John McLean

“ The liability of the defendants to the stockholders and creditors of the Potomac Company, arises wholly under their charter; and the extent of that liability is shown by the above extracts. They were bound to receive the certificates of stock and debts of the Potomac Company, in payment for stock; and to pay a proportionate dividend to those creditors who should not subscribe for stock. ”

“ This assignment does not impair the obligation of the contract of any creditor of the company, nor place him in a worse situation in regard to his demand. The means of payment possessed by the old company are carefully preserved, and, indeed, guarantied by the new corporation. ”

“ The defendants also alleged, that the demand of the complainant was not included in the list of debts due by the Potomac Company, for which provision was made under the new charter.
The statements in the answer in regard to the illegality of the lottery, are not responsive to the bill; and there is no proof in the record where the lottery was drawn.
On the 7th January, 1810, the legislature of Maryland, by an act, authorized the Potomac Company, for the purpose of improving the navigation of the Potomac river, &c. to raise a sum of money not exceeding three hundred thousand dollars. ”