The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-28
New YoRK STATE CANALS.

The receipts thus far this season have beer less than
in any since 1S43 with exception the receipts
for the third in May this year exceed those for
any previous year except 1S47.
The quantity Of coal transported the Schuylkll
canal for the week ending May 25th, 1340S TONS
and the aggregate for the 81 500 tons The
shipments of coal the Lehigh canal for the past
week 20 1888 TONS and the aggregate the
son 113 $50 tons.
very important decision has recently been made
in the District Court of Pennsylvania at Philadelphia
in favor of the Bank of the United States The
involved not large but the points at issue i'm
portant The facts elected during the progress the
are of interest to the stockholders in that
institution.
BANK OF TIM UNITED STATES.
The Globe Bank of Massachusetts The Bank of the
United STATES defendant and Richard H. Bayard James
Robertson james s. Neu bold Herman Cope and Thomas
S. Taylor, Trustees Of the Bank unde' the assignments 81
September. 1S41, Gdrnishees-Ths very important
ton has been brought to test the validity Of the assign
ments by the Bank Of the United States Of September
and 1S41, and to recover amount Of assets sui
cient to pay the claim Of the Globe Bank from the
signees under those assignments The Globe Bank OBJ
tanned Judgment against the United States Bank, in
March, 1912 and issued the attachment execution
which this proceeding Is based alleging the
to be void appeared in evidence that the garnshecs
have received since the the Of S3 $50
from the Reading Railroad Company, and that they
have in hand $500 000 The claim of the plain
ts for $10S2l ~ with interest from March 26 1872
necessary to thorough understanding of the facts
OF the case was given during the course OF the trial
In 1886 the Bank Incorporated with capital Of
100000 In consequence of the state Of the times
and imprudent Investments, 1t became embarrassed,
and at the time when resumption of specie payments
was proposed unable to come into that measure,
without aid from the city banks. Ten Of these corpo
ratons agreed to loan the United States Bank $4,000
600 in order to put into situation to enable 1t to
sumo with the other banks 1t was, however, agreed
that II the United States Bank should be compelled to
suspend, the city banks should be made The
resumption took place, but after fifteen days the Uni
May, 1S41 made assignment to five trustees of pro-
pery worth about 81 000 security for the loans
Of the city banks An act Of Assembly of
requires security to be given by assgnecs in this
there was no difficulty, the banks entered
surety for the assgnccs who had charge of their nte
rests But the United States Bank was in such straits
that further assignments almost inevitable The
greatest obstacle to surety az the amount Of
assets, nominally S24 100000 would preclude any
from giving surety to the heavy amount which would
have been required Application therefore, made
to the legislature for the passage Of special act au
thorizing the bank to make assignment, and that
This provision cngratcd upon the act Of 4th May,
1871, commonly called the Relief law. That bill was
returned by the Governor with his vote On the 9th
of May, lS41, bill almost the same in words as the
section In the Relief law, passed both houses aud
signed by the Governor. subsequently the Re-
lief law passed both houses by the constitutional
majority Of two-thirds, and became law, notwith-
standing the veto. Consequently there are two acts
authorizing the assignment without surety, which
nearly identical words In conformity with these
acts, the bank, on June ls4l, made another assign