The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-06-27

to stock which tley 'are Authorized toissue y they
quietly insertin parenthess thereafter, the words
"shau be authorized to issue" as SYNONYMOUS,
and then 60 on gravely to argue their case, by as
Stunning the very matter in dispste-ie that Care
means ''shall beF' The passage is worth quota
ton:
By the very language of the ordinance ARE authorized
TO issue shall be authorized to issue they
TO some source of power which has the right to determine
these matters. viz: to the Legislature Of the State'
Since the days when Father Tom Mcguire proved
that black is white, by 'synnalyphy," we do not
remember to have seen more delightful and hu-
morous specimen of logic We commend to our
readers the exquisite GOODNESS of the proceeding
at the same time that suggest to the parties the
imprudence of carrying so good joke too far
With their intelligence-with the professional ad-
vice which they have all had, and the professional
knowledge which some of them may be presumed
to possess-they know perfectly well, that the
question of capital stock has nothing whatever to
do with the question of Incorporation They know,
as every sensible man about them knows that
joint stock association is just as capable of acting
without charter, as with one, and just as capable
OF prescribing the amount of its capital and the
number and value of the shares which every mem
Der of the association shall be entitled to, as if it
were incorporated by the most formal legislative
action. To say, therefore, that the MAYOR and
City Councils-who have contracted with the Com
pany-have required and taken its bonds-have
recognized and dealt with it and its members
as a lawful association competent to bind
and to be bound-abstained nevertheless from
tbn eati uhi tie
bear to each other, and the value and division
of its capital stock, out of a scrupuous reverence
for the supposed necessity of legislative charter
is to set up a mere absurd pretext, which can
blind nobody and will only make bad worse We
recommend to the grantees to confne themselves to
the defence of their own conduct under the ordi-
nance without throwing away their breath on the
vindication of the ordinance itself. The purposes
and devices of that precious piece of legislation
are by this time, too well understood, and the
motives and influences which secured its passage
are too thoroughly appreciated, for any further
trifiing with the public in the premises The cit
zens of Baltimore comprehend the thing, in all its
ram6cations, and the less that is said about it the
better In due time its illegalty will doubtless
be fully tested and exposed by them, and it certain
ly behooves the original grantees to be little diff
dent meanwhile, in their pretensions. The ground
on which they stand is not high or strong. Unless
their assignment of April I'd be mere sham, they
have parted with 'all the rights, privileges, powers,
franchises and easements with which the ordi-
nance clothed them-and have nothing now to do
with the affair." except to defend themselves for their
conduct before the assignment and in making it.
1t Is as much as they can expect, if they are re-
garded as made legally competent, by deputation to
give the subscripGon-notice, after they have them
selves ceased to be proprietors Beyond that point
at all events, they had certainly better not endea-
vor togo. Wehave however, no idea of threatening
them, as the MAYOR does, with loss of ''vitality"
II they lose ''the good will of our citizens-nei-
Their do we think of sending the police to stop their
proceedings, astute neighbor, the american,
so happily suggests. We are equally opposed to
mob law, whether officially or unofically suggest
ed, and to the arbitrary exercise of sheer official
power and brute force. Regarding the CITY Cor
poration and the Railway Association as mere con-
tracing parties, we cannot understand how the
MAYOR has any more light to enforce his construc-
ton OF the contract, through the police than the
association possesses to establish its views by the
strong hand Of its employees. Both parties are
equal before the law. The question is one of law
and construction simply, and the MAYOR has no
functions which make him the arbiter of these,
any more than the humbest individual of those
who differ with him. 1t is question which only
the courts of Justice can decide Lawful authority
MIR. SWAMI undoubtedly had, to veto the Ordi-
nance, if he had chosen. Lawfully he might have
pointed out its obnoxious provisions and corrected
Its deficiencies and vices. But he preferred to do
neither Doubtless he had his reasons 1t is too
Late for him. now, to cover his completely with the
wrong-doers by any simulated Indignation at the
wrong done. He has made his bed and must lie
in it, and the police. for once, cannot help him
out. No doubt it is disagreeable enough to him,
to find the american, the Philadelphia Assignees,
the monopoly and the City Councils, all lying
round him as bed-fellows, but he ought to have
thought of that before.