State v. Bank of Louisiana

The attorney general alleged that the state, in pursuance of the charter of the bank, delivered it her bonds for §2,400,000, in payment of her subscription of $2,000,000 to the stock; or, at the rate of $100 in her bonds for $83 33 1-3 of stock; and in compliance with a provision of the charter the bank, sold, on their own account, *328these bonds for a profit of $321,822 33, before they went into operation. The subscription of the state of $2,000,000 being, at that time paid in full, while the other stockholders, altogether, had paid but $138,840 on theirs. So that the state was entitled to…