The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1854-12-02
NO. 10.


sand dollars Of New York state stock. they
state. /. sen; for the purposs Of sppplyinr
the de6ciency Of IN. Bank stock 10 make
the sum of three hundred thousand do!lars."
And In conclusion you say: Gan Of which
!, respectfully submitted"
II NAV be urct,er that should here state.
tina, rli Of these pnper, were submitted 70
mo BY Won. and were returned to you by
me with nv verbal opinion that they were
insufficient IN ,u.wer the purposos for N11nh
van state they ware ,lnced in your Office.
nrsvious To The dat. Of your letter and p,e>
yious TO the time when | received Il. and
al.o that more Of these papers ar, in fact
now enclosed with your letter.
letter TO civ. YOU nv oD;niop in writing in
Aregard to these stocks. in order that there
shall hereafter be no question in relation
10 IN. fac, Of nv having declared their 70
he an Insufficient deposi, under the law ~.
ferred 10. understand from YOU that these
gentlemen propo.e to deposit
lat A certificate for twen,, ,four thousand
shares OF twelve dollars and Rfty cents
escb. in the pret.rred stock of the Sussex
Iro, couna,y of New Jersev. amounting
to the ann OF three hundred thousand dol,
lars. issued to X. J. Walker aud +. Butler
King. dated October 3D., 1854, and signed
by Edwin Post, President, and L.. A. Reedsr,
secretary.
I'd That they nropose to deposit. a. sd.
ditional security. a certificate for eleven
thousand nine hundred and twenty shares,
of twepty,fye dollars each. Of the csptal
stock of III. Mechanics Bank Of Memphis.
in the State OF Tennessee, amounting TO
the sum o( two hundred and ninety eight
thousand thousand dollars, issued to r.
". NJ kinc. dated June lst, 1854, and
signed by T.. ". VI. King, President, ard
Henry Il. Puah. Cashier; and also two
certificates of New York State stock, for
one thousand dollar. each, issued to Rob.
ert J. Walker and r. Rutler King, under
tho nrovi.ious of a law of that State. pas,.
ed April 25h. lslO-making together the
sum of three hundred thousand doliars.
The two certificates of New York Stats
stock are entirely acceptable, and such
IS the law nu,hofises to be received but
,be other tyo certificates. viz the prefer.
red stock Of the Sussex Iron Company, and
the Mechanics Bank stock Of Memphis,
are neither of them such stock ~, In my
opinion. the law REQUIRES to be deposited
The frs, and principa objection 10 these
stocks il that they are rot tho description
Of stock. the Legislature intended should
he deposited. The 18th section OF the act
10 provide for the construction Of the Mis-
sissipp md Pacific Railroad, declares that
the compsny shall deposit with the Treas.
urer of The State. at Icss. three hundred
,housapd DOLLAR In gold. or silver, or evi.
dences OF debt Of the State Of Texas, or
other good par stocks. think il perfectly
clear that the Legislature intended by tho
words, ether good par stocks" evidences
of the deb, of the United States. or sotse
State of The Union, or Of some corpora.
don. Such stocks have an intrinsic value,
because they must be ultimately redeemed
in gold and silver. They could never have
intended that this deposit nigh. be made
in the capital stock OF bank or mAnufac.
turing company, which is merely the fund
or property employed 10 the business Of
the CORPORATION. and it's ralue is dependent
upon the fluctuations and casualties Of
trade. aud NAV be entirely DESTROYED BY
misfortune. msmanaremens or fraud Of
the directors and officers.
This view of the intention Of the Legis.
lature is rendered certain by careful ex-
animation OF the nc, referred TO and the
constitution of the State. The 18th section
Of said ac, provides that in case Of 4 fail.
ugc upon the mart Of the company, the
money or stocks deposited, shall DO forfei,>
ed to and becoms the property Of the
State" Now, In order to render any Kind
Of stock available to tic State as forfeit.
ure. 1t mus, be assigned ard transferred to
the State, or to some person in trus. for
the State, and a provision was accordingly
inserted in the contract. cha. II evidences
of deb, of the State Of Texas, or other
good par stocks were deposited, they
should he transferred and assigned TO
the Governor OF the State FOR the time
being. and his successors in office. in trust"
The stocks here proposed to be deposited
are or,ion Of the capital stock. or faad
aud property employed ia the business Of
nriyate corporations. aud the acceptance Of
an assignment, of them makes the assignee
at once part owner oClhe stock and prop.
ef,y belonging to tbs corporation. Il
viii be recollec,ed tina. article 7. section
81 Of tho State Constitution, provides that.
tho state shall no. be rart owner Of the
.to.L or ,yena,ty h.loro;ny 10 any corpo.