New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-06-11

amended in 1862 One of the conditions upon wncn .ne
civ Of Brooklyn subscrbed t9,Oooooo to tho eap@'
stock OF the NewYork Bridge Company was
that all installments or payments U" -
Of subscriptions should be paid eq""y
pro rata by the city and otner s"o''i
BY the acceptance OF the ciy's subscription uPo" '
conditions the private stockholders undertook gay
the full amount Of their subscriptions ana 10 smart wiz
the Cities Of NewYork and Brooklyn, the burdens as
well as the profits of the enterprise BY the iauio "
the private stockholders to comply with the stipulation
relating to the payment OF subscriptions Hgn'
Of action TO enforce the same has Decoino
vested in the city. Section OF tnis D',
providing for the reduction or consolidation OF the STOCK
held by individuals, relieves the private stocKnoiu
from tho payment OF t25oOOO, by reducing their ocN
ouehaf and entities them 10 be repaid out OF the trea
nry of the company any which they shall nave
paid on account Of their subscriptions IN e1eessv
Der cent thereof This reduction and repayment are
not made denendent upon the assent Of the two cities
whose money is 10 be used for that purpose. NO
vision is made for the reduction OF the stock owned y
the cities OF for their reimbursement. -, ..,
These provisions clearly discriminate In favor OF prl
yate shareholders at the expense OF the two cities ah
clearly impair the obligation OF the contract of the
former State cannot repeal statute ereatlng pr
without the consent OF tho corpOrators errett agt
Taylor, Cranch 49, Such proceeding Kent 4io'
| stitution, and to the principles OF natural lus-
ticeD I can perceive no difference 10 principle
between statute which divests corporation OF lts
rights without its consent and statute which reneVes
portion OF the stockholders from the obligations Oh
their contract without the consent aud at the expense
NJ the others The constitutional prohibition includes
not only executed but executory contracts Inc egs
latve grant OF 1867 was absolute ana o
terms The State did not reserve the right OF repea OF
ReIeyne the alterations in the Charter Effected by
this bill 10 be material aud essential believe ~ 10 90
unconstitutional wheaton 67s is an authority upon
holder of his obligation pay for his stock IN iu put
actually provides that portion of his Investment sns
be repaid to him at the expense Ot t,eir o nancy
which are not only deprived OF tner m nctiey
In Conant agt Van Schaick, "a Barbour 81 the Eour
held that statute excepting stockholders from nAO.
In It's application TO existing rights OF sc'oT so nro
| such stockhoders, was unconstitutional. Inc pLo
| visions OF Sections and OF this Dill aueh h
ing the acquisition by the Company o, sre SiSes
! the owners OF a minority Of sucn stock OF then
right 10 represent their property 10 the BoSI ~ ~
nryate stockholders shall have been acquired by Lht
COMPANY The act OF 1869 expressly proVldes' ~. IL,
other members of said Board OF "
| OF the Board OF Aldermen OF NeW-4ork
| and the Commissioners OF the sinking rune
of Brookyn) shall be elected by the other stoe
OF said COMPANY" The right 20 control ones property
so indispensable 20 Its preservation, anu M ~
incident ownership was here secured 10 Gil inc Pr
think that the principles established by the Supreme
Court in the dartmouth College case justify the con
clusion that statute which abrOgates or dlsVestb lt
right 10 represent property In its control or manage
ment whether vested by private agreement OF lega
tive grant impairs the obligation OF cOntract anu
therefore unconstitutional sncn nateIlai ateIaso
in the charter can only be effected by the consent
| the owners OF minority OF tne mi Pri nIn|
he d, .r.u missed. In Green agt. Biddle, wheaton
the Su rei.. Court says rhe objection to law on IN
ground Il mparing the obligations OF contracts cou
cyn. depend UPON extent OF the change Whlch IN
law Effects in II. Any deviation from us terms, Ny n
nosn conditions not pressed in the contract, or dis
pcn.ng with the peror hance OF those when are ex
pressed, impars its Obligation" Yours very Iespec'
I IuUyb NJ ~ N