, 1877-09-27

the pcop|c, that these hanks were therefore ncrer
Irgallv nrgauizcl, that thcy are merely prirato
c,rDoratons--ors!innry commercial ,pnrtucr-
ships, IN faet-in which tho stockholders aru
Liable Tor all tho ticbts VI tho ectcral 1ccrns.
Tu give tho oncsttnn drect: If the State Sav-
ings realiv nuscr ha,i charter, then Mr.. lay-
artlt nf New furk, man nj wealth, wo,llh be
rcensons!ble for all the .fehia of thu concern.
ln urtlce tn ascertain whether tho point rnssctl
wns 4 nEoR'onc,-onc that woutl hold watcr, ,eu to
spcak, ~ reporter calic.l u,,nn four gentlemen
oi the lcgal profession yesterday an'l got thclr
views on tho question. It wnttlA seem. frum
what they have to say that The point is rather
str. H.. The first gentleman appealed to,
thought Tho section referred tn bnnks Of Issue,
organized under tho t}rHeral Banking law, ahA
by which banks Of fssi,o had been osgnn,sed,
was submitted to rntc OF tho people nnl aP-
proved. This act was known ~ An net catab-
fislll1r = Eenorai eystcn, n lmnking," and wns
eR'fS hs sa Sesn si e tS';n et 70 npry 81 s t
these erccial charters Of savings hanks, which
contained no authority 70 issue hills II 10 clr-
eulatc.i rs money, Whilc unable 70 put tls
hand On any decision gn the subject jn:i
that this ha., been tho Interpretation Of the
provision of tho Constitution. These saving
a,nnks wcrc OF local nature, and wtIt,ld moi,
therefore, tall within thG provision requiring
votes Of the people ut a general election TO be-
held Mt over The State. On tho whale, he did
not think tho point a rood ono 1nastnrcl, as tho
section referred to dill not relate to savings
banks, but to banks Of Issue.
Tho reporter next called upon
Nil. L. r. soAMMoS,
who expressed himself On this matter ns follows:
''ll1is acction applies. purely to banks orgn''-
Is no peraonal liability to Stockholders VI aay-
itlgsanks unless provided flr In their charters.
f.ion't think thcrc IA anything in this p,inti
that the section ttocs not apply to savings
hunks organized Under tic Jaw ot ISL. Thcru
was general law pasRcd which authorized
bahks Of Issue. Tho tavlngs-oanks are mot
hauks OF Issue. They hnyc ncyer been held to
1e l'anks within tne 'oeaniug ot either the o1d
le'inca dei by tier chartsf. @ "oi T&is .a''s "S
punt was raiscsl before Judge Booth recently.
and he decided that It lad no nuplicationt to sav-
angA blnka. llare no ,lotlbt nbont tho liallialy
of the Stockholders for all deposits male with
a savings bank whose charter provided for such
persotal liability to tl'v cxtent of thcIr stock,
and the only question y as to the ina!'ner Of en-
dcposltor ctnild bring suit against my stock
holder, md recover agaihst hin up to
tIo amount Of Tho stock held by
sal s 'toskt"!,,sr' Until nntl Judgment 'al
to tht amount Of his liability. But II ha, also
bccu held that bill might be 6ic,i OH bclalf ui
alt tbs creditors who chose tu join aga!nst al
slc stoekilol.lers, 70 as to make every stock
% p .es uo b. 70 thu af sHfns foae ., :
iliV. don't think that thu ruestion ~ to
whittier tue Receiver uf corporation can lllc
bill to enforce such liability llas cycF been
passed upon by tho cnurts IN ths State. III y
which has not. however, been aetuA)ly de-
c1dcd, have understood ttlat Judge Drutniuo1ll
WIS Ut optnon TINT this proper proceeding
waa by hill In equity, 70 tilake oil tue etock-
stock. And Understand that J,,dgu Dlolycts,
without dissenting {ruln this vttw, was 0f
opinion that until atici bill shol1 be filel any
1cpositor had the right to commence suit IN tho
law side Ut the Court for h!s own Individual
clnttn.
ENFORCE THE lNp1vInrAL LIABILITY or sToCk-
HOLDERS
Of corporations. Thu question has been raiscd
whether, II Que stockhu1lcr was sued and t,uil
tho whole of tho debts OF corporation, he llau
movu any doubt upon this subject,
ny. h!ll pr.ls pr9vr!5lssa ior !, wl,st . WI
holders. From an intiluatlon In q DECISION Of
tho Supreme Conrt of thu United States, It
secnia to tne that there can be no doubt that
that Court md probably ou5 OWL supretne.
is Ssss nssst xsa ety sSs sS s o opsa II t
tho hands Of Senator Ilatncs nni Represents
tiyes Wentworth aud 1}o:uc. But cithor for
want Of time Or some other reason unknown to
inc. It did not become law. desired To
have tho sarno bill passed Ut tho Inst scs-
sion Of the Legislature, but ] did not
succeed. It Is n bill which think must meet
the approval Of ull who .ucsiru to equally a,Nl
savings banks' e,inrtcrs.'
Tho bill to whlel, Sit. Scammon rcfcrre.l, ard
Of which he gave tho reporter copy, is Us fol-