The Texas State Times (Austin, Tex.), Vol. 1, No. 50, Ed. 1 Saturday, November 11, 1854 Page: 1 of 2
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TIES
V
I -*
LEMENT.
T<u
CITY OF AUSTIN, TEXAS, SATURDAY, NOVEMBER 11, K>4.
NUMBER 50.
ABSTffl, MTURDAY, HOT. U. I®4.
by our unsuspiciocs Chief Magistrate in Au-
gust last? It mi'st be remembered R. J._ Walker
it endorsed by a reputation second to no man
of the Sge—by services and by all that could
render one free from suspicion. The Conven-
tion at this place, in 1845, recognized him .as
the best friend of Texas, but the insinuated
charges of Gov, Pease annihilates all these.
The correspondence on the subject of the | Is J. Pinckney Henderson, the soldier, fjie
^.faM^pablishedt dyiiyill 'statesman, the diplomatist, who has spent
actions and
public. It will be
[es cy of the btigbfest years of his life in serving
puvuH. -■ -••- - " his adopted State, is he one of the party whose
fean issue raised between the Governor and j object is to rob Texas ?
tae State Treasurer. Gov. Tease claims the Would the dauntless Ranger, the man,
right to decide-upon the sufficiency of the de-! by his personal influence made E. M. P<
posit required of the
tontrect. Where he derives the
does not say. The Act to provide fi* the cw
druction rf the Pacific Railroad eertaipty
•Mhuthe Executive with no auQiorityto p*ss
apoo the deposit. Section 12 eapressly detfe-
•atea the State Treasures as the officer to "i-
aaive said topmt Ha is a sworn and bonded
officer, andatn^nsiblts to the Sate fothis acts
pecuniarily and otherWise, but the Eaeeuti
is net alike atfienable. Now, if the
rf the State has a right to supervise and
tool the official acte.of the Treasurer, "
most originate from some ex mess const
al or legal grant Where isl£ to he foi
if seek «rpower of npervision and
■at be pointed out, then the acts of Gov.
{•the premises
•th* C«ifcHxl.is and
If tha£overQf* Was fully authorized to ae-
eept or "reject the deposit; why'was the^reas-
«rer cegeired t# aet in the matter farther than
to report the facta of the deposit being in his
office? The Governor asserted tbe right, and
acted op to his assertion of negativing the acts
Governor of Texas, would he after his services
have given hire an unbounded popularity,
hazard his hard earned reputation, his honsr,
by associating the-name of M. T. Johnson
with those banded for the unholy purpose of
despoiling the State? , '..St*
Would Maverick, or Borland, or Bee, •*
Ward, or Randall, or any of the Company ?—?
It there is any one of tbem not to to be traced
let Gov. point him oi\J? They are all fiott-
mask and expose them? -Eighteen mon
tl e law and contract would sqi
I^ebnbble wtra]dfhen bursfand they be damn-
ed forever in public estimation, without hav-
ing made a dollar or having secured an acre
of laud. jQ '
Btit-if seems they have had some abettors in
'the matt#r.. George M. Dallas, ex-Vice Pres-
stock has been paid in full us required by the
charter, and that the fact will be demonstra-
ted upon an examination of the Bank.
We are happy to, inform you, that on
Tuesday last, (3d October) we signed a con-
tract provisional and subject to ratification in
England, and by our Board of IHrectors for
the construction not only of the firet fifty miles,
but of our whole road as required by law from
the Eastern boundary of Texas to El Paso.
The English gentlemen referred to in this
arrangement, are men of well known wealth,
nud with ample means to build the whole road
from their own resources. The payment is
ito be made them entirely in the .Mortgage
3x nds of our Company, operating as the first-
and only lien upon, the road and lands of the
fDbmpany, The moment this arrangement is
Ratified here and in England, it will be uni-
versally conceded that the road will certainly
be built throughout, in the time required by
bur charter. We have the fullest confi-
dence that this arrangement will be carried
jpto full effect, and that early in Dfccember
fcxt, the pleasing intelligence may be an-
nounced by our Board to the people of Texas.
free act and deed, for the pusposesanil consid-
erations therein mentioned.
deficiency of th« Bank
State of Tennessee, for value received, in pur- , Jersey, certifying as to the- valne «.f iho Sussex Iron j plying the
suance of the provisions of the 12th section j Company ] referred stork. Urn. Cook graduated , make the sum of three hundred thousand dul
In testimony whereof I have liereun- of (ll0 act of t!u> j^^inturu ol the gtate of «iih distinction at West Point in 1820—wtw cm- j !ars, (S300.ofin )
to set my hand and affixed the seal of I Texas approved 21st December, 1853. "to pro- ployed mainly by the Government of the I'nited j ' ""
[L. S.] my office on the sixth day of October. ; vije ,,ie cocsfrUct ion of the Mississippi and Suites on important public works, until about l«-J"
in the year of our Lord, one thousand j paciflc Raiiroad do iiereby transfer and
eight hundred and fifty-four.. j (., p, M. Pease. Governor of the State < 1"
R. A \\ ATKINSON, i Texas, and to his succefsors in cilice, eleven
Commissioner, &c., 110 Broadway, j thousand nine hundred and twenty shares rf
, the capital stoek ot the Mechanics Bank ol
(Here follows a copy of the act to incorporate j„ siiares 0f iwentv-tive d<.!lars each,
the Sussex Iron Company, together with the Mantling ,ny „ame on the hooks of sai l
supplementary acts thereto, and the certificates bank a||(, j ,io hereby constitute and appoint
of the President and Secretary of said Compa- my truL* and lawful Attorney,
when he resigned hi* commission in the army. Inn - j
iii£ with tin* uminimous approbation of the Lc;ri>- j
lature of New Jersey received the onpoiutmeat < f ,
engineer in chief of the Camden and Ambor ltnil- j
road, the jrreat road leading from New Yoik to i
Very respectfully,
Votir ob't srrv't*
JAS. H RAYMOND,
Treasurer.
'1 be ttotm
roirh
Philadelphia, which appointment he has continued
KxkcitivbOffice. Avstts Texas, I
iltlth October. 1854. j
/as. II. Raymond, Esq., Traitun r, «fr.
Sttt: 1 reeeived this morning your letter
ny that the requirements of the 2nd and 3rd for mp aM1| i(] m>: namtt atui steailj t(> transfer
scctiojis of supplement, had been complied with | onthe,i()oksofs-ii(l to the said K. M.
I by said Company.) Pease, Governor, as aforesaid, and his succes-
Stntcm'M of the present^condition and /«-j sots in office, said eleven thou-<and nine hun- I
tvre nroxperts of the Sussex Iron Compa- dred and twenty shares of the capital stoek of ■ the value of this whole property but especially of
< -J - * x said Batik, on stirrcntler of certificate number ' the Franklinite. Jle shows that the Tig Iron made
tanonn no j one hundred, dated June 1st, 1854, issued tome from the 1'ranklinite oro sells for $45
300 000 00 - s^'1' ®an'C' ani' s'-nei' al"^ countersigned by
1 .480,000 00 ;
Stoek to Uny violation .if the eotivfitut
i included under the firwt defifttr
the stock her p'opose l Se dvpw$r
net l>e forfeited t«> and be>r. «
uf the State wit hi.tit * viofiij.j, of the
stitution, and is not the. ;tore the
of stock rcquiretl to bt deposited. The etoak
j included under tl-a secot d dcEaiiicn may be
i forfeited to anil become the property of the
' State; indeed, the State is already the owner
of a lame amount of such stock iu the fvt
pTr cent bonds of the I'nited States. Thin,
est, honorable men.-—their eharaeteis are ui*4' We cannot close this letter without desir-
7 - -. "iff . . . « • -«-v it . • n
sullied by a'single stain. Is it probable
men would endeavor to commit an etloimity
in the face of the whole world, which vioold; H jr congvutulations on thebrillu.it pm peet
— ' " .k., 3 . P tu. -. *. —...—I-
f/ of- JVe-W* Jersey.
