Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-04-25

Nttut'1 ny q rCUN zee OF tnt pnnun0Au-
ers. discharged H. many cases and
through varioSE .hlfts and devices,
which need act stop TO describe, not
I only the claims OF the ordinary creditor
! OF the corporation. but from obligations
and liabilities iacurred by the receiver
IN the enhancement OF the value OF tho
| property. For years the Texas and
Pacific railroad was operated by a re-
1 cetvcr WIN was citizen OF Tennessee
] ana appointed by Federal court III
Louisiana. For several years the great
I Missouri, Kansas and Texas railway
system was operated by citizens OF
kansaa. appointed by Federal court
In Topeka.
The ltecrIvership Laws.
II Is true that these foreign receivers
can be sued Ia the state courts, but
Federal Judge sitting at New orleans
I has held that under the act OF con-
Eress authorizing suit, he could review
the solemn Judgment OF state court
1 recovered after fair trial and scale Il
down to suit his own notions OF right
and Justice II he can reduce the Judg-
| mont at all. there Is no limit To the re-
1 ductlon that he can make and he can
I therefore eXtinguish II, or reduce Ii to
! such an insignificant sum as To be
tantamount 10 the same thing, and thus
right to trial IN the state courts
secured by the act of congress Is
rendered a hollow moekery.
But whether this be the law or not,
| II IS conceded that though judgment
Is recovered In the state court It must
| be enforced through the court appoint
/ ing the receiver The state courts c6n-
I not isue an execution or other process
] on their Judgments against Fed RAJ re-
] CeiNerB. but. must certify every little
I Judgment Tor stock killed. grass hpin-
I ed. freight delayed or Injured In transit,
or other tort committed by a receiver
] 70 the Federal court, remote 1t uuv be
| from the residence OF the citizen rud
I indeed without the limits Of the state
] In many cuses ITO be- paid ~ que
I course OF administration In he Fed
[ crRl court the Judgment H. reserrcJ 10
a mastnr and the farce Of unOthcr trial
/ is 70 be gone through with before an
/ officer whose every interest and iut Ina
1 ton Ia IN favor OF the corporation, but
/ N. perchance. the citizen again RECEIVERS
| he must further await the pleasure Of
/ the court for payfrtrt, ana W fortunate
/ indeed n after oll of his expense ai.d
] trouble he rtce' ,rs anything upon MS
| claim. In a general way II may be
/ truthfully said that Il claim against a
| Federal receiver for injuries OF the
class mentioned IS practically WORTH
less " 1t has to be collected through
/ the Federal courts. Not only Is the
! citizen thus delayed IN the enforcement
] OF his demands, but the state, that
| sovereign, which created the corpora
! ton and gave II life " In like manner
Of her claim for taxes. and must. in
Z decd, appear as suppucant before the
l fcdtral courts Tor the payment or
l claim which Is recognized everywhere
az paramount 10 every other claim.
The congress OF the United States
alone has power TO give complete re-
dress, but the experience Of the past
/ illustrates the folly OF expecting any
| speedy or complete relief from this
| quarter, and we must therefore, em-
ploy such means of protection as are
I within our power, The present law
/ regulating receverships is "a move in
! the right direction but We must strike
a blow at the very root of this evil
Z which Hes In the collusive appoint
| ment OF receivers and their appolnt-
meut on frivolous grounds and for no
other reason than to defeat and delay
the collection Of debts against the cor
poratiud.
tn. In,vs lie F,vors.
m ,.t.., ,,,,,s,,.. 90, =. -,
10 WIS Gnu hleIeluEe' luNor Jaw
ihaklnE a. cl' i,s ior op ',,S eN-
pehHts anu luI .oits eoulultteu by ihe
COMPUTATION hcorulns Wltnih t"eINe
months prior 70 we uppo'itllent Oh q
reseiNeV hsil On INC nlGoIle nlu
! corpus Oh the properly superior 20 any
ana an othsr nehs Wnats9eNer, WIN
thls law IN force pohdholuers VIII not
De so teauy 70 apply LOT receivers, TOT
! thereny tleS WIN suporulnVte Wtr
own llvuS ~ thvsc tialihs, Mhlcu ~ ~
scherhlly thelI opleet py these nPpoiht-
mehis |" ueieIl plu 'hey VIII pc inter
esteu III re5lstInb, TOT the same reuson,
buch hppVlnNniphs MncH soubht py
otherH' hut asi1e rom thls purpose
elalhs OF ttls cluss, Whlcn hre lncl-
aental 70 the upeia.loi. ot rallwNys,
nave u hh'utai. epult{ 70 thls priority
against poh1nolders, 'he Nalue OF whose
security III utPehuent on 'he continued
oPetaUou OF the iu"I
Nhlle snlertalh tnesS views, l am
IN IuNoi ol llNitinb Wy investment OF
eopl'al IN uul t''ust 1''u siI'hE II every
ehuoui asellloht Hnu putestlou' no
one Us more sehslple OF me Importance
nnu' ln1etu' necessary Vl capltal-lor-
olsu hhu uohesue-'o the uNeIopment
or tne resources OF our Htete, anu to
Wy lu,l rem py US ~ 'he natural
uuEul,'9sss ny WllSn w ute sur
Iounueu, nan nyseii, uhu no one APP
srVVluSes llVre hlsnly wy uuty' aSlue
ron tht polcy, OF respectllS the opH,
hauonS oi eoh,laSts, presS, Wing vested
IlBnts' HhI securing 70 ~ he enjoy
Ilei't oi tne fruits oi thSlr lnuustiy
UNI capluli' My puIpust ~ nu' 70 m
Nnue MY OF uiese iishts, o9l 10 eorreet
n ',-,. tli"t an must ooheeue eNist anu