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

ton is proved by The concufring testimony
81 IN, history OF the times. How will we
then "a; that the stock Of n foreign corpo.
ration shall not be taken as security, and
if necessary owned by the state since It's
ownership will not in the slightest degree
f,ll rithln the reason and meaning OF the
Constitution there 10 not the res
hottest possibility that the ownership will
lead to the abuses intended to be avoided,
its ownership no, involving the State in
debt for IL. procurement.
Bu, your Excellencv seems 10 think that
there are species OF corporations, the
stock of which can be taken that Is, pnblic
corpora,ions, ~ the United States, or one
Of the States, city or county or other cor
pora,ion which issues its bonds promising
10 pay N money,
/, is respectfully submitted tina. II strict
construction such as Your Exceilency gives
Ia this section. is to obtain. then It would
seem that even this character oI corpora
lion is not excepted The words are general,
=" and the State shall not he part owner OF
the stock or property of any corporation.
Ihes. corporations. therefore. M well AS
all others. are tAFfNt'ls " ftaA ~ Wv ''
lrrencc in p'inciplei One kind OF catpo-
ration. have their fund IN property, which
th. stock represents ~ the other has It's luna
iu money or prospective taxes on The IN
hahitsnts. which are but representatives OF
uropert, hence. to NY mind according
TO your Excelmcv's construction, the te
nresentatiyc OF property is made to stand on
Its.lI
/, is most evident to my nlnj that the
intention OF this clause is such ms ! have
construed it to mean, because II may aud
do often occur that the State "a forced,
h, virtue Of is pin lple ct sovereignty IA
to the ownership of the stock or property
Of corparatious-cye ol private corporaN
lions By the law of this AS well rs of
every other sovereignty, the property OF
any person diving in,est'e without heirs,
eschra,s To the State. Here the State be
comes the owner, aud though the property
Of the deceased mag consis, IN part OF the
stock or property of u corporation. yet the
title of the State thereto Is not defeated by
virtue Of this clause, since the intention oi
the Constitution governs-Eot The strict let
tor thereof Therefore, with due Difference
10 YOUR Excellcuc, : opinion, cannot hes
Heye that this clause of the Constitution
can amply TO the character o, stock here ~
question.
In rcply TO your Excellency's remarks,
in regard to the deficiency OF the transfers,
in not coming up to the terms of the con
tract. can only say that WAS not aware
Mt the time | formed my opinion upon the
matter. what the precise terms and words
of the contract were. All m, duties, ielt,
were defined by the law. and did not look
outside Of it for my action, bat | must say
that | conceive the transfers accompanying
the stock are sufficient to vest the property
of the same in the state or it, agent 1t Is
true the stock has not been formally trans
lerted to the State on the books of the re-
spectiye corporations; but each OF the Ger
tiicntes oi stock are accompanied by n
transfer to the Governor ot Toe State and
his successors in office. with a full aud If.
revocabe power Of attorney, in blank, to
i,e filled az by the Governor With ATTY name
he may select to make the transfer This
IS the course universally observed ~ trans
fering all stocks OF this character a., for
:...tance, the stock issued hy the lttr Re-
public. under the ac, Of june 1th, 1881,
was only transferable on the books OF the
Stock Commissioner, yet this stock would
pass from hand to hand without any lrans~
Ter being made an the books--'he holder
knowing, with the blank authority from the
original investor to transfer, that he he'd ~
much right in it as though 1t was regularly
a. a Ia ar. Ia.
own name.
will endeavor in few wolds to give
the reasons vhy nv opinions differ So much
from your Excollency's IN regard to the
suhicioncy ia pou, OF value of the deposit
in question. do with most profound re-
spect submit, that to my mind your Excel
lencs's reasons ms given IN your favor OF
the 30lh uIL of is iusoiliciency, are ms
sumtd aud based upon vhn, may hereafter
happen, OF occur 10 Affect the value OF the
stocks IN question, aIlsing from fraud mis-
management, or misfortune oi the corpora>
IONS, aud not upon the want OF evidence to
prove them To be par stocks that Your
position is. that whatever deposit is received
mus. be of such a nature rs to he beyond
al o.sibliIty al being below par al the
end at eighteen months from the time when
the contract commences to run can
draw no other inference lroin the concls-
sious your Excellrncy mas arrived at, than
that Nnu consider the statement OF thr Ntosi,
dent pl the SUSSEX Iron Company. rs to the
condition aud prospects al the company,
not q TAR expose, thai 40 allowance shou,d
be made ar additional value given TO stock