Old Stock
Preferred ilo.
the Presiilent ami Cashier thereof, hereby m.i-
to hold ever since, now nearly a ijuarter of a run- i
turv, duriug which tiuto (still continuing) thi.- road !
has yielded steadily, much larger profits than auv ! .. . . • . • . . , .,
other railroad in thr f'uitcd States. Ucn. Cook, i ^ the 2hth iiwt., iu which yon state that you
therefore, l as great experience, and no man in j have received from Messrs. It. J. \\ alter ; therefore, is clearly the description of stock
New Jersey holds a high r position for honor and i :m«! T. Butler Kin«r, for themselves and their j "IC 'aw requires to be deposited,
integrity.' j associates, contractors itii-ler the act of Do-1 I har\e pven much consideration to thia
2d. The letter of Samuel R. ltrooks. certifying ; CCIn|J(T gist, IS.to provide for the con- j subject, and am perfectly satisfied that tb*
struction of the Mississippi and I'actfrc llail- ] v'cw I take of it is correct.
road, tlirec ImedretTthousand dollars of shares 1 am surprised that Messr*. Walker and
in the preferred stock of the Sussex Iron j Kin? should have made a tender or either of
company, of New Jersey. You also State the«e stocks, for I informed them after the
and that the zinc paint will leave
profit. *****
00 per Soil,
the iron clear
* -x-
Assets and estimated
profits—real estate, 362.300 00
Personal propeity in-
cluding? stock held
by the Co. and un-
doubted debts d: o
them after deduct-
ing all debts due by
them §600,000 00
kin? this power irrevocable, and ratifying and
confirming whatever my said Attorney may le-
gally do in the premises
In testimony whereof. I have hereunto set
mv hnd and seal, this 13th September. A. D.
1853. E. VV. M. KING, [L. S J
•f the TVsagnrer, lei that officer take whatev- | ident of the United States, Chancellor Kent of
his convictions of duly might dictate. ; New1 Yrttk, Gov. Price of New Jersey, Col.
Where did the Governor get the power of
approving or rejecting the acts of the Treas-
>nrer * What is there in4he law requiring the
action of the Governor ancPPffcasurer jointly?
i or if separately .does not the Jaw rarke the
Treasarer the fall and final judge of the de-
posit. If. Gov. Pease is clearly of opinion he
has the right to supervise, direct, and control
the official acta of Mir. Raymond, as State *dare to walk off with our bvnd or other ru n ea-
Cook, Engineer of New Jersey, Peter Cooper,
0«e of the heaviest capitalist* of New York
and-others have certified that tfce stock offered
is "par stock' and theyarettherefor?, parties
to the fraud. But oar wide awake Gov., like
tie dragon of old. who guarded the Hesperian
ftuit, gave the alarm and is now ready, with
moatIropen to shoot " t6p thief,'' should they
Yoars very respectfally,
ft. J. WAM&Il.
T. RTTLKR KING.
P. S. J y the charter enclosed, you will
perceive the Company had full authority to
isaite preferred'Stock, which in this case unist
recei\-e S per cer.t. dividends before any other
stock can- receive any dividend, and into this
Company has been acttud'y paid 8350,11(10
in rash, immensely augmented in value by
subsequent purchases, &c., contracts in the
progress of their business so that- the fact of
this stock being above ixtr is beyond contro-
versv. R. J. W.
T. B K.
Treasarer, why deeahe Hot at once perempto-
rily order him to return the .deposit to R. J. f
Walke^nd his i^sociatesl Such aa order
would be unequivocally within the line of snch
power: But yjeM the point of bis supervisory
autl orfty and 'the Gevemoc would have the
right, not only to cause the rejection of the Ea-
eific Railroad def^it, bat he would be ex-of-
itcio State Treasurer,-and the functionary, who gf land*
i* elected as incb^would be a mere finaiieial
elerk under him. -j^he Constitution created the
affice ef State Treasnrer a distinct and separate
ana—net subject to^lhe orders of any other of-.
_ ficiak The reason of this was a desire to have
tlie Ezecotive and Financial Departments of
fiie Government distinct—to allow the actios
af the latter to be independent of the Govern-.
or, because they believed abases had been pfao-
ticed under the Govnrnment of the Republic,
and-wished to guard against them in fiifnre.
Batit ia argued tlte Governor is required to see
the-tawa properlyexecsted. But does that give
hinrtbe right to iaterfere should be hear a
judge'deliver aa oujust dccbion—or a jury bring
iu a Terdict ceutrary to law and evi lencel—
WetwfK Excellency to venture upon a super-
vjsiMin these easasa'nd point cot what-the
law required, it is presumable he wodld expi-
ate the charge of being " in contempt of Court"
in some county jail. The authority foT his ac-
tioain the-case in questiou cannot be derived
from thia clause .of the Constitution. TUto it
may be inferred what he has taken uponpum-
selPte do is an assumption of andelegated
power. ,
The Constitutional arguments of the Exec-
utive have been ably answered by Mr. Ray-
Bond, As regards the character of the stocks
required by law, it wasundenlably the duty
rf the Governor to fcavfefangaatetfthat iu his
proclamation calling forbids. If he consider-
ed the stocks of a pnrate eorpotatien as not
within the meaning of the law—not Afeeiva-
bhf under ihe Coastitutioo, w*s ft net his duty
fo haveao published to the world * ff he so
thought, and failed to gire oolice, cue of two
eonctasiom mast be arrived af: be was acting
in violation of his coastnrttiotf-tffthe CaaMdn-
tion or in bad faifh to the parties bidding. Was
his afterthought—commaaieated, as he says,
in a private conversation with Mr. Walker, a
fair, a legal notice to Mr. W. or to the public ?
What can it avail the Governor that be indi-
nbted the kind at stocks he would require ?—
Messrs Walker and King were and doubtless
ati!late of the impression that if they com pi i-
ed with the law on this point, it was stifficiPat.
ftejrj^id not recognize tUC^fght af the Gov-
«*nart> change the law to-aoifhisown views.
On a judicial investigation of the rights of
tfcis Ceaepany, it will be toond, that the princi-
pal question will be, not who has the right to
determine the sufficiency or iusufiiciency of
the stocks, but whether the deposit was made
in tane* and whether the stocks were "gcnl
par stocks."
i . ...
Mr- Raymond responds most fully and con-
clusively to the objections nrged against the
stock, and to fbfe qrnsstfou of tlie ability of the
State to avail itself of the proceeds arising from
nait^gock deposited,in case thy company should
fail to -comply with the law.
Oae question will doubtless be asked by .the
people 0f Texas: what motive what cause had
the Qeveruor for his course? In considering
bis whole conduct in the matter it .is, almost
impossible to avoid concluding, ha is. m the
firstj>Iaee, opposed to the Pacifie Railroad —
He has taken the counsels of man known to be
iuiaseal to the measaro. It must be remeio.
jeraare twogi^at rival routes, the Nor-
thern and the Texas route. It would, of course,
be ancharitable to surmise that a residence of
years in the South has not eradicated a par-
tiality, which Gov. Pease may hare imbibed,
for northern interests and northern men, at an
early period of his existence in the neighbor-
hood of tfartf'Td, Connecticut.
