Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1822-04-02
I" Bills DE CREDII,n

The Supreme Court OF Law in S. Carolina
has lately decided, that the bills of the Bank of
the state OF >. l.. are not void, and the Bank
itself IS not unconstitutional. The question
went up on an appeal from James Bills who
had been convicted in the district court of
Charleston of having passed a counterfeit note
of that state, knowing it To be SUCH The
prisoner moved for an arrest of Judgment, on
the ground that the bills OF the bank a re bills
o. credit within the meaning Of the 10th sec
lst art. oil the L. u. S. therefore, they were
VOID and being void, are not susceptible of
torgery.-Mr. Justice Huger first examined
what was bill Of credit within the meaning
OF the constitution and he decided that il was
" promissory note or bill issued exclusively
on the credit of the ate."-The next question
was, are the notes Of tIiis bank such bills 2
The capital OF this bank was furnished excIu-
sively by the state consisting of U. S. stock
stock of the banks in Charleston, Sc. be-
longing to the statc) Otis President and Direc-
tors, all appointed by the state. 1t issues
notes payable to bearer, and redeemable IN
gold aud silver the capital is pledged for the
payment OF the notes and the President and
Directors may be sued like those Of other
banks. The court then assign the grounds
OF its judgment in the following manner +:
at differs in respect from other Banks but in being
owned by state, and being restricted in Its issues
OF paper.
AS in some Of the other Banks the stoc khoders are
ponsiblc IN the event of insolvency, clause the
charter provides for the payment of such drafts as NAV he
drawn by the tTeasurerOt the State The notes
issued depends (within the limits prescribed the charicr
upon the discretion of the President Directors and their
discretion must be governed by the ability Of the Bank on
The one hand, and the demand for loans tie oher IN
this respect they differ widely from The Bills issued NV Con-
gress aud the States They reecnae, demand in
gold and siver and IL paid according 10 their tenor
the President aud Directors are liable 10 an action nj
law TO the holder. In these respects they differ still more
IRON the revolutionary currency oftbs Bank an
order drawn by the President and Directors the Cashier
10 pay To the bearer the amount of The note out Of the mo-
nies provided for that purpose by the State.
Ilis does not differ from tho orders which have been
drawn annually since the adoption the Constitution
Representatives The Treasurer for the pay u the mem
beers OF the Legislature; from TIC orders drawn by the
CLERKS OF Courts for Jurors n the Treasurer for
ment OF the different officers Of Government on Bank in
which the funds Of the State may, for convenience have
been deposited IL Is true these orders differ Bank
Notes IN iorm but not in substance so little do they
differ IN form, that IL would be attended with no bad consc-
Credit drawn particular fund. Bank Notes are BINS
drawn on the credit OF the capital of the Bank n the
President and Directors Trustees for that purpose which
cannot murav or legally he diverted other purpoe
not even by the state. The clause the charter pleseipg
over mud above the capital the faith the state in case 81
insolvency for the redemption OF the Notes cannot vary
the character Of the Bill which is substantially an orcr on
the capital or fund pledged The Gath the State is
y pledged for the redemption Of the Of the Pres-
dent aud Speaker and Treasurer; can the clause 70
quring The Bank to pay such drafts rs may he drerted nv
e Legislature alter the character Of the Bills This when
taken ~ connection with the other clauses Of the act implies
ns Tofc aadap occososol accommodation 10 the Levea