is no individual
who believe for moment that any sanction could
have been obtained for the purchase of the old steam.
beats Of the Long Island Railroad Company at $3.50 00o
BY means si which the latter company became discharged
os expensive burden to the injury OF the Norwich and
Worcester Company, We hold, as we have heretofore
stated that these companies ought always be narrowly
watched; the interests they effect both private and public
of character much too extensive and serious to JUS
tfy their being allowed to pass the ordeal of public
scrutiny with impunity
II must be acknowledged that the state of Msssachu.
ss and the city of Norwich have been secured but as
the Of the obligations Of the company an enforce
mont of the mortgage liens would shut out all individual
interests We lrul that the time is not far distant
when the Norwich and Worcester, and several other
railroads in similar condition, will be in the hands of
few individuals free of debt and independent of stock
holders.
NORWICH AND WoRcEsrER
It having been represented that the Norwich and
Worcester Railroad Company, had right to incur
trscs from the by the States Of Sx
tetts snd Conneocut subsequent 10 the enactment of
their charter BY which il will be seen while general
authority existed to contract debts they were thus sp
cialy authorised to pledge or mortgage their whole
property, zeal and personal
by the bh sectien. to pledge or mortgage the Com
nonwesh, their road with the franchise and property to
them belonging, to secure the commonw eah fer the
four hundred Thousand dollars loaned them or any
debt owing or to become owing from them TO the com.
monweah she sad conveyance by the thereof to
be OF he franchise and property of the corporation - and
by secon h. such shall operate to cover
and bind eny lands included within their location and
additions which shall be hereafter made to said road
by labor mat rss otherwise and any land hereafter
purchased or any buildings fixtures placed thereon
and, also, any engines, cars, or other apparatus
Thus, will be perceived that the lien oil the State
as far as TIE pe1ga OF the property affords security is
perfectly saie am in the degree, every right "a.
CURED under this mortgage and from the following re-
solution oil the State OF Connecticut corresponding ex.
elusive tight conferred the city of Norwic6 for
their loan Of two hundred thousand dollars
June the 1899 =" Resolved, by this Assembiv that
the Norwich and Worcester company be- and thew here.
by are authorzsd TO execute mortgage of their pro.
perry TO the CITY Of Norwich the s of to hupdraa
housani dollars end that the pledge of the ralrnod ~
and franchise of said company exacus.d hu H.
Norwich end Worcest Railroad Company IN the c;,v
o. Norwich for the security of the loan hsretoforya
authorized be- and the hereby ratified and Cor
hrmedn -'~ WV
iis svident, from those extracts that potwitbstandr
Ge Norwich and Worcester company have no Ssnsraii
right po@er, Bor authority TO incur debts or ;ssua
evidences oil Indebtedness, 10 borrow money or in snv
oiherw,se TO ha lien on the properly OF the COMPANY
these several loans aeds by the etas of
anj tho city Of Norwich by the special enacments Ia
theis exist shadow OF doubt thot wnosoevsr shall &C
qure tle, under and by virtue OF those pie lges and
mortgages MI be iu!iy vested with the p operty income
aud iaisClilso.