2dly. The Governor has had in view the pos-
sibility of crippling the efforts and fhe success
of Mr. Walkers Company, by placing obsta-
cles in their path, He has thrown .liis influ-
ence as the Chief Magistrate of Texas in-
to the scale against them. He is paving the
way for a longlaw-snit betwixt them and some
rival Company to whom he may pretend to re-
let the contract. In this event the eighteen
months would expire before a decision could
probably be had, or at least fiff v miiesof road
w mid pot be built and the contract with either
would be forfeited—the act be a nullity—the
measure be defeated for years, perhaps forever,
and the route lost to Texas. These will be the
conquences of the Governoi's course.
Gov. Pease affects to believe he is guard-
ing the State against a grand swindle certain
men would perpetrate upon it. Against whom man, Qf Tex is
is this extraordinary vigilance exercised? Is
R. J. Walker a swindler? Has the man who
stands professedly at the head of living finan-
ciers, who has been the long, tried, unswerv-
ing friend of Texas, the champion of South-
cm interests, has he nothing to lose by attemp-
ting to defrabd the State ? Where are the ev-
idences that he is not acting in good faith ?—
Will Gov. Pease adduce them ? Or will his
implied charges dwindle into non-existence as
did the one that the Company had manulae-
t nred or caused to be manufactured " bogus
stoek "tor * deposit, said to have been made
bles!
How can the State be swindled under the
few and the contract? Will Gov.. Pease en-
lighten us en this head ? If the Company do
notr within eighteen months from data of con-
tract, build fifty miles of road, t hey get no
land. Ii they do build that amount have we
not agreed
g to present to his Excellency, the Gover-
r of the State of Texas, and to yourself, Minimum nett profit
OH'the delivery of
30,000 tons of rail-
roa.l iron as per con-
tract at $70 00 per.
tun cash after de-
'ducting increased
outlay causedthere-
--JiT*. ~
Minima™! nett prcfits
on 25 000 tons of pig
iron and pamt from
100.000 ti n-j c.T Fra n
klioite iron owned
by the Company
according to expe-
riments and sales
.. already made of
such iron and paint
made by the. Co.
mo.-t intellipint
j pcrfrct integrity. He is the brother-in-law of Mr.
Woodbury, late Secretary of the X*. S. Treasury,
and l ite Judge of the Supreme Court of the" I'ui-
. ted States.
I Just banded me, Mr. Coopers certificate. I will
Thn signature to the foreaointr power of At- positively send no uH,rr.
torney. duly attested before H. F. Hill. Cmn- i (Signed.! P., J. WALKER,
i nii«i":ier of Deads for Texas, iu Memphis, "To Jas. 11. Raymond, Treasurer, &c. «
i TeBHCSS8£. i
(COPV.)'
Mr. Brooks whose letter is sent, is ime of the j ,hat ()li, ^j. has been placed in vour ofiiw i P'X'tract was awarded and before it was signed,
Iffint busmes men of tins ci-y and of |, , tractors, as j when they proposed to deposit this same Me-
a good deposit, for a guarantee, as provided chanic's Bank stock, together with a certifi-
| bv the parties above named, contractors, as j w^en they proposed to deposit this same M<
1 'c's llank stosk, together with a certil
under the" 12th scctiou of the act above 1catc of deposit of three hundred thousand
j named, ''that fiftv miles or more of said road dollars in the Farmers and Merchants Bank
shall" be constructed and in complete order |of Memphis, both amounting to nearly doo-
! for busings within eighteen months from the jWe tbe s«ra required to be deposited, that I
j date of their contract with the Governor of jnot consider cithor or both were such so-
i the State of Tex is." You also state that ! eu- ity as the law r^uired. I then distinetly
' Bkaveu Strf.t:t, )
?Jew York, (>ctober T4th, 1S54. j
Deaii Sir : We have now transmitted the
most coiictHsive. evidence from the highest
authority, that the $300,000 preferred stock
of-the Sussex Iron .Company is " good par
stock," as required by the law of Tercas.
Indeed, we are fully convinced, that it is
worth "Jari/ei'i/ aLont jntr" and th>t in the
event'of forfeiture to the St:;te of Texas, (a
I.IOO.OCO
1.772.500 ■
H^re follows a c->nv of the charter of the
anics Bank of Memphfs.
Mechanics Hank of Meiriphis,
October 11th, 1854.
ant of receipts frem stock, via:
■- -•
Silrpr . . . . -
Bank bills of Tsnnessee, New Or-
leans, Caroliana. p'n,
; Exch-inin on New York
= Cif v Banks coin
j Seven hundred and seventy bonds
I Do. due in Aii!ju4 .
j Coin i:i Cincinnati
i Do. inN-w York. J. W. Judd, A^t.
Do. do. other Knnics
Engraving, etc. etc.. say,
• October"] 1th. 1854.
you enclose for my consitleRdion the slid I told them that 1 did not consider that 4m
j certificate of s took, together with the cvi-
'have read the r^ort or Jidlrsnl Post, l>q., | j^cea of its par value." You slsostate that,
d '-spccisby his statement to h„ hmrk- ..? , ,-.r . .Htoek alwvenamed and eu- deposited they must be ev:Je -
1 in sdi'itiii
ami cspr
| iron and linr prtiut, tmdordate uf tlie tith <ict.;!:i .
|T(l«i>l>and the certificate ther.-ta attathed. an i dotv-ed, ytw fllso i nclose to me two hundred
jfiillv concur in theopbdons thwciu '.i re.- ^1. tliar and iiineiv-ti ;!it til ^nj-dnl!.
: tS*
; (.Signed.)" " VM.COdTC; fy s
i B^faefr C an4 ARB. ! * 0
law authorised a deposit of the capital stock
of any corporation, and that if-stocks'
sued either by the United
Stute of the Union, or bj
' debt *,
or Boat*
, E^fcef-r
S,>3.200 I 0 (Jamden and Atuboy Ra"lro >l, 1
12.5S2 00 Buraentoa, Sv-w Jcr^cv
91 500 00 .. 1
50 000 00 I
pipersni rpgar
i —
77.000 00
4.000 00
9 00* 00
n.oo oo
4.211
(copy.)
"'Xo. TiO IlijriAiiWAY. Xf.tv York, 1
' October 17th, 1S54. j
lion. Ro^eut J. WalXKR.
for
; to thewr1/Sn 53 ed " n-ks." Vou nlso sUit«
I that. smdiirg t uffico the Mechan-
I ic's T5an!v of ?.Temphw stock, they ^Jtfessrs.
I V\";;iker an i K'nir) state tlieir pnrpj.se for
j doing ia .the following words : ' Ynu m*ry re-
; owrt. r
. t
To which add increas-
ed value of .real es-
tate (exclusive of
ifhe Tsiwn of Stan- ■
hope owned by the
Company, as the re-
sult of enlarged op-
"erations, at least)
SI.2&.500 ! Circulation. / .
j Notes payable in Xew
, York
| Time excl;an?e, do
Unit sto -U
!!■<• rrn
e to admit that the c;.nit^l siix'S
:e corporation could iejjally and
constitutionally be reecrvcd as thecfej-tfjeit m-
qnircd to bo tu.vle by tj;is company, there am
still other objections to«tbe reception ofthn
S300 000 AO
70.000 00
■ltRiii-opp, a
50.000 00
20.000 00
! A cr.ri-. fe-t-
E^W.JSl. KING. PreSid
200 000 —
S1.000.
81,492.500 , No. 6.NS2."
It-will readily be perceived from fhe above i
statement that the §300.000 ef Sussex Iron ;
Chinpany preferred stock is worth largely nbjrt j !.<> ■: f. r
E. R. PUG II.
70.000 00
Casliier.
I in
! for the express purpose
I time con:icasic.sf the vapor of
eoiuhiDCi' in the snine ore.
