The Texas Republican. (Marshall, Tex.), Vol. 6, No. 19, Ed. 1 Saturday, December 2, 1854 Page: 2 of 4
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I kava gi*<*n m«ch eonaideration to ti i«
ittbjrft mid mn perfectly satisfied (list tin*
Slew I take of it »• eorrect
I am Mrprised that Mcmdi. aIKt ami
King should Uu> made a tender of either
of (liiffi stocks for I infirinftl iht'in after
tto contract waa »« wr*e< l**fore it
%aa signed. when thev proposed to deposit
Itii# imnr .Mechanics' Itank stock together
*itb a cerlitii'nl* of deposit of three bun
drnl thousand dollars in the lamier* and
Mmban!! flank of Memphis both amount
taf to nfiriv doable the *1101 required to
U deposited liial I did not consider either
or both wart such wfuritr *s fho I o re
quired. 1 1 lien distiuctlv told them tlmt I
«iid net consider that the In>v authorised a
d"»>o»it of the capital stock of any corpo.
ration and tlmt if stocks were « >mi .• I
thej must be evidences of d< i»t issued
either by the I'nittni States or some iSt rite
of the f'nion f>r bv some corpo»ation «»j
thorised to i"*ue such stock of either of
which the &tale may UhIuMv become '.he
owjicr
If i w$ro to admit tfmt tl»»' eapital st ick
• •f a private corporation could legally a? ■»
eofiM'.tutionaili he received as the depomt
Pe<]ttir«d |o U made by this company t c
sttsiMI other objections to the receptn <1 of
(HQ# flocks. Neither of them «" rn» ;n
• d and transferred in il.e manner prpured
lit tba contract. The cm.tract provid* «.
u that if evidences of debt of the State r>l
Texas or other go.nl par stocks a re de*
posited the\ »ha!l he transferred and ««•>
nigned to the (Governor of the said S'at*■
for the ti ne being and his *n' ' " i'i
ortic in truil. I
merit to he made iri the manner required hy
the laws »u!»'S and refill.»ti > .■■ : v» r.ii „
the trar*r> r and t I ?!;< t« S" a*
to v. st the title <;f the sam" in the ► wl
4»ovcrnor (<>r the time being .and Ins >in
nessors in » tlic«* in trust " and alio. " that
said transfer and assignim til shall he made
before and shall accompany said evidences
of debt or other good par stock" when
they are deposited viitli the I'reasurer
the .State." Now both of thes« citifi*
r ates state on their face that 11»**v are mil)'
transferable on the hooks of t!i<» enrpor t-
tiuivand \et neither of them are s<> trvs*
red. It is (rue that each is accomj anied
by written transfer containing a blank
powsr of attorney authorising tin m to he 1
traustcrrcO mi me U<m|tS Ol III'- corpora
lion ; but the charters of both companies
provide that the director# imtv establish
rules and regulations to govern the trans-
fer of their stock him) we have no evidence
•boning what their rubs and regulation*
•re nor whether they permit transfers t<
l>« made in tloi manner.
The Mechanic* Hank of Memphis was
chattered by the Legislature ol TenncH*ii»
or* the III of March IH5I and has been
too abort a time in existence for its stock
to have any established character in tin*
money market. lu capital stock i- limited
10 three hnmiieil thousand d< ' »rn and it
11 under the management of II •» directors
• ho must bo stockholders aim citizen* ol
Tenneaaee. There is also a proviso in its
i barter that if the corporation ah.-ill at anv
time susjH'ud or refuse payment in g'dd or :
■liver ol any of it«* notes bills or obliga-
tion* or any money received on deponite
when demanded by the holder or depositor
the holder of such note bill <»r obligation
or the pe.4on or persons entitled to receive
audi money depo&ited shall be res| • •ctively
fmtitlui to in ten st from lite tim<< ol sii'ii
demand and refusal at the rate of ten per
cent pur annum until paid bv aaiti I! ink
or until the same can b.* recovered or m i l>
by law from the real or personal elfi•« !« ol
the then existing stock In Idem m hunt Hank
who are made individually liable for the
redemption of all the note* lull** and ohli
gatinns of any nature and kind whatever
of Maid Hank
If this stock b" received as the deposit
it must by the term* ol the contract he
first assigned to tit** (Jovenmr for the time
being and Ion successors in ollice in trust
and the moment he ace* pis tin* assignment
either he or the Slate of Texas b» c<Mn « a
Stockholder and is liable individuall) tor
til* redemption of all the notes l-ilh and
obligations of any naluro and kind what
ever of said Hank in case the directors
tail to make provision for them. Kithei
the <»overnor or the State thus virtually
becomes a surety lor the faithlul perform
•lice of duty by the dir» ctors and lor all
the issues of the Hank and all the depos-
its made in it. This too while (he live
directors own only eighty shares amount-
ing to two thousand dollars ami tie- (inv-
entor for the State holds eleven thousand
nine hundred and twenty shares amount
ing to two hundred ami ninety seight thous
and dollars So far from tins stock being
any security to tho State the acceptance
ol a transfer of it ought create a liability
against tho State for an indefinite amount
in case of a failure ol the bank or the
mismanagement or fraud of the live direct-
ore holding only two thousand out ol the
three hundred thousand which is tho capi
tal of the Hank. %
The Sussex Iron Company was charters j
ed by tho Legislature ol New Jersey on
the ViUth day of March lor th pur-
pose of manufacturing iron. Its capital j
stock was limited to three hundred and t
lifty thousand dollars divided into shar. h
of one hundred dollars each . but it wa«
authorised to commence operations when .
♦1ftv thousand dollars of the capital wa- (
subscribed and paid in. < It: the \iV.h of;
February Ithe charter was amended ;
the ah.-ires were divided and the par vain • (
of thorn made twelve dollars ami lifty cents
iaat+ad ot onu hundred. The capital stock j
was increased to six hundred thousand dot
iara with the privilege ol a lurthci increase
lo one million of dollars il the buaim—a o! (
the company should rcrpi.n it; aid the
company was authorised lo purchase ami
now arm convey any mineral ur <-iner
Until in the counties «l Morris j
•ud Hudson (It it they noght deem uici-i
aary fur tiio buamca* of the company.
On the 24th ol February 1WJ the i
charter wit again amended ami the com
pany tu authorised to i**ue forty thorns
and ahare* of now at the par value*
of twelve dollars arid Jifly centa per share
with the privilege of m further inauu ol
forty thousand share* should tin; busine**.
of the company require it; said stock to
bf iaatfed aa a preferred stock and to bear
auch a rata ol dividend not exceeding
tight par eent per annum as the board ol
dftrottora might prescribe. 1 he directum
WIN to open books of subscription for
•ttf Block when they thought proper after
|ivi4 notice. Tin* amendment of the
charter wai not to talia effect until it waa
by two thirda of the stockbold-
•fl ill • meeting catted for that pur pout-
§rn4 aa afttdavit thereof wai made by the
Hmiillftt and Kecreta'y and filed in the
ulci of U»c rtrcretary of Htate. 'l ite laid
corporation waa aUo authorised to issue the
■loth of aaid company in full or part pay »
soent for it) minea miaerala right* *i.d
other seal estate necessary for their fousi-
••at. Tfeaao provisions are gsthered froo:
• copy of the cliartcr and amendment* that
•roowpamcs the stock but there m no
Oay»y of Ike affidavit of the President and
9oi iclan . which waa required to b - flM
in the office of « »e S- cr. t.irv ' I Slate
tbouin^ when f-ilnnU of I lie itork*
holier* «*#►«•»•»•.I to |ii<> i*Mimre llr»
preferred stock imr is line nn^ evidence
•bowing when titi* preferred *tock ua«
•nlMirri!/•«{ for ah>I titled. Ml we ku'»w
oil th«e subject* i* .linl l{. ' Walker and
T. llutJer Ktnjf pr»»|<»*. to a cer*
tifiCAtt* issued to til* mi. ftful f?•»tOctober
3d I I for thre»* litiiiiir«Mi t .i Mini
i»r* «»I tiiis preferred »*t• »*■ k which accord-
ing to tin* itat'-ment of the President th\t
will hereafter lie referred lo i* nil that was
ever Usued.
