Rufus Wheeler Peckham

“ Is the language in the charter to be extended to the shares of stock issued subsequently to the adoption of the constitution of 1870? In other words, does the contract obligation attach to and form a part of the stock so issued, to the same extent as if the stock had been issued prior to 1870? We are inclined to think not. Full effect can be given to the charter by confining it to the shares of stock that might be issued under its provisions so long as the constitution of the state was not altered, or a provision thereof adopted providing for the taxation of such property. ”

“ It is our duty to look at the whole judgment, as it comes before us, and, if any portion of it be correct, and is so stated as to be separable from and independent of the other portion, which we find to be erroneous, it is our duty to affirm that portion in which we find no error, and reverse that portion which we decide to be wrong. ”

“ The bank has no right, separate and apart from the depositor, to increase its stock, and the depositor's right is based upon his depositing the money in the bank as a stock depositor, and calling for an issue of stock, when it amounts to $50 or over, for the amount of such deposit. We think that the legislature might prohibit the further issue of capital stock in this corporation under this section. By the enactment of the charter there was no contract therein to forever continue this power to deposit and make such deposits a claim for stock therefor. ”