I Tiie sai l experiments wer* entire!;
j :iml'a result realised, t«y w! u'l ;Jie
would pay ail the expanses ot"ui*kii*^
h a. in,-; tiie pig iron clear Tin
sent f ir fhe purpose op snppl\-ing the defi-
y.iuc, which is ' c;"nc_v cf the J?.:nk stock _fc) make the sum of
thrci! hundrod thousand dollars." And in
•Insioti you say: " All of which is lcs-
par. ther^ has been over S;150.0( 0 paid in am!
iiil-jv'f ->. I ill Ihoir nmnnrfi* l\*- llm Purtino m* I
Loan of A :-r>r„ IF !d
Strde of N"::w York. $1000 00
Albany. 2n i October. 1854.
Canal Departinont,
e G-Jimcssec Vallev Cannl.
i-iiiT'c
Be il.known, thai tiie pei>pie of the StaU
. \*r,. I- ...... ♦.. r .i. ..i i m'.n. ._ . •
oi'ti.e m<i.-t superior .-jualily,
of about fifty five dollars
was prodaeed. 1 a:u also 1
Mr. Tost, the President of tti
penilcaian of hi;:', standing
.tcgrily and great oxperi-^nre
; I ;:!a also well acquahrtcd
i nilns^ (exclusive ot tlio Frankliui* -ore4 o-rjict! ! y
' ft r*A'inw iv nn:i lif*i f vn v;«?TW"-
«I!CCCSS:iil
Z!;w paiiit
ri<- j !«r iron,
r i.C sre^ii i'
mi aversijrv
to.i. at \ha tii.tf i!
ell u-'tli
<*orr..:un% v:ht i.- ;i
>r c!iura'Her au-.l in
\v. njir.kinpf f-i;t iron.
Evith the other iron
' cu'
ni^-tfuliy submitted."
t n.ny be projwr thst I should here stite,
jwp^rs were submitted to u:e
>u, wi<l were returned to yon by mo with
i
j
that ;ill of these
ibv
additional to the : stocks. Neither of thorn are asriirtled
trt-insferred in the lusnner required by tba
contract. The contract p-ovitles, "that if
evidences of debt of the State of Texas, at
other good par stocks are deposited, they
shall be transferred and assigned to the Go-
vernor of the said Ft-.te, for the time beis
and his succcs^irs in oGiee, in trust;
transfer and as-ignment to be made in tlM
manner required by the laws, rules and regtv-
lations governing the trinsfcr and Assignment
thereof, so as to vest the title of the same ia
the said Governor, for the time being, and his
they forfeit
valueless, (ill tusiwiit De iiecmea in.eigtiieeu ; tue treasurer or Uu: 2>:ate. iNO otner person . , . - . , „
,. - ,« . ' -• >ri-t> 1nibipsburtr on tue Delaware rier opposite April 2a, 1840. fhe prnu-mil reirnbursnbip ,-it
mouths.) V\bold the State be damaged? It the deposit . xeeyt the r.e.tsurer, rFlstnn to r,.ach t!ie ma.ket of N.-av ! the pleasureof «he C..mmi>s;..nersof ihe Canal
would puzzle a.iy plain reasoning man to as- j nittoougu WJen rcc-eiveu liy^ tlitn, Ua can en- ; ^ ,jjsia,.; „u!y 5:1 miles from the furnaces j Fund ;:f!cr ihe tiis! <!:>v of Ju!v. eiiihteeudiuii-
eertaiii*iu what .particular the State would be itrn?1 t',c custody uf ihe stoek under previous j and at Eaxtt-ii. by the Union there with the] died ami fifty-eight, which is transferable ac-
. . . — u 1 •it 1 ,1 •• iassignment 4q tha Governor. \ou have a . !,<d>i"h Canal and Delaware
injured. It may be answered, "Valuable time ■ ■ j-- . - , * "
# J 1 nmw't rit'rtt fn o.i
would be lost!" But Cor Pease has said, in
conversation, that the road cannot- be built in
fifteen ortweufy years; that the idea uf build-
ing under the present law, is almost ridiculous.
Then why should he place so great a value on
eighteen mouths?
The company have evinced a disposition to
proceed with th<« work. They have made a
survey to the Pacific ocean, placed hands on
the road, performed work, and made an outlay
of near {200.000; all of which has inured to
the advantage of Texas and the southern route..
Since they obtained the contract in Ausnsf,
lands in fhe vicicity of the 32d degree OT latF~
and
Ivauia Canal connoc
livisiou of the 1
i:i" with the Cifv
Governor. You have a
perfect right to confer with tho Governor or 'P.'nnsy
any other friend on whoSe judgment yon can ! °f Phi'ad^lpfci-i. and also with the sreaf Le-!
rely, but under the law. the aeaeiitance or re- hi-h e-.iu! region ol IVniisylvaiici. I > i- Mor- !
jeution of the stock muStbc vonr act. Under ! c(:,,,al cost ""f ,!Ve n!,:i,,.'"s ° ,!oih r# f
. • . r , . j has l*een are.iltv irnnrove>f onr nrooprfy '
the peculiar circuaistaji(s:s,- we have .bought • wa3.pijrdiaset! ' Thc Le!.is|, canal ami Dela-
proper tf) relieve yon iiohi ail unp.eiiHtnrt re- . W: re iLivis.oi! co>t over fen million of iiol'ars.
spousibiJity by cvideuee so ^conclusive a<to 1 Second—The. Morri- & Essex railroad fiai-ii-
the value of this i toci:, and from f.uch a source | cd !as( j-ear t'nrnu-j'i the property of the .coin-
as to admit of no doubt or controversy. We \ panv, and passins within a few ft
cordiui
hoj*
of considerable value.
1 aru, very respectfully,
Vour most oh t serv't.
(S:giicd,)f ISAM PEJj R. I5HOOK3. .
(COfV.)
Kevv Yohi., Nov. 15th, 18J>3.
Ki vi-i>: Post. F--q.:
I.'kmi Sik : i-.! reply to roar quesfion. as to our
opiidnsi of the saiccess i.-f your atteutjit t-i smelt
l-'raaiiiiiiite ore. >vi !n-cl?:ive to sav that we vi^itvd
j ny verbal opigion that they were insufficient t suaocssore in ofEcc, in trust;" and,also, "that ,
j to aii^-sror the purposes for which you state i said transfer and assignment fiMfHta 'nonfe—4
! they were placed in your office, jircvioas to ; before, and shall accompany said evidewMft
; the date of your letter and previous to the I of debt or other good par stocks, when tbey
| iime when I received it, and also that more ' are deposited with the Treasurer of the State.
.*f>f thesn papers are in fact now enclosed with i Now, both of these certificates state on their
your litter. J face that they arc only transferable os
1 propose now. in answer to your letter, to • Iwoks oi the corporation, and yet neither of
rive you my opinion in writing in regard to ! them are-eo transferred. It is true that each
these stocks, in order that there shall hereaf- j is accompanied by a written transfer confaht-
ter be no question* in relation to the fact of.ing a blank power of attorney authorising
nw bavins declared them to be an insufficient, j thera to be transferred on the books of the
:■! f.t
i t-* :III"-
that
have also selected this stock i'.oai a conviction | naccs, with the Sfanhopi* Dopi.f on m-r ir".n-i:-s
j leadnii! from J^rsev Cdy to the cr-al l-ach.--
er
wo millions of dollars.