The evidence produced ji n ^aril to the
valn«* of vhe stock "I thin company con-
sists of a " utateni'iit "f tin- j>r» -• nt i • u
dllion aii'i future pro«f*ct« f the Sussex
Iron (rornp'ii:v <>f New Jvrs \ . " a UMp; '
mental stnteoicnt ^ivin|* a ' •''••"rlptum "
of the fe*| estate of the cornpnt v. e«t»»
mated at Hotli tinned !>\ fidwnt
I'o t President «•! fit" compnn\ . and n
certificate >rorn the (»ov> rn»«r of \»u f<• r-
lev i{»viii|» hit ».{i. ion "I the value < I t!»»•
stock.
The stsfr-ment of !Jprwldefit Klmve
referred f.i is to the > ^ ;f-•»•». u/
i < Hto'lt Itn^m 00
J'r. .-rr*-l ••.■■■ .'*«> •*>
. f|- - •
i: .• . r
-m»i <•V.; .Mr; ''0
Prr»"'i.*l nr>t*! I\ r • ■»
•W„ U fir)■ I > . If* (
. m>.| mrl-ohlM .jrirt«
•Iim ihi'm n'l» r liftiu n:ig
nil <!••!>(» • 11;• hy iIhmh <»i
M'lilinum ff •; ;.»< M < t: i
•f#*tiv»»i'v -I i -
raiiMtuJ ir«>n n« |w r •
' s:-»
m ■
r . +■ .. v . i •»
M . n j "•{/« . .
i*Mi ir»<.« { >in ir>m r»ii I
| i i ! . • iri »<•'
1' m . jii!c if- i! »«•*>!
i)h' I iter
i I'l •-||«rtnH>lil4 r . I
»il- « nlrrmly imil.- i f
Ii iri'i a(li| ("lint
!•>- ili»» I ll'io"tX) 0)
.— V*) 00
i •. • 'i ni 1 ifjrr- ■.
\'»ri f fr»!
flucivi* "I t !•«* !>wn "I*
Mil ' [■<• ■ 'V%**«•<! Iiy Ihr
( ■ n»|*>• v. .* it"- '•••• '
••nUrjfi -I fulfil
'I'll# fir* tl»"n i;u» " It wtil readilv
Im* vi from fit" ahovi* Alntemont that
(lie $UtK)000 ol the Sijhai x Iron I onipa -
preferred »tock i* worth 1»i j.***1 v above |<n«
Ho ftlftO litM'.'S i! J "among o.i> i ads
vailing*** this prop*. My enjuvH the m-lit
of dirrrt connexion with .New Yoik and
Philadelphia and the grout conl region*
hoth Iiy r< • Iroad and canal"' etc
'I'll® 1 iovernor's certificate htaten that
"ho it-i« cxumim-d tin* r. jmrt of liduiu
|>o«t the president ol tho company . thai
h«t is acquainted with tin- property ol tlio
company at Stanhope ami tin* value of
I rauklinile or# and thai lie concur* tails
with said repftit in opinion of lb# vnlia- ol
th# stock."
The supplemental statement of tin- pre*i
dent declares that the real e«tnin of the
cmnpiny estimated at IWW.OOO const its «•'
1*1 The town ol Slunhoj.r rinhiari i_;
ah-Mit I'h> acre* ol land Ili• • r«« ami in tl.• •
vicinage anil including .'il building* \
hy th«« company Mini hringn :j an annual
rout of $H«'-'•» .»0
\M In addition 000 acr»-« nl I .ml "ii
which •' i< computed theie aro 10000
cords of wood; also a water power with
70 leet I .til taking all tin- \vat-r ol tin
\f usconetong iivor a ate mi engine of one
hundred horse power two Moving cvlins
ilora luxty^two nchea in diamet-r h\ ten
foot Htri'k" tv\ ■» do *»0 inches hy 7 feet
stroke. inyiiM' hounes olc with vaJuahl#
11>i11cm on tho lands.
I'lio rnrtiii'•(»(«•» ol (uorge M Dallas and
\\dliam Kent exprens no opinion d tlo-i
• wit in regard to tin- v nl no of tho >to«k.
I'll"v merely state that " having examined
tho oertilioaten ol tho president and tin- gov
i rnoi tli"v are of opinion that a deposit *f
litis -lock will ho a compliance with tin* law
requiring the dspoait."
i'roiu lho*e statements and certificates
it will l»»* Keen that tho actual properly «d
Ihe company con»i»ts ol
A i• <• «ftll<l II' '• • • I I 'Ml! « i!li llinf
Hem it>• !»fi injf lIn* ln\\ ii nl Mun'.ii"- u
HI «%til 1 t»r»l»< H'i » mi! r-ill • "jl ; VJ ■
IV •l^nai • IIKIIM- iiuJ i«lli» r m l ••Ii.ory. :n
••Itsfl*!** «•!« nil ol W III" I| ""Ulna
i.-il .ii :•»».» ;-m
\nl Mtttth)F| link "I flu1 (uiii|-iii\ .
iiini «]cbl« ■ > lu l• iii|»tt*n . •••' 'Kin
tu i. .<■'
\«»t| I In i 11..- Nlork i « •»n|«w.y m Hi ■< > m«i
.• I\IM|{ il ll*fH IflM )■ Iwlttl-i-li III'' -|i" !. 'I
ill** ( i infamy «'"l it* j'r«»|B*riy • I • '•*
I do not tak*1 into oon»idoration an |»ro»*
n-rty tli'' minimum m tt jirofit ol $'J.'»00(K)
hat tho company »;.xi*»:« r* to mako when
hey shall Imvo manufactured and di-liv-rod
10000 tout of rnilroa.l iron at ^70 fur
on; nor tho minimum n«tt profit nl 81
0000(1 that tin* company i mm r to uiak*1
hi 000 to us ol pt" iron that tho company
\ri i is to manufacture from (00000 tons
I I ranklmitt' iron owned hy tho compan\ .
or tin 00000 that tho company i:\ri;> i s
ii mako l»y the increased value ol th^ir roal
vtate an tho result of onlar^* d operations
mounting m all to the enormous sum ol
II ..ViO.OOO as expected profits on an ac»
i d capilal ol ^ !«'«.fi00 lor theso kxok.i i
i» profits may never ho realized and they
re loo remote and contingent to he called
lopeity or to he r»'ii«d on as giving value
) I he nlock
i ['nil ji review "i uiu foregoing #uins-
ii'iiIn 111 relation to the value of the stock
I the Sussex Iron Company the tjiH'>lioii
aturally nuggests itself If this stock is
i: vlI.\ as valuable as the statements of
(i« |irv«ul"nt of the company woui I indi>
ale ami il these getitlemerl had the m"aus
it procure #300.000 of thih i.m.mknhti.v
aluabie stock ttlid also $'it 18000 of the
lock of l)i<« Mechnni :n' It:ti>k "I Memphis
oiiUi th>". not with the name mean# have
irocured W«i|/00(hi of ^ood j ii rvidences
il deb! inn i" il b\ the I illI Sl.ti.-n or *omo
state of the tnimi or some corporation
mtitori/ed to i«*ue such stock (
If I was acting for mysell individually I
hould not consider either or both of the»e
locks » sulljcient security for three bun*
Ired lltou«au4 dollar* and i hold it to lie
he duty oI an olficer of the State to guard
•er intvresl as strictly as he would Ins own.
therefore say that if both of these certiti-
rates o' slock were the character of stocks
hat could i>e received under the law I con
ader them insufficient.
