The south-western. [volume] (Shreveport, La.) 1852-1870, 1854-11-29

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that thq profared securities were insufficient,
and adfertises new letting. Itappears that
the ste4k offered on deposit consisted of $4,000
shares pf the Sussex iron company Of New Jer-
sey, valued by the holders at 100000; and
as additional security, a certificate for II ,92o
shares Of the Mechanics bank OF Memphis,
Tennessee, valued at 1898, 900, and two GER
/ tidcates Of New York state stock, for 81 600
each. The New York state stock the govern
OF considers acceptable, and such as the Law
authostses him to accept; but the other stocks
are not Of this class. He says tile Legislature
.'coulG never have intended that this deposit
might be made in the capital stock of a bank
or manufacturing company, which is merely
the fund o. property employed in the business
of The corporation, and its value is dependent
upon the fluctuations and casualties Of trade
and MAY be entirely destroyed BY misfortune,
rnism&nagenlent, OF fraud of the directors and
officers" The assignment of such stocks lie
Justly thinks would render Texas Fat once
part d wuer of the stock and property belonging
to the corporations which is III violation Of the
constitution, as that document ordains that the
'State shall not be part owner of the stock OF
property belonging to corporations" aid he
expresses surprise that Messrs. Walker & Co.
SHOULD have offered such stocks, when he dis
/ tnctlE informed them in August last, that the
stockt Of no private corporation could be re-
ceivet Il.
The Texas Republican, in its review of the
subject, says that:
/ The capital stock of the Mechanics bank OF
Memphis is limited TO S30OOOO. The State OF
/ Texas, BY the acceptance Of this deposit of It's
Stock will become the owner of 1898, 900 oft,
and According to its charter, be liable for all
the Issues of the bank, and all the deposits
mad4 in it. So far from the stock being Sc
cuntE to the State, the acceptance or transfer
Of it might create a liability against the State
| for an indefinite amount in case of the failure
! of thu bank, or the mlsmanagement or fraud OF
the five directors of it, holding only $4,000
out Of the 100000, which is the capital OF the
| bank. .= ....
Tie preferred stock of the Sussex iron COM
pany of New Jersey, seems equally objectiona-
Bile. There is no evidence before him show
ing the authority for the issuing of this prefer
red stock, and the inference is that it has been
done in violation of its charter, and therefore
not binding on the company. This organlsa-
ton has. according TO its own estimate, proper
ty only to the amount of 1922 ,OOO though the
company expect profits on railroad iron ETC.,
in the next 9 months, estimated at S. ,558, 600.
The certificate of the governor of New Jersey
simply gives his opinion of the value of the
stock. a..
The treasurer differs from the opinion Of the
governor, and states that he has accepted the
deposit The governor believes that the trea-
surer had right up to the expiration Of the go
days to accept any stock the company might
offer, but after that time, it remained with the
governor to say whether the law had been com
piled with and to affirm or annul the contract
In accordance with this opinion, he has declar
ed that the company has failed to comply with
the law, and, therefore, the contract is null
and void.
wi. oouLSol, ol VIC pau VI w oihSi " w.,
has filed protest against this decision of the
Cove nor, and publishes card, in which he
says that the company will organise, as con-
tempIated, at Montgomery, Alabama, and pro-
coed Immediately towards the construction of
the road.
Ifthe Walker company is composed Of capl-
taliss, or men of good credit it is time that this
quibbling and shifting should cease. If they
are not able to raise and invest $500, 0Oo in the
speculation, it is ridiculous for them to talk of
building railway to the Pacific.
TIE MosQU1ro QUESTION. Washington
Star and other semi official journals assert, on
what they allege to be undoubed authority
that The British government has issued orders
to it, naval officers and diplomatic agents in
the West Indies and Central America, which
amount to the abandonment of the Mosquito
protectorate, as far az Greytown is concerned.
These officers are directed not to interfere there
any farther than to protect recognised and
bona fde British subjects; not to assert any
right Of sovereignty OF any jurisdiction over the
place; not to intermeddle with any quarrel be-
tween The transit company and the town, or
with any controversy that may there be going
on as respects titles to land or the right Of pos
session, and to leave occupants and claimants to
settle it as they can. They are not even to
lend any support to the titles to lands issued
hitherto by the former British vice consul at
the place Claims of actual British subjects
for damages in the Hollins' bombardment are
to be taken notice of, and to be reported, but
nothing more And if the American vesselsin
the port salute the flag Of Nicaragua, or any
other flag, nothing is to be said or done against
it. In word, the protectorate is abandoned,
at least at San Juan; and if Nicaragua could
now take possession of the place, she would
meet with no opposition from the British gov
ernrnent. The Star expresses the opinion that
England hasnot entirely abandoned her protec-
torate over the so called Mosquito kingdom,