I Third—The railroad frim Philadelplda ft,
its value would be confirmed by any 1 , , ,, ,,, , . ,
, , * .. . • , . - " wana efial neldsof Pennsylvania has c...-t 1 vc
court where tae question might arise, and' of rf„liars
that a rejection ot such stock, could not affect
our legal rights under the contract, although
it might operate to postpone payment by onr | more, givir.a a direct connection with
Binn-lr Efatll'-feftiu-' deClSIOli, . n^tphi-i hj- ri,11 r,nr4 17^ n jitiT'j .r. rp t't| ■'
, Trenton, finished this year, eost'thier iniiliin 1
fo the rules prescribed for that puriiosp.
In testimony whereof I. James M.
Cock, Co opfroller (it t!.e State of New
[f.. S] \ •>'k, have I ereunfo snhsciihed my
name a'ld affixed my seal of office th;-
tia\ and year first a hove mentioned.
JAMES M. COOK Comptroller.
-Countersigned hy J. M. Mokriso.v.
A's'i, au< *t or B >nd for tlie same arm u
i.iiiiix'cr.-i! 68P8. a c'juiderpart of the above.
Kie-wa'l ine'n bv thesn po s nts, that v.-, ( . . . , , , „ . ,
C... ,.,1 l .11 - . 1-p p ./ i" 1 t 1 ; we i:"wstati\ that your success was triih as!f)ia?:li-
,0,0.1nd L fcnfler kmc. do hereby j. w BeTer „ farnace run more easily on
■ a i.s.t 1 a,"', ti> K M. I "ase, Got sr>ior j ;,nv 0,.ff. We rc-ntrd "the feasibility of -smelting
) tii.i Nnteoi lexasiird hi'successors in ofnee
deposit under the law referred to. I under- j corporation; but the charters of both
stand from you that these gentlemen propose ! 1 anics provide that the directors may
to deposit— j tablish rules and regulations to govern tha
1st. A certificate for twenty-four thousand j transfer of their stock, and we have no
shares. «f- twelve dollars and fifty cents each, i evidence showing what their rules and rega-
in the preferred stock of the Sussex Iron lat!ons arf- nor whether they permit Uawrfa*
company, of Xew Jersey, amounting to the
sum of three hundred thousand dollars, is-
[ sti'-d to R. .T. Walker and T. Butler King,
to bo made in this manner.
Thc Mechanics Bonk of Memphis
chartered by the Legislature of Tenneaaee <
\
■; ct-rtifivatti No. 6882
,! 58->t. fo- S UOJ of Jh
i
iatecl -Albany, 3,1 0'*t.
loan of April, 1840. by
rny ore.
Fraiikliiiltc ore rr~
! congrrttu!i;t<
j ecr^cv-.Tinp:.
fully iiH'l cniire.lt/ s {f,Va\ and we
: y<m thc successful is^ue of you
att;.'nti« n. a:id the l^hor to secure U:i3
mu Wt hr.rr yir:cc to-t?(f vour iron
sand nine hundred and twenty siiares, of! management of five directors, who ffitntbi
twenty-five dollars each, of the capital stock 'stockholders and citizens of Tennessee.—
of the Mechanics' Bank of Memphis, in the ! There is also a proviso in its charter, that if
r Ptatc of Tennessee, amountir-g to the sum of • corporation shall at any time suspead or
tude have increased greatly in value: prices
have been enhanced everywhere: emigrants
have been attracted to car borders; capital-
ists are willing to make investments in th6
State. We have enjoyed benefits accruing
from a belief in the prospective completion of
the road To whom are we indebted for these
things ? In part to R. J. Walker and associates.
They have stood in bold relief as the advo-
cates of the -Texas route. Gov. Pease has
shown himself the inveterate enemy of the
company and the road. Every act of his in
the matter, evinces if. How does his actions
accord with bis declarations while a candidate/
He was a wrong Pacific railroad man. But
his sincerity oa this head lias long since been
donbted. It was intimated to him al this place
during the canvass, that the vote of Bexar
county iiiight be secured by breaking ground
in favor of the loaning policy : be wrofe a eir
cular admifting'of a e-instruction friendly fo
the loau system, lit a conversation with Hon
A. J. Hamilton, the open, avowed opponent of
the Loan Bill, he declared his concurrence in
the views of that gentleman. Wheo asked
why he t* d .rot-come out? be answered to this
effect: "My present pisitionbefore the people
is such that I find it to my advantage to shoe-
string it" Shoe-string3 f|>ursue a tortuous,
crooked course—in at one hole, across and oof
at another. In short, the Governor intended to
shuffle, squirm, and twist itrpund aay direct
expression of opinion. _ With the declaration to
Col. Hamilton, his printed circulars, his coarse
in regard to the deport, can anything favora-
ble to tbe PacLgc roaif be expected from him?
. The 'friends of tha, measure, the friends of
railruatis. have been decaived: they have lean-
ed upon an unstable reed: let them beware of
the present, and provide for fhe future.
G3 Bkaveb Street, )
New York, Oct. 6th, 1851. j
Jas. H. Batmoxbu Esq.,
Tr-vjsurcr of the. Slate rf Texas ,•
SlitWe sent to yrm by Mr. George Han-
cock, a corti5c-;te<ef SlOdjGO') of preferred
stock of the Sn-isev Iron Ctw.piny of New
Jersey, to be dep'isi'ted tfifjiyoa on behalf of j
the Jlississippiand ^ciSc'Railroad Company i
as requ'red bv the aVtof the Legislature of i
as also defeat at least for
visional arrangement aire
ing the whole road for the
pany.
Permit ns also to say, that every d yTs de-
lay in the acceptance f our stock operates
most disastrously npon the interest of thc
Company as well as that of the State of Tex-
as. Some time in November (probably not
later than the 20th,) -we ought to n-eeive the
ratification of onr English arrangement, and ;
it is necessary wc should then have the evi-
dence that onr stoek has been accepted. Be
sides, tha Board of Directors meet at Mont
lie rules prescribed for that purp'-se,
at a cost of not less t h-ui twenty millions oi" do!- | lo tiansfrr t
la's. N*i furnaces iu flie United Slafe* B. M. l'« i<
greater advantages for easy and cheap Irans- ■ oordoi- fo t
portation both by railioad and hannl for ci al. an ! referred f.j in said ciititieafes.
iron ore. and limestone to fhe j n,'.it ma ikrtsof I In testimony whereof, we have
the country: with the improvements still pro- j hands and seals litis 4i'i <if O -tc
Siressing mnst be still-fnrtlierlargely enhaneerl 1( J. WALKER,
in valne.
The town of Slanhnpe, which is .principally
owiwd by the Company, and land in its imme-
dia'e vieiuitv owned hv them amount to 400
certificates of stock to the said j riority induced us to purohase all that you would
an.I his successors iu olTico. no- j spare, at tfce highest price we ever paid fpr pig iron
we have been-in the business. The workinsr
ni res, ami all their lands to nearly 1000 acres.
has been made of the valuable
hereto R' t
;bcr, 1831.
i,. s.
T. -BUTLER- KlfvGr l. s.
rhe s suatures to ![ic ai*«,ve pmvi-r ofiiftor
ney duly at(e>.t ;.l before Ii. A. Watkinson.
CiuniiiissioiiLT oi Deeds it-r Texas in New York.
Snppleaieata! Staicment.
Nu estimate
Moncb
\labama, on the nrst
cojiicn 9
State of Ttjxas, .to you, to ourselves, to our
associates and stockholders to state tli<? facts,
and all the resulting consequences, freely and
frankly.
In conclusion, wj can assure yon if our
stock is promp'Jy accepted, thc 5U miles will
be completed within rhe time prescribed by
the law, for even if (most unexpectedly) our
provisional arrangement for building the
whole road should fail, W2 have other reliable
offers to construct, thc 50 miles in time, in
case wo can act without delay.
Yours very respectfully,
R.J. WALKER,
T. LUTLER KINO.
Jas. II. Raymond,'Treasurer,-&c.