V try respectfully %our ob't scrv't
i:. m i»i:\sk
K \ki i ri\ j; Ot t M \ustin Texa* /
'-id November. 1851. (
lame* II Itnymond Knj. t reasurer \c.
Sid It lis* become my duty officially
o inquire of you whether Messrs. !t J
Walker T Itutler King .M. I'. Johnson
I. A. (ireer \\ . (Incy Samuel \ Mav
sriek f»eo. Hancock James 11. Kaymond
lames II Shaw Win. II. tiourUnd II. I*.
ft.ee John W. Harris Matt. W aril Leon
I'd Haridall J I'iucknev Henderson and
I! II Nichols who entered into a contract
with the (iovernor of this State on the
tUt day of \uguat ia«t to construct the
Mississippi and Pacili'' Railroad under the
provision * uf 'an act to provide for !ie
rm.Mru<f.'»'i of M » • - - • j ■ j»i ami Pacific
ft a; I I! id approvi «i I)•■< . iuIh t *JJ!
Ii»v* m uii you a« tb* frt'.t^urvr
ol ti:c« Htatp ■ »i I thrr- luif.'lrrd thou*
•if.'i do! Urn i i gohl «»r mIvpt or evhlt'nre*
of »f#»l»l of tli«» .Stat* of or oflit»r
JiHf »t"< a* U IfUAMMtiM' lltftt I 'tv
mile* or more «»f mul roa«l sit nil bo en
nr. 1 in rontfiii'tH nnlnr f.»r Imsiii' -*
within tin- l» r n ol ••:_»}.*• u n Willi* Iro.n
iIih liatv ol Paul ro'.'met m acconl.-tnr
with |}|»» provaions »»f th*» I'J'.ii r«"« I; *r: of
ahi<I act «r«l th«* t#wrns ol tb»* waul contract '
Hfl'l m]ao »v )14'fiI<'r )l (Jfpriftit WHH nift'lf
ami Afcof>U'd by *ou v%11)*in miU day*
iller the nan! |• *r11> s n t«-r»»»J io'o »«i<i r >n
ir.»ct f An Mfwir i» rtoawtid at >«»ur
«■ :♦ • 1:• «t rf»iiv«'ii|"»ir •
\ -\ run j ' rtfiillv
\ "ir ob't •••rvn' '
i: m
f. »rv }
'fur \«i iikh'h <>m» »\ Vimtin /
ffwiwiw I«i>. I9M. )
I'll' Iixri-l|p»ir v I". N| IV \<E
(...v. rnor of the Stat**
v"(ii I ha v«« lii" honor to ackn-i'.i|
' • n r j-t of \ fnir K*(•#<;!'-m- • - 1 iv- •'
tin- \M ir»»f. |»r»»|"'»un«<; i^ rorlain imjui. *
fi 1 i' vh t i th" [•'»«• ' <•' *>.'{00000 hy I'i.m
< <»ntra< t >m fur thv huildu «»f ?h«- i'acif; ••
R»ifro»i«l
I i. >vv roMp-cifullv bfjf leavp to nnswrr
I ol your ih'i'iiriea i:i tip /illirroati.>■ and
fiirtiior »f «!»• luut at the »iir|l*»»t inoiiipiit
I will In v Im fore • iur I! miIK-ik ;
ii»v in% for *(i
I ha*. ■ tlii« boiinr to ln»
\ our I.xrf|]««nry'*
I) ihi'fluMi* iiw\ jirif.
J\< II KMONO.
lll'llJIIII.f
(l Ol'V )
I '.XlIf M IM. Orni i: \ I »'1 I \ Ti \M. /
November 4th )
Jas II !{ i vrnm.il I. T»>• i*ti • r A »•
ii' \ ou^LtN'r i I tliin date in Jin.- • < r
to ii11 •' to VM iii*I wii' 11.itm11■«i to
Mi m • i ; <' i n ling it over it
iKM-!ir« t<» me that the 'jm-HJiorm propounded
to v«»u iri my letter of the '2d i«»*f. were
not jim lull Jim thev ought t" have been I
now ri(|ij<'8t that uiti will inform me what
the d'j«»-it roi>*i*ls a! flint you m;i\ has
I'»ri made with you hv flu* ('•ntfrtcim
11hi<i«-<I in my letter of th« *Jil iusf. An I
tluit you will inform me «»f the j1-
ri*e tin)'* vvlii'11 said th posit wan accepted
by you
Very respectfully
^ OUT Ol.'t Mr I v 'f
i: m n:\si;.
w Tub \n\ hum's ( )
\ ii tfiu. T« vi f S v tl I n | y
/'i i • /. \] /' i i» t|
In niy eommumcatiou of the lili in re
pi- to yours o| flu- vJd insl. I «f if*•«! ihV.
at he ••.»»rli«-nt miiiii' iil 11om i'I«• I would
I »V l»vii'.' your I i*c*«*ll«*m* v th<- reason#
wliii )i induced me in accept the «lo|i<»(*it
Off. .. d l.\ M< <^im. K J N* alk« r and I
llutler King'for theinselvi s ami associates
contract ns for tlir c«mulrur!i.»n of f|o» |'a
clfic lUdi oad Ri»d «!-<• why I bolifVid tlt>-
Said deposit was -utHcieiit under the |nw.
( >ii fin* nann* day I r**«*t»iv»*«l your M\c«*l-
I'jfti v'rt nolo of that date which Mates tlint
it o.vurs fo you that the interrogatories
propounded t > mo in yours of the - I inst..
wore* not jm lull as they ought to !#.• and
\oti (inn fi» ask of me what the deposit
# 11 - j - Ik n| (hat I informed you had beer
omde wi'li me bv the con1' art ors named in
your letter to in" of tli»* 'J I i st and also
r • < j ii • - t flint I Will inform \ ou • f the pre
el-." time when m'i.-I deposit wan aecep?»-d
hv me.
In miswr fo hoth of these cmnmunicn*
lions toswif vonrs of tin* '2d and ll'i mat
I haw l" nay that I havi' received a- 1 ar •
i . pled •'S'HMf.OOO of flu' |• r«»frr«• d stork "f
the Snk4. v lr>n ( omp in\ ol New f.r«ev.
is ' ^ooil par h'"i'|{ ' within tin n ■ ••inii'O
of the law and theie is deposited with me
h\ the Maine parties of 11» • stork
of the " Meehanics' Hank of M'-mphis
and of the stock ol the State of
N'-w ^ oik to he hi Id l»\ me as an add
fional tiuaranfv lor flu» fulfilim-nf of" the
I'ontr.ift of th'* • :"l Messrs. »\ a mi and
King and their nssoriafes I.»r the ennstrue
lion of said I'lieilie ltailrna<l V full de
-«• rij♦ ii«»11 of all said storks is contained in
nv note to your ICxCellencjf of the VWth
jllinio.
Such circumstances have transpired in
•'lation to this nntter that I hop» I will I
le pardoned in a brief recital thereof ; and
I am induced to do so the more readily m <
• rdei thai th'Me shall he no mi>r.inception
if m;» conduct which uiiyht otherwise oc I
•ur as the p - Ii«»:i I ocrup> towards •■aid
•ompanv is w. II known not only to your i
iCxrelleuny hut to the public. i
I had hoped and believed that I should 1
n»t h" called upon to perform any aflirma i
ive art in r< lation to the intereMts of the ;
'ompanv as connected with my ollicirtl I
iule's as I was under the impression that
rour D.xeellency ronsiilered it your tluty i
md ri^ht to deleimine upon the suflicinncy 1
>f and of accepting ir rejecting the de-
>osit to he ottered h\ the eontrm:t<»rs as a
(uaianty for the fulfillment of the contract.
