The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1854-12-02

supported hN reason, ny w"
surrounding the case at the time, and by
the law, all Of which think eoncur' d,
II wa. well known at the date o' 'he
psssas. of the Bill for the construction OF
the Mississippi and Pacific Railroad maj
IN. stocks or bonds of the nIted States
or Of the several States were very much IN
demand in consequence Of the action oil
the various States Of the Union authorizing
private Banking thereon, that they IA"
been bought up and absorbed IN such trans
actions. and could not be procured, hence
the original bill. which | am informed.
fupon such authofi, "a ! cannot douh''l
mad Incorporated therein, a requisition that
the contractors should deposit l. states.
or other state stocks, was so amended as
to strike out " State Stocks and IN lieu
thereof was inserted the words oil the press
ent law. g. r ofhfr Good Par Sfccks. aud
I'm. too. was done or the reason gwen nj
the time, OF the extreme scarcity Ut good
mar State stocks In the market ! am
forced 90 the conclusion thai time VIII
move this amendment wa. dictated in wis
dom. aud that without It the main Object
OF the law might have been ieiea'"d !
ha.s a communication from respectable
sourc. IN New York. that il was with
great difficulty, even at large premium
that 1000 New ! ork State stock "A paft
OF the deposit. accompanying the >2o-,o 600
of Bank stock, were procured IN that
market.
IL cannot certainly be conieuded that
the stock to be presented was 10 be better
than par This would. ia effect, be increa'-
ING the amount ul money to bee deposited
under the law, add if good state stocks
alone were To- he procured, or gold aud
silver ttAe interes, upon which would be
lost1 the roqnlsilion would, in eject. b.,
that the contractors would have to deposit
sum largely over S30O 900. But It seems
from your ENcellency communication to
me. that q duuh, exists A. To- the conslliu>
iionaliy of the state receiving part OF
the stock OF the Sussex iron Company,
because il will thereby become the part
owner ia the stock or property OF said
corporation.
am not accustomed to the argument Of
constitutional law, nor does my profession
lead me 10 the drawing Of nice distinctions
which II fue away the sense of law or of
the constitution. Nv duties for n number
al ,enrs, have been those OF n ministerial
officer OF the government, and though
have great respect Tor the opinions OF other
officers OF the government, whose duties
lead them to the examination oi nice dis
iinciions, yet, at the same time. must be
permitted to exercise my own opinion when
| deem my duty so plain as IN this ease.
By the plain reading Of the law, am
required To have regard to good par
stocks and rs have before stated. | be-
iicve those presented 10 be OF the charac
ter actually intended by the Legislature.
| have uniformly construed all laws made
by the Legislature for the government of
my ohicih conduct 10 be constitutional
until the same are declared otherwise by
the courts OF the country.
Were 1t necessary for me to give my
opinion as to the constitutionality OF every
act oil the Legislature | am called upon to
obey 1t would require of me degree of
knowledge of law which would occupy my
whole time TO obtain and necessarily with
draw me from tho ordinary business OF ny
office. But believe proper construction
OF the constitution, and the character Of
this deposit, viii obyiate all difficulties
which have been raised And first, 1t is
assumed that the State will of necessity
become the owner of this stock hy the
failure of the company TO comply with
their contract. aud ths, the deposit at tAi>
time lmGkng the state prospective own
erl cannot be received. That the state
becomes the owner at the date OF the de
post. il seems to mo cannot he coutcnded.
AS the law under which the contract is
made, makes toe State owner only after
the contract for the building of the first
fifty miles al the road ia forfeited The
contract can require no more ~ the same
would so lar be contrary To law and void.
Il i, then only security, liable to be for
ieted, and lahlo in such case TO DE dis.
posed of by the State tor its benefit, 10y
authorizing the Attorney to Oh up the
blank Ia hi- own name and transferring It
on the books ol the company. But tins
forfeiture need not necessarily Occur, aud
to assume that. because the law provides
Tor forfeiture, that the thing will he Tor
lei,ed. is, to say the least, preiudgIog the
case To very great exteut.
The object of the Legislature. in my
opinion, was not Tor the pufpns" ol making
the $500 900 by thu, contract. hut to cause
the completion Of the greatest entctptx~
that has ever been opened to the world
h. order to do this. she has made u liberal
a 81. = a. A l. A. =.