No. 81 Sussex Iron* Cowany,
Shares §12 50 Earh. -
This efttifics that R. J. Walker and T.
Butler King, are entitled to twenty-four
thousand shares in the preferred stock of the
Sussex Iron Company, trar.sferrable on the
books of the Company only ygreorb'y fo their
Rules and By-Laws, by the Raid R. J. Wal-
ker and T. Butler King or their attorney?,
on their surrender of this certificrta.
luly attested befora R. A. Watkiuson, Com mis
sinner of deeds for the Slate of Te\us iu the
city of New-York.
I have examined the foregoing report, of Ed-
win Ptjsl; President of the Sussex Iron Cornpa-
tiy of this St1e. da!ed October 6, 1854, and am
acquainted with the property of said Compa-
ny at Sfflnhop",. ami the value of the Franklin-
ite ore. and concur fully with said report in
opiuicn of 'tAc value of the -^ncic.
Trenton, October If, 1854.
RODMAN M. PRICE.
Governor of the State of New Jersey.
Statk of New Jbrsev.
I. Thomas S. Allison, Secretary of State of
New Jersey, do hereby certify that Rodman
M. Pritre, Esq.j who hath signed the foresting
- certificate, was at the time of the doing: there-
of, and now is, Governor of tiie State of New
Jersey, duly elected, commissioned, and sworn
.and that the signature thereto is iu the proper
handwriting of the said Rodman M Price.
In testimony whereof 1 have hereunto
set my hand and affixed my seal of of-
[L. R.] fice.at Trenton, this twelfth day of Oc-
tober, 1854.
THOMAS S. ALLISON. Sec'y of State.
El>\Vf.V l'< iSTVlVtsident.
E. A. Rkktikh, Secretary.
i reqn
the Ft:itc of' Texas, and thr contract of onr- '
selves and our associat-'H of the '11 st of Aug. !
last. In p'ir-H-mce of one of the provisions
of that Contnict. the stock is rsyigiicd to the -
Governor of the State of Texas.
We arc now prep-iring and shnii trsrismit
to you at the e-rHilt pcicticablo date, full!
tars of Texas on tiie 21st D
vhiinsr for the consfructio;
testimony that this rtefck i- good pir stock as p.1st- President, and E. A. Reeder. Secretar-
required by law. This stoek in and of itself. . dated S'.inhop-. New Jersey. October 3. 18.54
is a full compliance with the law and v. idi ; which certificate is hereto annexed, and we
oar contract, and we-desire you to note the ; do hereby conslifute
day of itslieiiisr filer! in yew <>f5ee. i attorney, and aidhoriz
lou no doubt recollect that w> had with
i ppoint■
■ cur
him foassijin and trans-
fer said stoek to the sai l E. M. Pease, Gover-
ns on our late visit to Austin $2U«,000 stock hU su,:c.e*s°7 iu,ofi!.':^ «
"\r i •- * x> i '• n i • a. ,i : hooks of s.iiu companv fn testimony
of the Mechanic s Bank or Memphis, togeth- whereof, we have hereunto set. our hands and
cr with the testimony of the principal fiiian- J seals at New York, this 6!h day of October.
cial journ::!.i of the East and West that it w;>.s 1854.
above par. Ponbts, however, were enter- j
taincd by the Governor, whether there w:;.'
snfBcient evidence that the money had beer
paid into thc Bank as required by law.
11. J. WALKER,
T. BUTLER KING
State or
N r.W i O
City and County
of New York.
Be it rememberi
that on the 6th day of
Know all men by these presents, that we. R.
J. Walker an-.! T. l.ntlerKing, do hereby assign
an<l transfer to E. M. P?ase, G- vernor of fhe
State of Texa« and his succes ors in office fhe
three hundred frionstyid do! lars of stock being 1 and Paclfie rai!r0il(|. (; M nALLAS"
certificate No. 31,-for Iwcrtj-fonr thenan-l j phi!ade!phia. 12th Octaler 1854.
shares iu the prefeired stock of tue Sussex Iron ,™. . , ' _ ,,
Com pa ii v : said shares bcinsr for -§12 50 each I l^:,e >ignal-.re o> G. .M Dallas and the
an I said cert:ficafe beiuj, signed bv Edwiii I haH '"'riling of the above opinion, is duly at-
tested by R. A. Watkiuson, Commissioner of
deeds.
Having considered the certificates of Edwin
Post, President of the Sussex Iron Company,
and ot Mr. Price the Governor ol New Jersey!
and assuming these to be satisfactory state-
meats ot the condition of the Sussex Iron Com- j
pany, I concur iu the opinion of Mr. Dallas !
that the deposit of the preferred stock of the '
Company will be compliance with the requisi-
tions ot the 12th section of the act to provide j
fortius construction of tlie Mississippi and Pa- j
cific i lilroad c Dili pany, passed hy the Legisla- '
lure Of Texas on the 21st December, 1S53.
WILLIAM KENT.
The above signature of Wm. Kent, Ex-Cir-
cuit Juilgfe of the Slate of New York, and au-
thor of the late edilions of "Kent's Commeu-
xtxak I taries," was duly al tested before 11. A. Wat-
well known as a gentleman of app-iinted by fhe Governor and under the laws ^ kinson, Coininississh n;r of Deeds.
high character in your "State, has proceeded thereof, resident in the city of New York duly !
to Memphis where the Bank is loc-ated. he ! commissioned and sworn to fake acknowledg- j
will examine the Bank and we trust will be J*"111'8 and proof of deeds and other wiifings in |
enabled to take with him conclusive evidence ! ■ ,^<1? ?' ^ ollc- to 1,,; used or recorded :
that the mpney for the stock has been paid in | and affi n l<0 ?i,m5,'V*er ,oa«'8 , ,f tr , „ - .
fnll ia l t,., *i,„ t *1, t . . a"irniation>, and to fake depositions in the shares of twenty-five dollars each, of the cap-
full as required by the charter In that *au| state of New York, lo be used within the ilal stock of this bank, which has been paid in
e j0.?.' y0!1 may receive r.ml file that stock- as i State of Texas, appeared Roberl J. Walker and foil, transferable only on fhe books of the
additional to the Sussex Iron Stock, and to j i. Bnlfor King, who are personally known to hank by himself or his Attorney, on surrender
' " ' 11 ' ' " *" of this certificate.
Memphis, June 1st, 1854.
E. VV. M. KING. President.
Henry R. Pugh, Cashier.
Know all men by these presents, that I, E.
W. M. King of the city of Memphis, in the
of $3,225 50.
2nd. Iu add-tion, 600 acres of land on
which it is computed there arc 10,000 cords
of wood; also, a water power with 70 feet
faH, taking all thc water of the Musconctong
river—it steam engine of 100 horse power,
two blowing cylinders 02 inches in diameter
by 10 feet stroke; two do. til inches by 7
feet stroke; engine houses, ctc. The site of
the furnaccs was prepared at a very great ex-
pense, :pid t'ae arrangement are such that the
trundle heads of the furnaces are on a level
with thc top of the canal, so that the hoist-
ing of any portion of the materials used in
manufacturing the iron is entirely avoided.
Thc Morris canal brings all tha materials
within a few feet of the furnaces. Thc mines
of lrondale, the property of the Company^
lie about seven miles sorttaft&t of Stanhope.