I'o this willing responsibility on your part
as i understood) I was liuly gratified as
t would in rase of its exercise hv you
iave relieved me from a duty of a verv
lebcato character.
I 11 • * •'»11 II IMH J 'I hi < ' l> lilill III) 1111 ™
ol yuur position wan not de
iv«•<{ from any communication or remark
• I your Kxcellency to mo ).ut rather from
it<« inline eiuumslanceH hihI the yenorally
Miter Imilit*<1 opinion tiiHl tin* 11. > |* ■ 11 *i11iIil y
•rliTfrl} to rf8t««i with your I!xc ellency.
<ixl (hat you would exercise it as well
ilfco from iho circumstance* attending I In*
tuhmitlm^ 11• \oiir I. \i*v lant August
>y IIjh ruutnt'tor*. the Stoek «»I lli>* Me-
:hames' It'ink "I Memphis at.d as I 8iij»■
:>ofted rejected hy your lixcellency a* an
usullicient deposit \\ itli'• ut in v being chII
(I upon for an opinion or action in regard
thereto. 1 can now only suppose the rea*
non of thin to In- that your r.xcel'eucy did
not then consider the contractors an making
n tinal offer of said stock lor the deposit
hut was simply presented for your eonsitl
i-rati n» ami your opinion being against it
they withdrew it satiefh-d that it would
not he receit ed.
I exC' -'dltiyly regret that this mitenneep
tion on my part of your I".xctllency's posi
lion in reference to what has heretofore
tianspired in connection with this matter
now places me in an embarrassing situation
in many respects as I am called upon toacl
under the lull weight of your Hxeellencv's
opinion and arguments on the legal consti-
tutional construction to he given to the
character of the deposit and of its insntli-
ciency as to value. \n it now results I
have to define my acts with the opinion <>l
your I'm dlency before me adverse to n?v
ow n
\ctin^' therefore heretofore under ths>
impieK>ion that your Dxeellency would de
e;dy the ({ueatiou without any positive ac-
tion on my part an to the acccpt<ino4 or
rejection ol the d | "tot on the 'il*! ult . as
soon a* I received the £MOO(MM) 'if the pre
f.-rred slock of th* St»»ic Iron Companv
( t New J«?r§*y with the charter etc I
hand d t)*«* name to you lor examination
•»: Hf th** linif that I ha I m orm&tion
th.it the v\idencct "f it* *udicient value
would t>«* for' •h"il helorn the expiration of
tli" «ixty ill.* «l! > w-J hv law and I in-
tend" -I at t«»on n* thete cvidencet arrive I
to tr.-nnmit them C«••»»•!h*-r with tin* atock
to v .iir I! \c '!i-r • v. .%<••• >mpani- <1 h> an
eUtifll Mfel U mi iif I lit--- r• • k•• \'>u
)ti* ■ I• • i h.n'k lo iiip a /•-w dayt thereat er
On |h«* "Jti'.h lilt I h.mdud to \ <. ii the
V.'.Jn.IKK) "f the atock in the ^! ■ li t iet'
l».i .!» i■ . M« i phi* thik \ •>! alto returned t»
Int* in n t w «|.iya.
On th•• -s t «»!t.. I !i^n• !••• I your Kxcel
'•i :r\ tip' H Jl f >'» \.-\« > • rk ttock
a1111 al»o »li•• evidence of the *ulfiei*nt v.ilue
>•( the |WtM»(>(>0 NilI nn ( • •'11j»mri\ pre
r»• • •! Mt'M'k On th** • »"»•• d*v >our I
rel!ff*v return.■«! th-in t<> un-. <-:u<tr kin# at
you did « •. that it «at tor fne to »«y
whether | \ rppted or ?• | 'he deposit
lii;' \ • ii .* voor «»| inion that i! wa* not
*ufF ' iir the !a * I rej !i»■«I that I
bud mpp Md it hai your hxi*lkwe/i
r m»? '. • 1 t'-rn •« - i j»* nufltrMiic? a * a
dipoeit tod I >i|td jinnt I il y II I
ai ' m| iiiiJ rejected tht <'• | *!' v* uld RUrh
<\< i.nri •••' rit\ part In- tina! ' I <• wheh \<u
i I. it v* u!ii I IlirM turther asked voij
I .. **! anil aecepted the depniut would
UmM Mtkw '»•! in v ptrt l.»'!. • i!' To ffbitih
'-'ir I *. !.mc\ replied that y u would
eertaifiU have th'- rit'lii and tii<• t it would
he \ ir <!u I \ to det» rmine w bet her the law
fi-id I. - I f.vthhi!! v i \ ' i• • -iI I then aaid
that ! preferred not to art at all eith« r in
tl a« • -ptance or n p rii «n • (h«* «h«j "sit
I I ('avi- ;t.i my reaton that while my
arton in i ni' of rejection w«.-u!d he final
(!i ii o• i!•. I \ < our peiini-« in | ujiderhfai d
' civ aerrptance would not he at \ou
could pa** judgment ogainDt it nit- rwardu
and control tn»*
I I ii i • h r Kt .»(«■•! that I did not wish lo <1 <»
«n\ net nr purhti^ any course which would
place me as actim* antagonistic lo any opin
inn \ "i 1111 1 * t entertain or any position
your Kxe» llenei n».i; «l ii-'-'inv** in p'lerence
to th" rn titer -iihI I | i I that I should
forthwith .»<11!r • — t >ui I. \• ;I• 11c* \ i-lli ml*
|v enclosing tl»»- stocks Mid accompany»»i«»
evidenc.-n «.t their value to which ollnul
(■ ■ i• 111111r11r/i11'111 \oiir l!xc< lleocy nn^hl r<*
1*1 v himI «•'«y wln-ther lb«* law had been
complied with or i >( and th.it whalt ver
\ our I! ■ •• •■IlofM*\ '* HllftWiT III!-'fit f>«' it
would be tiiiii** to llit* company iis I Mtaled
f■ • Mm thill I »vf»ulil then scud til* in an an
thenlicnted cop\ "I inv h'tt'-r to you ami • >I
v o ir reply thereto I i.m I deemed would
niJlieient f..r their action. I'm the plan
(him ir*«11cat• < 1. f did not understand you (<■
ol»i-ct. »»n the eontiarv I thought you
j»ave your a*ient. ^ our Kxcclleney then
t• • I«| inn that I ne».»d not Mend tin- j ■»jrk
with in\ C"'ii»niinii-jitiHii an v n ha«l exam
i<i«•.I them sufiiaientiy atrfiidy I KHAtttoi)
to thi. I>'|t m|;t'■ I Illnf I Uolild say I m-nt
1114*11) in ord- r that the papers might be
before \ou ■ • !; tliv.
I have been thin particular in the state-
ment of ih.'w Iran* ictions.in order to show
wh\ my co-ouiunicaiion of the \jNth nil
(written under the lull conviction that the
convt'iKHtion just rela was tin1 course
•*»^r•••■«! upon ho far ;if 1 • • a•*t as my action
\s as r< ipiired) did not contain the papers
al»o\.' alluded to ami why nan! coiiiniunn
cation did not asMiriie positively to accept
or r | rf (!.• di posit off.rod.
No <dfi< i.il communication has pris*ed
between fin- Miid th" pa'Mi'i coiitiai'lt is ;
n >• fiuii- I tnk' ii Jin\ action on your
cell' iiei'H ct'inmui n\ition <»I (he .'Ullh nit.
