New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-03-15

no ~ their busip- ss Il Iste Of d,coun n;t sxsseauz
,bst veh b or shall ~ q; te time liked ~ Las tor the
ssnrtion OF the bis Of the bsnks Of this STATE AZ
sfereies or from obtaining from he eoTe afcns ssoa
tors OF ndvidus by ubio o. ~ whom saoh foreign notes
were made, The payment or redernptiee ihsreo.
SIC IL shah not b. lawful for any pers0a within t1ii
State soe, utter cireuste money or IN any way d.
Itctly directly TO aid assist in the s7nE urelas
nos or chfr evidence Of debt in ths s5a % bank
ll or note issued OTtng ~ have BE- tss1sa y
any corporation, association, or individual s'el ot -
sding without this STAT. which shalt hsve bern rc
by such person, az greater rate Of dacoHnt mn -
BE At the time sxeo By la isr the redenPloo o. ne e, or
receive, in airy manner whstsoeyeT, or u 80 . I,
any such bank blll, note. ~ evifercs o 80 :.
for the r.demton Of the bile Of the banks ~ t sas y
their agencies, with intent TO 'sse nei, or %
with ir, 20 aid o. assist iss1ng uttennZ or circaa
ins the ss "A toopsy within tins STATE bEt nOthisE ~
this section contained shs Poho sy peIssn no. an "
izsd "a ,ay- on the business OF backing within tins state
nor sbs ,yv ,uch person be prohibited from Receiving
feg Y.ss 10 the regul. aud usual course Of b1s5ness or
from obtaining from The corporations assoc atoms or inn
S-,I. Nv which or or By whom such foreisn
rad. he ayuent orredempton thereof
SIC The penalties provided in section f9lI o. the 'e'
hereby amended shalspply 70 eny violation OF TINS sc
SEC 4 This act shall taEe EFFECT immediately
The DAYTON and Hamilton Road earned in
February, s7,3s9 against sl327o for the same month
year.
At Boston the Money market is working
easier. In regard to the Vermont Central Railroad
The Couyier says:
The heaviest decline since the first week In February
last bas been sustained by the shares Of The Central
Road which have fallen within month from s2l Y cash,
and $22 on time sl7-when the alteration, had not
beeu for the panic would probably have been many
doars per share for the better In consequence OF the
improved condition and position Of the property Tie
floating debt, overdue bOnds checks and accepances
have been bqudated, leaving SIOOOOO In bonds, aud
10 600 shares Of stock hand beside the assets from
the Quincy and Belknsp estates. The Trustees also
have commenced the necessary legal measures for re-
turning TO the Directors the temporary trust which mss
been held by them for the past eight months.
As soon this is accomplished, which viii probably
be within few days, William Raymond Lee, the newly
elected Director hss consented TO take the Presidency
and chief management Of the corporation Before con-
ssnting TO accept this important and responsible Office,
Mr. Lee satisfied himself that since the st of May last
the earnings had been sufficient TO meet all requirements
beyond the shares even under the old tariff OF low prces
During the past winter the receipts have nearly doubled
and since the LIST Of March the local and through regat
has been raised % per cent This mportaDt me sure
Together with the natural increase Of business t 10 be-
eved win enable the Ogdensburgh and Central Roads
20 make reasonable and satactory returns 10 Their
stockholders at no distant day
At Philadelphia FIRST class paper is 7G3 ~
cent The money market is rather tight
We noticed few days since the fact that the
Chancellor of Mississippi had decided in favor Of the
constuonaity Of the Union Bank Bonds, and now pre-
cent brief history of the which ELECTED the dec
sion:
ain Nav last Messrs Adams e. Dixon. Attorneys at
Law Of Jackson, filed bill n the Supreme Court Of
Chancery, on behalf Of Mr.. johnson, of New.York,
holder of Bond issued by the State account Of the
Mississippi Union Bank, for the purpose OF finally settling
the question whether the State legally liable for the
payment OF the Bonds d. G. Glenn Esq, Attorney.