The property owned by the Company there,
embraces 800 acros of land with suitable
dwelling-houses for the miners upon it, con-
taining deep deposits of iron ore, capable of
yielding annnexbautibie supply of that arti-
cle. . It comprises the mines Known by the
following titles: Jackson IIill, Spring Vein,
Suliivar. Mine, Cor win 31 inc. Sterling Mine,
Harvey Mine and .North [itvar Mine. The
Morris e::nal p-isses ttrough the ore lands, and
to the prefdtfel-stoek of that Company aiuil abo t!"'0l?:rl1 tlm property at Stanhope; and
the certificate of Ri^iriian. Piice.' Cjvenior of the Morris and Kssex rr.ilroad runs through
said State attached fo it, a fid am of the cfcar ! the property, and within three hundred yards
opinion fhat the said preferred stork ' a? g.tarl | of toc furnaees. All the mines have been
par stuck," fully sati lies the reqmsi-ion of the ! (_,n,.Ile.l and worked, 'i hey have been found
sec,,on ot,he UC,P^^ L.Tisii" ! to yield a magnetic ore. averaging upwards of
•fi i-i^of'f'i . ' ^r°- - P,r cent, of meuiilie iron. One han-
jfion ol lite ilissis..!;ii)i . •' 1 . , , „
drco tons p-f day have been mir.cd "for one
hundred successive mining d ys
certsine l that an
J wo hundred and ninetv-cight thousand dol-
lars, issued to E. W. M. King, dated" June
1st, 1S54, and signed by E. W. M. King,
President, and Henry R. Pugh, Cashier; and
also two certificates of New York State stock,
for one thousand dollars each, issued to Ro-
bert J. Walker and T. Butler King, *nnder
smre we have boen^tne business. The working tho provisions 0f a kw of that Sme passed
of ihe furnace, was very peculiar and verv beauti- , ,a,„ .. . . ',r
nil: the zinc passed off at the top. in tlie form of AP"« 2jth' 1840—makmjt t^rcther the Bum
of three hundred thousand dollars.
The two certificates of New York State
stock are entirely acceptable, and such stock
as the law authorises to be received ; but the
other two certificates, viz: the preferred stock
of the Sussex Iron company, and the Me-
chanics' Bank stock of Memphis, are neither
of them suck stock as in my opinion the law
reouir.es to be deposited. The first and prin-
cipal objection to these stocks is, that they
re not the description of stocks the Legisla-
vapor. in our judgment easy to be caught and con-
densed; the mar.ganesfe passed off chiefly ia the
cinders, giving to it a beautiful green hue. while
the iron reiuui.ied in the hearth ready to be t.-ij'pcJ.
loir. .
■ la conclusion, allow us to say, that we have
never known a nielallr.rgic experiment tried with
such ettliT' and.tliat we look for great results
from the.enterprise.
Verv-truly vour friends.
PETER COOPER,
COOPER & 11EWSTT
(.Signed)
froi'V.)
Kkw Yopjc, October 14th, 18T>4.
Edwis Post, Esq.:
ture intended should be deposited. The
12th section of the net to provide for the con-
struction of the Mississippi and Pscific Rail-
I I have considered Ihe report ofEhvinPost.
| President of the of the Sussex Ima Company
Stanhope, ^e.1;;"scy, <) 'to,ier 1 f ?>4. j oi'^Jew Jersey, dafed tay 6;h ef October. 1854.
L)Efl.n Sir- lu answer to your questions, wc | ro^'d, declares that thc company shall deposit
would say, that we have seen uo cause-to change I -.i n m " *rt. . . • . .V
the#opiuiou expressed ia our letter of the Kith Nov.
18.V!. aj to tlie nsolt of the experiment made l>y
vou in the production of pig iron from Franklinite
ore—the superior qualify of the iron, and the feasi-
bility of collecting the vapors of zinc at the same
time. (Signed.) PETER COOPR,
COOPER i- HBWETT.
Theascrkr'P OFFICR, )
Austin, Oel'iber 23th, 1854. j
To his Excellency, E M. Pease
Governor of thc State rf Texas :
Sir: I have received from Messrs. R.J.
Walker and T. Bnller King, for themselves and
associates, contractors under the act of Dec.
21sf. J853. to provide for the construction of the
Mississippi ami Pacific Railroad, three hundred
thousand dollars ($303,000) of shares in the pre-
ferred stock of the Sussex Iron Company of New
"Jersey Tiiis stock has been placed in this
office* by the parties above named, contractors,
as a eoo.1 deposit for a guarantee a= provided
under thc 12th section of the act. above named,
"that liftv miles or more ot said road shaii he
constructed and in complete order for business
witliin eighteen months from the date of their
contract wit' the Governor of the State ofTexa-
1 have the honor to enclose herewith lor your j f'!";V; money or sto
xcellencv's consideration, the said cerfifica'o j ''"'feite^ to and pecomi
f steek, together with the oyjder. "as of its pai ; Steite." Now. in ord
Exc
of
value, inc
lows:
with the Treasurer of the State at least three
hundred thousand dollars in gold, or silver,
or evidences of debt of tlie State of Texas,
or other (/ood par stocZs. I think it perfect-
ly clear that the Legislature intended by the
words, "other good par stocks," evidences of
debt of the. United States, or some State of
thc Union, or of some corporatipn. -Such
stocks have an intrinsic valne, bcc-ause tbey
must ultimately be redeemed in gold or silver.
They could never have intended that this de-
posit might be made in the capital stock of a
bank or manufacturing company, which ia
merely the fund or property employed in the
business of the corporation, and its value is
dependent upon the fluctuations and easnal-
ties of trade, and may be entirely destroyed
by misfortune, mismanagement, or fraud of
the direetors and officers. This view of the
intention of the Legislature is rendered cer-
tain by a careful examination of the act re-
faiTcd to r.nd tiie constitution of the State.
The 12th section of said act provides, ."that
in case of a failure upon the part of the com-
fto* moaev or stocks deposited, shall be
ue th - jirr>> rty of the
iide.l in the papers nuniLiei
refuse payment, in gold or silver, of any of
its mites, bills or obligations, or ntiy money
received on deposite, when demanded by the
holder or depositor, the holder of snch not*,
bill or obligation, or thc person or persons en-
titled to receive snch money deposited, shall
be respectively entitled to interest, from th*
time of snch demand and refusal, st the rate
of ten per cent, per annum, until paid kt
said Bank, or until the same can be recovefel
or made bylaw from the real or persona} ef-
fects of the then existing stockholders ia
said Bank, who are made individually
for the redemption of all the notes,"'
obligations cf any nature and kind
of suid Bank.
If tbis stock be received as the de
must by the terms of the contract be Snt j
signed to the Governor, "for the time 1
and h:s successors in office, in trust, and
moment he accepts this assignment, eit
or the State of Texas becomes a stockholder,
and is liable individually for thc redemptiaa
of all the notes, bills and obligations of any
nature and kind whatever of said Bank
case the directors fail to make provision Bar
them. Either the Governor or the
thus virtually becomes a surety for the 1
ful performance of their duty by the din*
tors, and for all the issues of the Bank, and
all thc depositee made in it. This, too, tftib
the five directors own only eighty shares;
amounting to two thousand dollars, and the
Governor for the State holds eleven thousand
nine hundred and twenty shai.fh'Jfl
to two hundred and ninety-eight tho
dollars.' So far from their stock bciri^ 'any
security to the State, the acceptance of k
transfer of it might create amiability against
the State for an indefinite amount in case of
a failure of the bank, or the mismanagement
or fraud of the five directors, holding only
two thousand dollars out of three hundred
thousand, which is the capital of the Bank
The Sussex Iron company was chartered
by the Legislature of New Jersey, on the
20th day of March, 1845, for the purpose at
manufacturing iron. Its capital stock wife
limited to three hundred and fifty thousand
dollars, divided iuto shatcs of one hundred
dollar eaeh: but it was authorised to coCek
meriec operations when fifty thousand <
ler to re u:*r any kind
1 as fol- j of stock available to tae Stat*; a-funeitur
No. t*Ce tifiSalafur 24.00(1 shares of 50 i vLtt 0 • K-^we^™ "to in i 'Tfo - >'\i- Sb'.tc, ! 25th of February, the charter
and a. provision w •« accordiii-rly inserted in j*n,Wj4®4i t'10 s'lar;'8 w ^ J
State of Tennessee, )
The Mechanics Bank ot Memphis. J
This certifies that- E. W. M. King is entitled
fo eleven thousand nine hundred and twenty
bs held on the same conditions, and will
please note the day on its being filed with
fou. Judge King, the President of this
Bank, is a gentleman «f very high character,
be is now on his way to Memphis with an in-
valid daughter, and he assures us that the
me to be the individuals described in and who
executed the annexed instrument from them-
selves saiil Walker and Kini' to E. M. Pease
Governor of the State of Texas, and the said
Roberf J. Walker and T. Butler Kin«r. then and
t here acknowledged fo me that they executed
signed, sealed and delivered the same, as their
each in the Sussex Iron Company, with the
transfer to the Governor of the*State of Texas.