Ih-r.- (fie in;*rr«*r r.-'ed up to (he '2d inst.
wh« !i I 11 c wed your li v- llfiici's note ol
that da(" in which \ ou -k me uhetfnrthe
SoirtfMtori hftvo dtpoiftcd with toe in
I ii'mkiiiit "I ilie >' 1 te id I i \ i A.'MM).()(M)
infold <>r silver «r evidences o! delit ot the
Slat-- ol I . X I- or other <{ood par stock as
a l;»iar/»ij♦ (hat lil'ty inlles or more of s.ud
ro "I -hall he construct d and in complete
order for limine."* within the term ol ■ i«»ht
cen months from the date of i-aid contract
in accordance with the provisions o| the
I'Jill feetinii of * ud act and the terms ol
• hi.1 routract and v..u further ask wh.-th»T
uch d p • if. w.h m i fe and accept it by
ii - within riixtydavs ilU-r the parties en-
ered into said contract.
ll app- ar* now from vour cmnmnnica
ion aho\»- .pi.iied that I was mistaken m
'our I.\cell»'iie \ *u position and that the
vholt■ responsibility ol acceptance or re
'•dion ot the pulllcii ncy ol the deposit ot
•red rested wi'li me a« Treasurer ol the
^tate up to the expi'ation o' the sixty
lavr*. instead ol it bein^ in >oni I .xce|lenc\
I . kin^f this to be ca*e I must »a\ lli it
In d-'po^it wii iccept.-d by me within the
ixty days. To fix tin- day ol any olliciwl
liinnalive act by me in r»-l• reoce tln reio
i impos ihie ; I am called upon by no pro
ihioii of (he law so to do nor does the lavs
nake it nere*»ar> for me to do any pubi c
rt si^uifyinjj mv acceptance (the accept
nce is a mere act ol the mind assenting lo
he validity and sufficiency of the deposit)
ind with regard to tin*. I will »i\. that
ince the viNtli of last month wln u I .-x
imined the evidences ol said "Sussex Iron
'oinpauy slock ' which was offered hs a
leponit I have br-en «»f opinion that it was
i good deposit within the law and it «
fate is v* inting the acceptance is relet red
o that time.
I 111h uii'iii'in aou ;u i wnuni 'iff i
nad*' known to \ou hud your r.xc«4lencv
•ailed upon ino lor it in the manner you
l(»\V lift VP.
I will further stale in this connection
hat the above mentioned stock as well as
lit* stock of Ili«* " VI- ■©bailies' Hank ol
tophi*" and the two thousand dollar*
' Now N .• tk Statu stock" li«vi» n in
nv possesion as treasurer ever since they
.v«*ro returned to mo l»v your I. \I!•• nc\.
wni that I will continue to li"UI a!l ul Haiti
stock subject to thu conditions of the law
ind contract.
Having come lo conclusion* ho widely
lifierent from those of \our Kxcellsncy
a itli reference to the vulue of the stock and
lulHciency ol tin* deposit offered and liavs
ng accepted the name in opposition to your
tpinion I (eel that a proper respect to you
th well as a duty to myself induce me lo
v«» some ol the reasons lor doing so and
answer some of the objections urged by
you; and first as to *ho distinction which
your l\ xcellenoy draws heen the words
'stock" and "stock*." In the various
lexicographer* I have examined I can find
no difference- -hotli words are synonomous
nud are used indiscriminately to express the
name meaning in a commercial sense and
this is the only sense in which I can for a
moment believe tho Convention and the
Legislature intended to use theoi. As«uni*
ing then that there is no difference in their
meaning in this I find upon examin
ation that their usual sign ti«*ali<M» is a fund
capital a* that employed in trade manu-
facture* banking iVc„ money lent to gov-
ernment or property in a public debt a
share or shares of a national or other pub
lie debt or in a company debt ; and such
are the meanings applied to them in common
parlance among commercial men. I tsk«-
i' therefore that tin* usual signification will
l»« * -rn. particularly if that signification be
bv r*a«on by tlio circumstaneet
surrounding the case :t! the time and by
th«* law. nM of winch I think concur.
It wa« v*^II known at the* «lat« of ihc
passage of tli<* Itill for the construction of
the Mi«*;«»ippi mid 1'acifie Railroad that
the slocks or bonds of tiio I nited State*
or ol the several States were ven much in
demand nt conn iptence of the action of
tii" vnrioii-. States of the I nion authorising
private Hanking thereon that they ha«t
I.. ii-i^ht up and absorbed in such trans-
/irtiouA and could not lie procured hence
t! .» luminal bill which I am informed
Inp ut -u li authority as I cannot doubt.)
had incorporated therein a requisition that
the contractor* should deposit I State*
or other M ite stock* wan so amended as
to strike - lit ' S/ui0 Stork.* " and in lieu
tli»-ie I v\ »» inserted the Word* ol the press
ent liiw " r 'f r I'ur S/cclx" and
this too um doii" I >r the reason iv•• tj at
the lime oi the extreme scarcity ol good
par State stock* in the market. I am
forced to the conclusion that time will
prove I in 4 niiieiido.'lit w;i< dictated in win
dom aod (hat wiiiiout it the main object
ol the law nnjjlit Ithvhern delesu"d I
h..v»' a ComUiUlin • ' 'i I»• •«11 a ri".pee! th|e
S"iirce 10 Nhw \ k. that it wis with
yreat difficulty -ai'ii at a la'u'e pic niurn
tn it \».000 New \ "ik «>. ck aj.ft
• •I t • d> po»11 ac« •*'11paiiv ■ ■•g lln •> "M.' ""M M M)
ol IS.i k flick wiii' profiled in that
market.
It camiot ce-tainlv b contended ihat
!<"• s1'" k to be pr» v led « is t«» he b I!r
tJ'an par. I iii;* would in rfl' ifM* lucre .-
li g the amount •.t ni»nie\ to lie deposited
Under I li •• l.iw and il good Shite stock**
alone wen- t be procu • d. or ^dd and
"ilv- i. (the i'it» ri st upon which would be
lost) tin- r» ipi'dition would in eT-et b--
that the contractors would have to deposit a
sum l i'„'i !v over Ss;jOO 000. Hut it *.«niH
ffOffl your I".\C' • 11 •• 11 «• \ a communication to
me that a doubt « \i«t« mm to the t onslitus
(inutility of the Stale receiving a part ol
the stock "i ih" Sussex iron t'otnpanv
In ciiii*«» it wili thereby become the part
owner in the Mock or property of said
corporation.
I n not M 1 to tat irgQifient ol
constitutional Inw nor m\ j»ri m
If til me to the drawing of nice distinctions
which ft (in.- aw.i\ 'he n -i» of n ln« or «»t
the (•»•!»>! .Ml! HOI. Mv .1 ill if* for a number
iif \ears have l». «n thoae of a »i»ini»f«•» t.«I
officer «if lli" Nit (J though I
li iv" gnat r« »j ct lor the opinions of other
olfii-cm of the government whose duties
lead them to the » xaminatimi «»! nice dis
tmctions yet •«' ll»** same I it 11< * I urn*! In"
permitted to exercise mv own opinion when
I deem ni\ «in(y so plain as hi this ease.
H\ tin* plain leading of the Inw I mil
reijnire-1 to have regard to " good par
stocks." Mini as I have before staled I he-
11«-v• • lii-— • i-irefuted to he of the charac
ter iii-1<1.>11 v intended h\ til - Legislature.
I have i»1111• • irttlv construed all laws made
by tin* I.' ^i»l ature I if the government of
mv ' lli1 ill conduct 'o he constitutional
until tin- > one iim« declared otherwise by
the court* <»f ihe rniinti v.
