The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1854-02-16
COMMUNICATIONS.

Mr.. EDrroR.--SinOe the execution of the act Of
consolidation, between the Hisboro & the Marietta
R.. R. Companies, several questions of expedicncy
and fact seem to be ogitatng the people Of this coun
Nl
LIST. Does that act release our Stockholders from
any obligation to pay their subscriptionsl We think
there can be no difficulty in coming to conclusion.
The stock was taken, either in EXPRESS TERMS or i'm
piedly from the statements representations andspee
ches Of Directors and Agents Of the Road, (many oi
which are salted away for future use) for the con
struction Of Road to unite Cincinnati and Balti
more by a connection with the b. & O. r. r. at Par
kcrsburg on the line Of the Hillsboro Road, which
had then been essentially located and was well nm
derstood Slight variations Of route, only, were ad
mssible consistently with the identity OF the line
The understanding and intentions OF the parties, art
incidents in aud part Of the act Of subscription, and
must govern it. Amy violation of the general prin'
nplc, would vitiatc aud render void the contract.
change OF route, by which the distance between tht
two ternin is rendered materially longer, or giving
to any other point advantage over the points OIL
our line, would lessen the value Of the Stock anC
thence vitiatc the subscription.
ID. Under the circumstances, ought subscribers t
the capital stock Of the Hillsboro Road to pay the
subscription, unless compelled? Certainly not
Not dollar should be drawn upon this County fo
the consummation Of an act Of such pefidy and bat
faith We will venture to assure those in interest
that this is the conclusion which our people will unan
nnously adopt, and which will involve more thar
100000. ..
3dly. Shall the act Of consolidation be arrested
aud set aside by a resort to the Laws? Why not2-
We are under an engagement by solemn contract
in writing, to build the HillsboIo r. II. upon d
rect line as above contemplated and the other party
to the contract, in virtue thereof, have performed
acts and encounteredexpcnscs, and Ce haoe no poio
er 10 UiOLate itspecGc performance toiH be enJoln
ed Though the cost Of a suit must nominally ial
upon our Company yet VIC have the satisfaction o
knowing that the Marietta Company hold 50 large
proportion Of our Stock that they will indirectly pa
the greatest share.
4th. Ought thosCwho have given "Iight Of way
to seek damagesl Those who gave fright Of way,
as well rs those who sold at inadequate prices with
view to aid the means Of the Company, III the con
structon Of THIS ROad--now, that by this consOlda
ton its whole character is changed and it becomes
instead of through and independent line, as wa
proposed, mere Coal ROAD Switch, should we think
sue for their rights and 10 mistake But these Sev.
eal opinions presume consolidation be not set aside
OF course if it be, all the engagements Of Stock
holders, &c, are imperative and unqualified
5thly. Can we not organize new Company un-
the r. Il. Law and still build u road from jackson
to Parkcrsburg? We cannot IipeHons, SO inclin.
cd can be found possessed Of sufficient wealth they
might build such road As PARTNERS, but as joint
stock Corporation, never. The individual liability
principle in the law SO dearly set forth in Sections
10 g. 70, forbid the hope that any sanG man would
ever take dollar under it. Who would coolly and
deliberately endorse for all Rail Roads indefinite
liabilities for the profits on few hundreds thou.
buluS VI DVChI NO Hali CGGululyJ WIN ftueOn
enough to act without guardian. Some Of our cit
izens who seriously propose this measure allogc that
the liability is limited by the 18th Section to double
the stock subscribed This is not correct. The pro-
visions of the 18th Section evidently contemplate
primary labiliH--an amount Of NOMINAL Stock as
security for creditors and also some eqble ratio of
liability to be primarily exhausted. But the 18th
Section il have any meaning tall settles thepont
that all Stockholders, with the exceptions namod)
shall be deemed aud held individually liable for ALL
the debts due and owing by" their respective Com
panies. Hence there is no hope from any effort to
organize, under the II. II. Law, and build new
Road.
These several questions we think we have consid.
cred Justly, aud us law and reason will view them.
Our policy is then clear lst, Resist consolidation
on the 9Th of March ID If we fail in our just pur-
poses-thcn absolutely refuse to pay all subscriptions
to the old Road, no such Road now existing Sd.
We should seek remedy for our wrongs, arising from
this tleachey, at Inv, 4th. We should countcnance
lno Virginia Company suing out an injunction, to
compel the right And, lastly VIC should remember
the traitors who have sold u.s. especially il We ever
get them within our reach and whisper in their ears