The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-20

swiDdled by tss supreme rc John sAder, With
he compciy OF his brother Jam e. the Master Of the
Rolls said: -
Ssmpb-, to tSe effect that pad out Of The
sspi. u concern when no profits he'd bs IN made
esy liable &c &c ssSe sson ~ ha dsu..S sna nS,
% g. s .s1 % s could 20
by tal.ssooa e. BY fictitious dividend rsss
o,her o.. .toes COMPANY IA, he Queen :ubrS a.
may be made by ne conspkaors. would BIO a. mdic'Aoie
The observations Of the learned Judge Campbell In which
The Irish Master OF the Rolls ooncurs, had escaped W. 0us
We have no doubt ths, The law a. laid down b, him,
correct II pares indiotabe for fraud aud swindlirg,
those who have the management OF Joint stock concerns
who, by Expressing facts doing aught ese FOR the
purpose Of Weeping false Appesrauced and thereby ev
Ing artificial value To things, and deudpg tho pnoo
into paying high prices for articles oomparatveiy worth
less, mu BIO amenAbe to the Law for their conduct
has hitherto been considered by railway droc
tors ridng offence 70 give false value TO shares by
unfair accounts, and indeed. not punishable by Law,
win now learn, not only that they are cviy liable to
conccrn for the sum improperly divided but that A.
regards parties who buy on the hte Of thor statements,
they liable 70 figure In criminal court co1spirstors
Lot not be supposed that this applies only 10 the decs
ration OF dividends whore profits have been made. II
equally applicable TO those directors who by their state
mens represent creator dvsibe funds than have been
realised For, ~ observed In tho Judgment incudes all
whera BY fasehood, fictitious dy.dends maio
~ which the Queens subjects may DO deceived and
injured"
For our part, We think nothing could do railways SO
Of directors who do this would weed out the bad sub
jecs who have here and there crcps dcctcns and
line - 90 good business Nothing TIA. can be done in
the way OF punish nent sgnns dishonesty be otter
in hs.s great or endless auds and divers Ways
OF making money 1t the expense or the public and the
shsrehodes good check or two therefore occasionally
In character and pocket would have . very beneficial
eject.
Nothing but the fear of that could have induced thai
arch ecoundrel SAder put end to his vialnous
isence He cared little for the loss or money the mise
~ that he had Inflicted. Il WA the nfkmy to which DO
would 30 exroseo during his than worthless life,
that reused his courage to commit the decd which has
saved him from living tcorn decssah,n aud tho gaoYs
appears to rs thai would be wiss lay for the GO
vsrnment 10 take all matters OF fraudulent aocountI In
band and 70 BIO the puSc prosecutor making every
OF conviction punishable with we'll ~ OF
forfeiture Of goods and cha tells to mako good TIE iosses
and injuries sus.sired by the victims.
Men Who have lost have great avstion TO prosecute,
which they consider throwing good money after bad and
public prosecutor you'd therefore, Sc great protector
Of the Queens subjects II II was known tina. suoa
officer existed, II would keep many man honest who now
errors IN cooking accounts md cheating hs fellow
man. An old saw says, ait cosy for psrson 70 be viz
sucus vic has temptation to DO vicious" We would
by terror, so that be sad, he certainty OF punish
ment for vice keeps men virtuous"
The Supreme Court or Louisiana, at tho July term, do
cdsd 10 favor OF the vicksburg, Shreveport
Raload Company in suit 10 enforce pay mem to sub
scripon to the stock. The defence OF the subscriber
was
LIT That he subscribed the on terms
OF the charter alleged In the petition which suit
brought On this heal he alleges and offered Ia tes
mony thai he subscribed the faith OF public state
ent made by the president Of the company, that The
railroad tar carried In the parish the would be
deducted from Il subscripoDs and II not carried
the subscription would be void The Court ruled hst the
testimony did rot estabh this fact but shat parole decls
retops mado by Witnessed cannot be given Ia evidence
10 invadtte subscriptions OF stock made regularly under
tho provisions OF . charter, tneve being evidence 10
show fraud ON the part OF the npruy.
3D. The second sround or refusa 'Ant the company
the defendant This ground OF objection rests tho
provision OF the original char which directed the work
10 be commenced and carried simultaneously Ia three
named ,ectona provided that The stoJk subscribers In
each parish might designate the section In which Their sub
soripors should be used II WA Afterwards decided by
the Board not n work the Ouachs section bat 10
soldAte their the section beginning the Mis-
tspp river. The Court ovegrue1 TITS plea altogether.
II not shown that III. has gven those
decoos for the employ men Of their subscriptions The
Mississippi scton and moreover, the Court ruled that
violation OF this provision might be for proceedings
sgans the company for the violation OF the charter but
relieve the iockolder from his subscription 10 the
stock.
3D. The last ground o. rcfuss wss tat having paid
tie nrst instzImen or i've per cer duo ri the time OF
subscribing, he was not subscribe In fact, and not
bound Upon this the Court ruled that he orght 10 have
paid II, and cannot pron by his wrong. Judgment
therefore Tor he company en- oil poinn