\\ it necessary for me to give m\
opinion as to the constitutionality of every
act "I th l.egndature I am called Upon to
obey it would require of nte a degree of
know l» «l^'' "I law which Would occupy m\
whole linn* to o I it it i ii and nei- «*aiil\ wilh
draw iim* from lli" ordinary business of iim
oil Hut I believ»» a proper con-trm 11• ■ u
of the constitution at.il the • Ii iract r of
this -it. will obviat all difllcuol-s
winch haw !• n riiitw). \nd fii*i. II ii
assurm-d that the State will of necessity
becot 11* til-- owner of this stork by tli*-
failure of fli" company to comply with
lin n contract ai I that (lie deposit at (lilt
lime (making t v State a prospective own
er) cannot hi» received. That the State
become* the owner at the date n| the tie
posit it seems to ute cannot he c o.tenth- I.
as the law under which the contract is
made makes the State owner oiilv after
the contract for I he budding ol the first
fifty miles of the road 14 forfeited Ihe
contract can require no more a* the same
would so f«r he cnutran to law and \ • <nI.
It is then .• »iIy a security liable fo he for
felted and I a Me in such case to be di- -
(.mi d of hv the State for its benefit by
author./i.ig the \ttorn-\ to fill up the
M r it in i.i« own name and transferring H
mi tli huoks of the company. I'm this
forfeiture need not mcssarily «ccur and
to a«Miine that because the law provides
lor a foileiture that the thing will he for
felted it to si\ tile leaM prejudging the
case to a very great extent.
Ihe object o| ine legislature m mv
opinion «as > ot tor the |.u»|ol making
i*ii- b\ tin* contract foil l » cause
the C'Miipli (loll of the greatest enteipi /••
that has ever been op« lit d I«» the woild
In order to do this »he has made n liberal
donation of h»r iloin tin ami has offered il
to any company l»• • will aect pt (In same
and lake upon IS - m*e|v«-» tin- wink su' j el
to tie' foiled ol ili>- di'puwit pr11yill -11 lor in
the I 'Jill si i ticn of the law.
I hat the Comp.tni will fioi. it ihe f.'UHf
(MM) I I case .| failure \n ce taMi ; that ihe
State has tlie pomm to place the -lock in
(he han-ls ol an Viforoey to dispose nit lot
her beu< lit it ».• nis to me e«pial)v ci ilain
II eiiC" the object^ are conipln d 11)> fn-i
a loneiiuie on 11• >11*i'i'1111»|initr•• I• \ Ini" coin
puny and second a power v«*&tm iho
Slate to di*po->e of the Rtoi'k
hut upon consideration «»! tin* Ml*t si ;■
lion o| hiticle "7 o| ilif ( <mik(iIiili<iii lak'-n
lugi-ther I :iin well sati?»fi«'d ill it the i*|>|• Ii
ration n Misfit to li»' ilia le ol it* I »tl»«r el:»U-e
ix uuie-iable. Iho section is this " No
private corporation sli ill be crealrd uuIcpk
the toll creating il shall be pa!**»•••! by two*
tIm(1m ol both hoiiaea ol tin- 11'Uihlnltirv ;
and two thiidrf ol the I.* <!!fdatur«' filial! have
power to revoke ami repeal all private cor
|.orations by making compensation lor the
Iratichiso ami the St it" shall not be part
owner ol tho utock or property belonging
to any corporation."
Thia section was doubtless enacted for
no other reason than to prevent tho Stale
from creating corporations ami becoming
part owner therein ; its place is immediate-
|y succeeding the clause prnhibi.ing the
creation ol Hanks ami immediately prece*
• ling a provision prohibiting the Statu from
creating a debt exceeding $100(MM). It in
clear to my mind the intention was to pre
vent the Legislature from embarking the
money or the credit ol the State in corpo-
rations of its own creation. To prove this
wo need only refer to the connection ol this
clause with the otln>r daiiNeg of tho section.
The language of the clause itself shows it
is not complete — it refers to that which has
gone before prohibiting the creation of pri* (
vato corporations except bv a two thirds
vote and must evidently mean that the
State shall not even in such corporations
(though guarded by a two thirds vote) be-
com# tho owner in part of it* uiock or !
property.
Tho whole object of the framers of the
Constitution setina to have been directed
to tho prevention by stringent enactment*
of the remotest possibility of any future em-
barrassment of tho State in such schemes
and enterprises in which so many of our
elder sisters have been brought to bank
uptcv. l'hf%C such i« the proper i mstnc
lion i* proved bv the concurring testimony
>f til*1 history r»I the time*. Ilow will we
ilii'n M;«y that tlx* stock of a foreign corpo-
ration shall not lie* taken r\* security am!
if nee»«ssary owned by the State since its
ownership will not in tho slightest degree J
fall *• 'thin tho reason and meaning of the
Constitution- since there is not the re*
mot» st |i!tv that the ownership will
lead to the abuses intended to be avoided
it* nwneiship not involving tho State in
debt lor it* procurement.
Hut vour Kxcellency seems to think that
there are a spec »'S ol corporations the
Ktock ol which can he taken that i« public
corporations as the Lulled Stater or one
of the Stales a city or county or other cor-
poration which issues its bonds promising
to pay in inouev.
I; is rt ."ppctlullv submitted that if a strict
c«nmtiiirtion such as \ our Kxcellency gives
to this M-etion in to obtain then it would
Hft-ni that ev«*n thi< character ol corpoia
•ion ih not ex<-«'j't**d I he words are general
" :md tin- State -hall not part owner of
i • -i m k «»r j>■ ■ • p»•»t\ ol an\ corporation."
I In corporation* tln-rel ire a* well as
all oil i*. n'r • xeluded NN hat i* the dil-
fcrtnes in ptineipl.-f One kind ol corpo*
rations have- their liiud in proper?\. which
the »«tork repM'ifiils flie other ha* iU kind
i i on.io'V or priotpMCtn •• '.ixes on the in-
habitant*. which are but representative* ol
ji• i• j»•-rtv : lo'iice to m\ miml. according
to \o'ir I * x «•*■! "rv's construction the re
pr. t.i-itvoi proj.. rt\ iit niMilf to stand on
a hi^hi-i ht#M than propeitv it*e||.
If i* nn"t i\nieot to 111v min»l that the
: f' nt'.01 o| tin* el oiM' i* H'.scii as I have
ronstmeu it to mean because it tvuki ami
do yili.-ii 01 eii' that til. Slate is lorced
ii\ virtue of its pri■ i ipie ol sowre^utv . in-
to the ownership ol the slock or prop«*rl\
ol rorp-o ations even ol private corpora-
li'.iii. IIv the law «»f tin* as w»-!l as of
cmtv o'h-r snven- tv the pfnp'-rtv ol
any |ierxf}ti dv ing int«->t 'e without heirs
i-ci ln its ! » tin- Slate Here the State ho
cones the ouner ami though tli • prop- ?t\
of t di-O'Moed liia; con*' ! in part of the
*f > k «o |.• oj i• rI \ ol a rorporalioii. v «• t the
till" ol the State thcietol* not d• -1• ■;11• -«I b\
virtue of this clause nnce the intention of
tli" Constitution i• < n« not I he -I rid let
ler lln'teol. therefore with din* deference
fo your I-!\e»'l!enc\opiojo!! I cannot hex
lieve that Ihi* rlan«e «.I 11»•• ( on.*!Million
r in apply to the i n n ! r o. » loek here in
(luestion.