No. 2. Copy of t lie act to incorporate the Sus-. o
sex Iron Comp mv, and sup'ih m ;ids. j State of Texas, or other go-j-i-j.-ir aocks were
N > a. C •riifitt"«*eof tha Pr silent anil S.ecre- | deposited.• they should ba transferred and as-
farv of ihe t'om;-.aiiy. that certain coftditi i;s of i signed to the Onverrior of thc State for the
the supplemental arts have been complied j bainj, and his sac.cwsors in office, in
ancl it is a -1 will. ' trust." The stocks hrre proposed to be de-
t i / I V*t it >>*• f h/l J? l.\ l #\i f 1IM AA fel - _. _
grades
short distance below the surface at wliich thc
ores arc mined, they can be deliveied in the
bank of thc canal at prices not eseceding an
average of §1,1^ i to §1,-5 per ton.
r li'in.i.o y-
li ink oi Aiemuhi^ and two thousand dollars
($2000) of stock of tho State of New Yoik.
Tiie papers enciosod iu regard to the last
named stock, are:
iNo. 1. Certificate for 11.920 shares of stock
ere divided, and th*
| lowest prices at which the Magnetic ores of
! New Jersey are now offered for sale is
to&ljUO per ton. Therefore, on any quanti-
ty of oro required for nranufacturing ordina-
ry pig iron there would bo a clear saving to
tha Comp.niy of one dollar per ton on all ore
miied by them, equivalent to a saving of
per annum, or six per cent, on $800,-
000. The mines at tho lowest computation
are worth §300,000.
These mines are exclusive of the one hun-
dred thousand tons of Franklinite ore owned
by the Company. Upon this, according to
the sales actually made by the Company, the
zir.c paintyjcrys all the coct-of inakbuj the.
iron, whilst the iron produced is of the most
superior quality. EDWIN POST,
l'res't of thc Sussex Iron Company.
[The following evidences were received by the
Treasurer on the 3d November.] •
EXTRACTS.
G3 Beavkii Street, New Yoke, \
Oetober 171 h, 1804. J
Dear Sib : Enclosed you will find:
1st. A statement from Gen. Wm. Cook of New
5. Opinion of Hon. Geo. M. Dallas. at once a part owner ot the stoeit ana proper
No. 6. Opinion of Wm. Kenfr | tv belonging to the corporations. It will be
la adiliti n to'the stock above named anden- j Veeolle.-ted th.it article 7, section 81, of tho
closed. 1 also enclose herewith to your Excel- i g^f Constituiion, providas that, "the State
Ipiicv two iiuiuSreii ana mnetv-siirlit , . 1 * / i
dollars (S298.0«01 of stock iutho Mechanic's I S^'11 ,rot be.lurt °wnar oi tUc St?ck ™ PE?P"
... ertv belonging to any corporation. The
State, therefore, coa'd "never enforce a for-
feiture of those stocks, because a forfeiture
of them to the State could not take place
without the State becoming part owner of
thc stoek and property belonging to these cor-
porations; and this is absolutely prohibited
by the provisions of the constitution above
quoted. The Legislature that passed this
law must be presumed to have knowu the
provisions of the constitution, and to have
legislated with reference to them. The word
of S25 00 each, in the Mechanic's 15.ink.of
Memphis, wit ii the trausferto the Governor of
the Slate ol Texas.
No. -2. Copy ot an act to charter the Mechan-
ic's Bank of Memphis.
No. 3. Statement of the President and Cash-
ier. showing the condition ot said bank.
No. 4. Certificates for S2000 of the stock of
the State of New York, wit ii transfer to the
Governor of the State ot Texas.
These latter stocks, amounting in Ihe amrre-
gate to three hundred thnusaml dollars (S300,-
000) were received iu tins ollice from Messrs.
Wa?kerandKi ,g, for themselves and associate
contractors. In sending to this office the Me-
chanic's Bank of Memphis stock, tbey stale
tlieir purpose fur so doing in the following words:
"You may receive and file that, stock as addi-
tional to the Sussex lion Company, and to be
held on the same conditions, and will please
note Ihe day of its beinsr tiled with you." Tiie
two thousand dollars of the New York Slate
stock, they state is sent for the purpose ofsup-
stock," as used in the 37th section of thc
7th articlc of the constitution, means the
capital stoek, which is tho fund and property
belonging to a corporation and employed in
its business. The word "stocks," as used in
thc 12th section of the act to provide for the
construction of thc Mississippi and Pacifie
Railroad, means evidences of debt, or certi-
.ficates that the holder is the ownor of a cer-
tain portion of the debt contracted by a gov-
ernment- or corporation. Assuming these
two definitions to be correct, the act in ques-
tion can have full cffect given to it without
the contract, '• that if evidences of.Wit Jfthe i P*r va!ue °f theiu L'*de twe!fc ioik™
■ nlty ccnts. instead ot one hundred. The otp>
itui stock was increased to ax hundred UwU
sand dollars, with the privilege of a further
ir.ch.asc-to one million of dollars, if the busi-
ness of the company should require it; sad
the company was authorised to purchase, and
hold, and convey, any mineral or other land*
in the counties of Sussex, Morris and Hod-
son they might deem necessary for the busi-
ness of the company. _ - .■>
On the 24lh of February, 18*53, the chap-
ter was again amended, and the company
was authorised to issue forty thousand shares
of new stock, at the pir valne of twelve dol-
lars and fifty cents.per share, with the privi-
lege of a ftirther issue of forty thousand
shares should the business of the company re-
quire it; said stock to be issued as a prefered
stock, and to bear such a rate of dividend,
not exceeding eight per ccnt. per annum, aa
the board of directors might prescribe. Tha
directors were to open books of subscription
for said stock when they thought proper, after
giving notice. This amendment of the chap-
ter was not to take effect until it was accept-
ed by two-thirds of the stockholders, at m
meeting called for that purpose, ■ and an affi-
davit thereof was made by the President and
Secretary and filed in the office of the Seci*-
tarv of State. The said corporation was also
authorised to issue the stock of said company
in full or part payment for any mines, mine-
rals, rights, and other real estate necenaij
for their business. These provisions are ga-
thered from a copy.of thee.tarter and amend-
ments that aooompanies the stock; but theM.
is no copy of the affidavit of the Pn *
and Secretory, which was required to 1
in the offise of the Secretary of State, i
U
is.
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Ford, John S. The Texas State Times (Austin, Tex.), Vol. 1, No. 50, Ed. 1 Saturday, November 11, 1854, newspaper, November 11, 1854; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth235735/m1/1/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting The Dolph Briscoe Center for American History.