The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-09-04
An Interesting Decision.

An interesting Dec1SlOns
The New Orleans Picayuns contains
the report Ola case recently decided by
the Supreme Court of Louisiana-a tri-
bunal of high authority-which settles
principles of peculiar interest to our
community, at this particular juucture.
It involves questions almost identical
with those in the suit between the city
and the Straight Line Rail Road. tits
worthy Of the attention Of both parties
in our important case.
One Of the subscribers to the stock in.
the Railroad now being built from q
point opposite Vicksburg to Shreveport.
in louisiana, resisted payment Of his
subscription, on the ground, First, that
he never subscribed to The stock on the
terms of the charter; but alleged-and
offered proof-that be subscribed on the
faith of public statement made by the
President Of the Company. that if the
r. R. tax should be carried in the Parish,
the amount paid by each Subscriber for
taxes, would be deducted from the
amount Of his subscription. And, fur
ther, il the tax was not carried in the
Parish, TIE subscription itself would be
entirely void. This condition had fail
ed, and the subscription was not there
fore obligatory. The Court ruled "that
testimony did not establish the fact;
that parole declarations, cannot be given 81
evidence to invalidate subscriptions OF
stock made regularly under the provi-
sions of charter-there being no evil
dence to show fraud on the part of the
Company" This plain principle is what
the Journal contended for in the contro
versy with some members Of the City
Council last winter.
The second ground Of refusal was, an
alleged violation of the charter Of the
railroad, which provides that the work
should be commenced and carried for
ward simultaneously IN three distinct,
named sections, and also provided that
the stock subscribers in each Parish
might designate the particular section on
which their subscriptions should be
used. The Board, without consulting
the stock Observation-Disclosures not
to work on the Wachita division-in
which defendant was most interested
but to consolidate their means and work
on the section beginning at the Mississip-
pi river.
The Court owe ruled the plea altogether
There had been no directions given,
in any formal manner. by the stock sub.
scribers for the employment Of their sub
scriptions. And moreover, the Court
ruled that violation Of this provision
of the charter, and these directions o
stockholders might be cause for pro.
eeedings against the company for a VIC
lstion of their charter; but could not b
alleged as release to stockhoLder IRON
has subscription to the stock. This cass
involves the points that will arise il
the suit between the city and our rail
road. They were presented to TIT
Louisiana Court in clearer and NOR
positive aspect in favor of the defendan
than they can be set forth by the city il
its defence. The judgment OF tn
Court is distinct and comprehensive, with
out being involved by any collateral is
sues. The Court is an able one and o
high authority, and their opinion-whel
quoted before our own courts-will hav
itsjust influence. We hope it may lea'
to reHsction-to . review Of past pro
ceedings-and perhaps to compromis
and better understanding between tn
litigants here.
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