In r \ to \our I. v i-< ; i.-nc \ s ri'iiinmn
in regard to the lU-liciencv el the* (musters
ill hut i-oiuiiti! ti11 to the terms of the pun
tract 1 chi) «I\ say that I was not aware
iit the* time I lormed my opinion upon the
n- liter wh it tli»» precise terms ami word*
ol tin1 contract were \!lm» duties I I e 11.
were d- fiin d l.\ t!»e law ami I did n• • t look
outside of it for m\ action ; hut I mu*.t s i\
lhat I conceive tin- transient accompanyinj*
the slock are Mitlirient to vest the | ropert\
nl the same in tin- Mate or its sj»«*nt. Il i*
true the stock has not Seen formally trans
lerretl In the State on the liook« ol the re-
«|>ecliv" corporation*; luit each ol the cer
tilicales >-l stoek ate accompanied In a
transfer to the (ioveiuor ol iut> State ami
hi* successor* in olHce with a full ami ir
revncahlo power of uttorm v in blank to
he III it •! Uji hv the < iot e. nor \\ nil in \ n un-
ite may select to make the transfer. '1 h •
if tba coorve nntvertaU) obiwwd in trans
leri ijj all stocks ol ihu enamel- r t« lot
-tanee the t>li»ck i-'ti' I hv tie l-ttc K •
( ii'ilic timler tie* eel of .lum* "it'i I
wan tmlv transl'-r ihle on llo* hook« ol Hi
Stuck ( ouinn-'ii.! .• r vet tin- *t -rk Wi-n!-;
pa?* iimii ham! to hand wthoiit any Iran-
fer I" in.; niHiJe on the hook* 'he |n>M<r
knowing vvith tie* M.uik auiu.-ril\ Icimii the
oiioinal inv -tor to lran-|.»i that lie l. •■i u*
much liyht in it as though if w ;•» r• . i. u!»
• Ml- reii tin the hooks ami Nta-i iin-.; i:i h;*
ow -i name.
I will odeav.ir in a few W<l» ! I 1 g «
tie- r-• i-• hin why nn opinions differ so inurh
fioin \1 nr 11 xcell'-ni*\ s in regard to lie
surtii i ney in poo t ol \ tin- of tie- tleji.--.il
in i|nestiou. I tlo with most profound re*
sj.fi t xti lint 11. that to ni\ mind \ •»u r Kxrel
lem-\'i« realms ait yiveu i't \t»ur favor ol
the .'U)th ull. ol it-* l iM.jlii-n are nt
Mini. I ami !»a*etl upon whit may here
haj.ji'-n i.r oritur to i»ll- ct the value of tin-
Blocks in <|m Htioii an- • from liautl mi-
inana^i-inent or .*11iwI<»r111 • ol the corpora-
...not and not upon the want ol evidence to
prove them to lie par Mock-*; that vottr
position i-. tli it w liat.-v-T d -posit is receivd
must he ol such a nature as to lm l»e\onil
ill po hi lull t> ol heino le-l-.u par at tin-
•lit! ol eij»htei -i months from tlo- tini w 'o-n
Ik- conti;iel C 'lmnt uC' i to njn I c-m
Ii tvv no other inleicnci- li..io tit- rone! :•
si. not \ our I\ e« llene \ iiait ai nv -d a I I • i •>
that \ Kli -oii-iil rthe ^taleiiM-ut olth. J'm-v
lent ol tin >i|««"»e\ Iron I '• ■ 111J»;111 \ as t.» itt<-
condition and />rns/>iv/v ol llo- e.>uijaut.
not a I.ill e\|H » ; 1.•.11 i.m .tl|o« ^| j|J
lie liolde or add'tl xial Value mven to "I'M-lt
nn account ol t ie pro^pe. tN or advania^ -
lor miking pn (i's or o| the I in- . :im d \ du-
ll ttie properi s ii ti• i:11 improvement*
id the compai'v i-hiii ■ j it; lull on!) he con
unit1 red t•« e•. I in proj> 11 ti■.t: to ihe aiiiouul
»l mom-\ I tuallv paid in Ol the mi|»ina!
-I" ' ' I • ll.-.i •«..»
! I IK it" of til* • < > "V CI n«r "I ill State 1 • I \ew
J.an In the V !u«' ot the htoclt <-f til**
Iron < oinpany I»■ i-• »l upon i«i• own j»«• f-<»11•
>l knowledge ot the propeitv •»! lln» r-rii-.
|>anv Was jjiVfii 11\ his I.Xr• iiency in col
itiM-in with (lit President of the company
lor tli* purpos-- "I carrying out h «!.• i• • • il ;
tint that th' I loll t .• "I M . I billa* and
lion. in. K< :it have lent th> ir names to
i-Hi'ft tin- object It.' 'I in view Ijy ill • others ;
that Messrs. U -iIk•*r anil kin;' tor 1111»t»;■ -
selves and h• s11<• iM11'j* have attempted I»v
nilWiug tin* <!>'|h>sit in (jUfKtion to avoid
tin* t« rum of their c oiti.irt I»\ otl«oini» in
licit of what I j.Tinily that which
Ii.ih no distinctive a*!'.-: lainuiile or proven
value ami tti*• r»-1»n obtain pos-cxsion ol
a valuable contract without in spirit cotn-
plv11»ic wnii one of ith important provisions.
I have drawn different conclusion# from
the same stork ami evidence* (upon which
I bused iiiv action of acceptance ol the de
posit as to sufin iciic\ in value) Irom w hat
I infer your Kxcellency has arrived at.
I take the statement of the President of the
Iron Company and the certificate of Ins
Kxcellency Kodinau M. Price t• > he reas*^
ouahle and tiuc until they are proven oth-
erwise; that the opinions of lion. («eo. M
Dallas and W illitim Kent would not have
been expressed in the terms they are
unless they were satisfied in their own
minds that these opinions were not sought
to consummate a fraud.
The positions these several gentlemen
occupy would be a general guaranty that
their statements are reliable at they all
occupy high and responsible positions in
society. If exceptions were to prevail
agaiust general rules or or if the law had
defined the character of evidence to lx» re
eeived I might have come to different con.
elusion®. I look upon the evidence as that
of a high character and sufficient and as
all in favor of the stock and cannot assume
that nny point not del ended i.i vulnerable
from the fart that it is not defended. Mad
I been in p «s*es*iin:i of one particle of evi«
dene* contrary to Mint Inn i»hed to
have had i|r«ni weight with •••»- in •ffcakii*a
my decision.
I mu*t again express my exceeding
At toinff called iifM«4» lor inv
on tl»*> d«»presented by thn c«»m;»*nt
because of n»y ln»ini» one of lU«
of that company . but wh n I Iterant* IUcij
I iiad no expectation of being placed i„
this embarrasting position nor have | ^
least idea that any roeml or of the eompe*.
ever anticipated such a ron t infancy; ^
'eel inn tks mil force of the delicacy of q.
wn situation and regard Vntr
Kxcellencv'f opinion is justly ontitled j| t
only from the clearest conviction* prodm^
in rt»y mind by »!.«• evnb-ncef !»-far» m»
that i have emtio to an opinion d tfWsnt
from your Kxcellency. In arriving «t my
opinion that the stocks are such an
His the requirements of the 1 '2th serlinn 0f
the act of v!lst December 1N&I | }tf<
done so from the evidences produced <tfIOw
iiii* the character of the stocks ; hut I r|tflQ
it not impr iper lo again remark tlint I |0
n..I re- ml the I. Mature a* pn.mUd br
the 11*• >»i• i' of acijuit ii f l«»r the .^tato On*
hundred iholist'.d d••.!;»r- It) rc<pji;i|;g
iiiiuiiat t" l«e j»• jut''«l but ■»# a 'firmly
lor the r-ftr i consummation g| 4
l.ir more valuable pii/>- the U|pi»truclioQ
of the I' m fie K i-'fiid.
I !i;r. •• meniit no disrespect to vnur lix*
c • • 11 \ nor 11 n v - I iMtemled to tulle \mU
\our pinion 11 if conl uy u». t {
have said wn* f«r no other purposa tiwui to
vindii- «*•• ''i\ | Mud )">».! .. i.
In (-.in. Ium • i ♦ t . Ml tint I l||v
claim all intention ot d. nniliuij the \|if.
m imp pi and l\i» ilie Kailio.»il t •»mpanyan4
that I agree with \'tir Kxeellency Mist H
:«» " the i!iit\ of ill nllie. r of
'.-uaid tier i; • t rl'ect •• .* s!r;e||\ a* hi WatiM
hm own and I can #a\ i.ii I havti any
ki owl* i:*e nl iii\ *< • I.> 11»•%t nn ^'Mi mi sail
concUi-i< * in lej'iid to t.ui w h" «■ mattw
aie loumh-d upm ih*t pr.n i^h* and woiin
not have bet n difliient had I l-n-n due on-
netted with the company. lUsintereatad n
the prortpeiilv of the JM»l« . si acting |w
m>#ell individual! v.
