Washington telegraph., 1854-12-27
Texas Pacific Railroad.


The Marshall Republican OF the 25th ut, pro-
rides us with some interesting facts connected
with the deposit of 100000. The following was
the deposit offered:
A certificate for twenty -four thousand shares in
the stock of the Sussex Iron Company of New Jer-
sey, valued at 100000.
As additional security, certificate for eleven
thousand nine hundred and twenty shares o the
Mechanics Bank of Memphis, Tenn. amounting
to s29sO00. 100000 in New York State stocks.
Gov. Pease considers the New York stock ac-
cepta5le, and such as the law authorizes the re-
ceipt Of but the other he rejects on the groun1
both OF Insufiiciency, and upon the ground that
the legislature never could have intended that the
deposit might be made in the capital stock OF
bank or manufacturing company, which is merely
the fund or property employed in the business of
the corporation, and whose value is dependent up
on the fluctuations and casualties of trade and
may be entirely destroyed by misfortune mis-
management or fraud the directors and officers
He argues that the assignment of such stocks rem
ders the State at once part owner of the stock
and property belonging to the corporations which
he considers in violation OF tie State Constitution.
which provides that 9the STATE shall not be part
owEer OF the stock or property belonging to cor
porations.o He expresses surprise that Messrs
Walker and King should have offered such stocks
when he distinctly informed them in August last
that the stocks of private corporation could be
received.
The Governor next contends, saws the Repub-
hcan, that these stocks hot transferred in the
manner required by the contract. Both of the
certificates state on their face that they trans
ferable on the books OF the corporation, and yet
neither of them transferred. Each is ac-
companled by written transfer. containing a
blank power of attorney; but there is no evidence
showing whether the rules and regulations of the
company permit transfers to be made in this
manner.
The capital stock of the Mechanics Bank of
Memphis is limited to 100000 The State of
Texas, by accepting the deposit Of this stock will
become the owner of S29s,0O0 of it ard accord
ing to its charter be liable for all the Issues of the
bank. and all the deposits made In it. So far from
the stock being security TO the State, as the
Governor says, the acceptance or transfer of it
might create a liability against the State for an
indefinite amount, In case of the failure of the
bank, or the misnandgenent OF fraud of its direc-
tors holding only two thousand dollars, which is
the capital of the bank
As to the Sussex Company. the Governor is OF
the opinion that the issuing OF the stock has been
done in violation of its charter and therefore not
binding on the company. This organization has,
according to its own estimate, property only to
the amount of Si4j,000, though the company ex-
pect profits railroad iron, etc, in the next
twelve months, estimated at Sl.55s,O00.
The Governor thinks that the Treasurer of the
State had right, up TO the expiration of the sixty
days, to accept any stock the company might Of
fer, but after that time, it remained with the Gov
ernor TO say whether the law mad been complied
with, and to affirm or annul the contract In ac-
cordance with this opinion he has declared that the
company has failed to comply trh the ldr, that the
contract is mil and uoid. and has aarestised for
nswietting. The whole fair has become exceed
ingly entangled. Col. N. T. johnson, on behalf
of the company, has 6led protest against the ac-
ton of the Governor, in the Office Of the Secretary
of State. He also publishes a card in the Times.
in which be says the company will organize, as
contemplated, in Montgomery, Ala and proceed
Immediately towards the construction OF tie road
The Republican says that the Treasurer Mr.
Raymond, has replied TO the letter OF Gov Pease
in an able manner, but that paper contains no
synopsis of it.
The question arises: VIII other bidders be
found who will take the contract under the new
offering, in the face OF the one now claimed to
have been secured by the present company? Will
they hazard collision with Messrs Walker King
x Co.? We very much doubt if they will H.
then, the company which will be organized on
Monday at Montgomery will, as Col. johnson de-
clares proceed at once to the construction of the
road, by all means let the gentlemen proceed. II
would only be loss OF eighteen months at the
furthest, and possibly a contract could not be
advertised and perfected, and the work so far ex-
pedited as it now is, within that ,ime-adoptins
of course the conclusion at which Gov Pease la:
arrived, that the security is insufficient Ii the
contract is re-et thera viii be an Injunction and
a protracted lawsuit between the old and new
contractors. The positions assumed by the Gov.
ernor and Treasurer will involve law question:
which the Supreme Court must decide.
lCGddo Ccsetir.