General appeared the part of the State and answered
the bil and the ubmted 20 the Court for de
cison on the Doth ult"
The Bonds issued in strict conformity with the
law and aierward negotiated through the agency
OF the T. g. Bank Of Pennsylvania s President, Mr..
Bddle The bond now sued on s according TO the form
prescribed in the 9Th section of the original charter oil
the Union Bank.
The Judge (Scott in bic opinion says:
1.-THE State does not raise any question touching the
validity otthe sale Of the bonds sued upon The facts
would not admit Of any such question. The position
assumed In argument by the Attorney General for the
State Ia that the Bonds Issued in violation OF the
fundamentalaw and that the faith Of the State has
been constiionaly pledged for their payment there
fore there be no legal equitable liability on the
| part of the State 20 pay them"
But the Court have decided that the original act was
constitutional and had the Legislature passed the
Supplemental Act, would have been spared the
investigation Of the delicate and vexed question: and
| further,
1.-THE State became a subscriber for stock in the Bank
and il viii be doubted this day that start may
dvest herself Of the robes Of sovereignty and
| the character Of a single Individual"
Therefore this Court is of opinion, that the com
painaDf in this case who Is an innocent and bona hde
holder assignee of the bond sued aud exhibited
is entitled have his decree against the State in
cordsuce with the prayer In his blk'
The Jackson (Miss) Flag ssys:
II will be seen that the Chancellor decides that the
State legally and coneiuiionay bound for the re1emp
ton and payment of these bonds and DEGREES In this
accordingly.
The Attorney General appeals, we understand to the
High Court, where the cause will undergo another ar
gument, and doubt elaborate and able examina-
ton the part of the Courtwhich, from It's compost
ton, IL is so fully competent TO make.
As lswabding citizens, we, In common with thou
MD NJ ab alan ha Nv 6eein1n n
the constituted tribunals of the land and the holders
OF the bonds have in submitting this question 10 ribu-
nails erected by ourselves shown that they want nothing
but what IL right and that they have an abiding conf
donce IN an able, pure and independent Judiciary.
The NGtehez Courier says:
The regulating majority in Mississippi have always
defended themselves against the charge of dishonesty,
by alleging the unconsutionaliy OF these bonds, and
the absence Of any legal liability of the State to pay
them They have pointed Ia the Courts Of Justice open
10 the bondhoders, proof that Mississippi stood upon
right and not upon might and that she hsd acted as am
individual would do who refused 10 pay what he col
sidered TO be unjust clsim The hercet repudstOrs
have generally acknowledged that was but indirect
mode OF robbery for parry who could pay 10 refuse 70
pay just, legal and constitutional debt The justice,
legality and constitutional conformity Of these bonds
were all denied, and formed their a'cation for repa
dstion,
creditor, l, appears has taken these directors at
their word and sued the State upon OF these bonds
past due. Now, ask every candid man-ls il
not Just and right that those TO whom we the people
have inIusted the adjudication OF our own laws should
decide the point thus raised upon its legal and
tional merits slonei Politically the people have repu
dated the bonds because they said The bonds were In
valid and unconstitutional The Courts Of justice
opened for the judicial determination OF the ques
ton. These Courts have been entered by those
selves invited 20 in. Now let the matter be deter
mined judicially-with eye directed only 10 the
question OF the legality of taese Enthusiastically
Guiding every thing that refers the past political dec
sion Of the matter This is fair this Just; it is
no more than honest As political question, il has
been decided On legal and Judicial grounds alone JUS
tee will be donedone 10 the Stae-done 70 the people
done 10 the creditors
The Judges Of high character of distinguish
ed legal abilities they Mississpsns and cannot but
feel some little OF the influence already naturally exert
inside Their bias cannot be against the State II their
decision conrns the popular de,ermnsfioa already
expressed, IL At puts end all the aspersions
frr a.