I h i\e the honor t" !»#
\ •• i \ respectfully
^ ur I < c#llene* st i v t
J A vn:s II U \ ^ MOM)
I i easursr.
i!\t « I n\»: » )| Pli y I
V . . I »■ \.tf. N s I s.'i t J
Jtimr v U. Uuiiiiitiml I rmsurrr
Mn 1 ^ onr I'ofmnuincation of tho tkh
inst Im* jn*t !»••• n handed to ffle. ami l*»n
some |inp.aai;f' in it m is induce tin* nnj»T«».
ion that my |> »hi11on and opinions in i»»girii
to \v}iojit* «li»ty il was to accejit «»r i»-j«t
llic* di'|>n»it w ithin Ou>#i\tv dtivn haw been
different at ilillemil time*. thereby ••ittb*r
ras-din; votir aetiiuin I !«•»•! called on now
to .»! »t«• • vjdi /lis ulnit lli.it m i- tiou ami
thorn* o|iinions Imve lieeu.
I have neither Ht»Ki»lit nor avoided th«
reK|»om»ilnlit v ol decnliMf; wht'ther ilie tie-
jut-it ollVrt'il was ;i ^ood one or not.
In \uj.Mi.«t IiikI alter tin* contract w«
awarded ami I»• '• • r*» it w ih mijiomI N|. «sr»
ilk'-i and l\imI• exhibited (<• on- tin4 rei*
tilicat''." i f Mock. .i.nl •»f deposit a* *tntwl
in iny letter to \.»u of tin- jfOtli <>l (
ami tolil iiic tlo*v prnpof**d oderin^ theni
as tin- dt '-it \;i. i ex (mining tli«- • i*nr.
11lit1 at• < with i n* • v.tif m ■.• • • i • • t 11> r •ir.l
ill I Ffftnriml t... mi t » ...m
1-..I t!i • <n tin \ w n -i th i. - 111 • i • •
«Ilaw i .1 ir 1/ <1 t . i.. t!
IM I i ' I ■ .1 <• • m w li t .1 . •
•Woks would Hz Hi. pi» ;11.. "s.«4ii.
intf ".i''.. r came l*e?. »re in ot h ; n4 U>
tms d« iic untii Itic'JUi of O- in
which «lav s >• 11a11<I• *«I i•»• • ••• •
tli(>ti>.mil dollars "I ti.# j•».-..■»i• I '% k
I > ■ \ 11 ■ I; t • 11II11 " . *| \ J • ■ <
^ .tii a r"j»v ol It • chart- i ■« . f t ■ • i j ■>•
I'li.n; at !!»•■ s.imic t!in>' tl: ! ' i• is-
toi> jxoj . s.'il t-» deposit that »'■ k \ »!i
al*»o Haiti (hat e\idenei a of it-' v.. w«»*iU
l>.' Iitn -idled before thr exp • 'ill.hi <»l i'i"
v.l\ da\ - and tli.it fOu intended win-
fliti• »-vnlfiin a airiVi'd lo tian«mit thcw
to m••
H i tin* vit»:!i OkIoImw \"ii Iiam• )»-• I »»«
t'it'j"'•11> 'i»i tw.i hmidrfd /nil mnvU-
« i«'l. th»m>.t i ! d-iil.im ill tl <l> cliaiili''
11 ii.!. .»(. . i . M «-f*5j'!i • -. w''. • -1 i'«*4>itftt
nl it« ciMHi 'i.m Mailed hv tim I'M'.^uleiit
Hid wlott |nii(.inu*d In In* a i;ojtv i^
cliartor. Vli itf-i«« |»a|irik I rldftilin-il «
I'ltre nnd K'tiir -tl tln'io t-» \mi u a»S
' til- 'J* (il lit < 'ri.i|n r anil »! 11• *i ta#'.
oi in\ iijiiinoii tli.iMiiiifi'tn:
t.< . • w . r th - |n jui-.- 1. i r wlncii \ii i
v proposed tl«- 'ti : hut tlinli
would .•if. rlully . xnmine the «\niti1t.-» ia
rogiird t-i tli-- vaine t!.♦* lrB
( i .. :t . '• ii.'ti t... N m • iiiJ
\ i "j' ' i n tti in »Ko.
< ^t the 'isili nl t l-tidoT vvljii'li w :i« S*t-
'•I ■' V ' Willi'1 i IOf till' I M I • llil'lUSI"!
• !"i .■-.■! \. \ !k Stall* slu-k. witti tl"
» \ • i it-:'.i d tn tin- \ i'ii•' "I !:rt
" 11 ■ . Il i .: < 11 • l \ -lf.lv. t% I "!l ^
cM'lilti.' 11 I hit t ||I\ I r»t Ill»«"d thriw
\ "1 and I !.i « ..11 tli.it W I'll tin' i-X'-'-j'li"i
oi !'ii \ \ \ ioti riiiitf Mvt k. t:i"" "ii'«*»
W I'M' i i-nth• -;i• 111 |t.r flii' d» I'n.^ t. \t II"
BJiino tino\ I told v«»M I had olit*«-i v/d iIm'.
\|i -mh ai d Kino in tlifir !• ;'f '
v.111 ol fln« I Itli ol Ori.• I; r4 in>in'• '
fhe .'icc*|-laimm* "r r111• • i »»i ww *• •*
mil At !»• )i»tjr act iiimt that I leit it 10 k*
I iv duly In ».'V to \mi flint tlil4 UNif*
«»'■ i « v.i In*t v\ • 'i'ii Wail*
all.I l\ - f nil.I iny st-It when the\ h'rt
in \uirust last . that they contended W
the Rami- principle that I Ufld tb«'ii* I **
disposed to think that up t<# I tie expirstw*
<■' (It" - i \ t v iImv*. foil had 'In* riif^t U"^
tin- I aw eitmr to accept or reject .i»« ^
posit that iiihf He olJVied but tha'
out deciding that point whenever
stuck n*• prrxenled to iin*. i• r wlu'iieW
was informed that any stock was jjreiM'iiW
to the i Yeaaun r I should "tv r|- ' '
in M'jjard to such stock without ia •4ita"r'
and that even it' tin Treasurer ar«'1 p'*''1
deposit I deafly had the right whe"
sixty days expired to say whether it
such a deposit as the law required s*d
should exercise that right. I ^
same time told you that I still enter I*""*
the same opinion I then esoressed sndtki'
I still intended to pursue trie course I tk*
indicated. This was the krst and •J
conversation I recollect ever to he** *
with you on this p*mt befow the
tiou of the sixty dmys and it wm "si"11
tary on iny part.
^ ou then stated you would forlb*^
address me a communication in
submitting the proposed deposit
accompanying papers to which I
reply and aav whether the law had b*1
complied with or not and whatrf •?
answer might he it would he yours tot*
company. I replied to you that !
objection to this c yurre and aci*'1 iSv
when I received on the morning if
110th of October y •«/ letter «f lAi*'
immediately on the same dav hnniM J
my letter ot the .'tOth. giving you in VI*
ion at length in regard to said stork*. *
my li Iters to you o| the 'id and •ii* i'*
were written solely for the purp^**#^
pertaining what your action had
the subject. t
V| v po-iiion and opinion* iu
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Loughery, Robert W. The Texas Republican. (Marshall, Tex.), Vol. 6, No. 19, Ed. 1 Saturday, December 2, 1854, newspaper, December 2, 1854; Marshall, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1094772/m1/2/?q=%22tex-fron%22: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .