The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-06-05

IMPORTANT DECrsIoN.-The following important
opinion Of the Supreme Court of Pennsylvania was
delivered by Chief Justice Black, at Harrisburg, on
the 18th ulf.:-
Bank Of the United States vs. Peabody-Error to
District Court of Philads lphia.-rhe agent Of the
Bank Of the United States deposited with the Nessr
Defson d Co., Of London certain American State
stocks, amounting in the whole to the sum of 81
10000, TO be held in trust as collateral security
for the repayment of eight hundred thousand pounds
which II was intended % raise upon the post notes
Of the bank. The notes issued and this slit il
brought of them. 1t is not denied that the
bank is ps7nla tacje responsible, by vrtae Of the
note. IT is not alleged that the plaintiff received
anything from Denison 4 Go. out Of the coaterals
except what lie has credited But it is asserted by
the bank that the plaintiff is bound to look to the
collateras first, and 70 account for them 10 the de-
feIdaDt before he can recover on the note. When
collatelas are placed III tie hands OF the cred-
ter himself, and they lost by hi negligence the
debt il extinguished, az $. ~ r., 81 When he
converts them to his use, he is always pre-
sumed to have done when he refuses without reason
TO furnish account or them, he il chargeable with
their u value, @ Barr, 23) But this Goes not touch
the present case. The question here is whether the
creditor is required to account in an action on the
main security for collacrals which never in his
hands under his dominion, which therefore could
not have leen lost by his default, and from which he
never did in fact realize anything. 1t l. not possible
to doubt that under these circumstances he may re-
against the defendant just if the transactions
with Denison Co. had never been Even where
collateral securities placed in the custody of the
CREDITOR if he had been guilty of negligence has
realized nothing from them and has never withheld
information Concerning them, when requested to fur
nsh it, he il entitled to judgment against the prin
cipal debtor This decided very lately in Lord
the Ocean Bank" and in Kitteras estate. A for
tto,i, there may be such a recovery when they are
placed by the debtor in the hands Of third person
who is a trustee appointed by himself The State
stocks were given to Denson & Co. for the purpose
Of obtaining for the post notes credit which other
wise they could not have got. But though the
holder Of the notes may have trusted the bank partly
the faith of the stocks, there is stipulation
which makes them the exclusive fund from which
payment Is to be made. The notes are promise by
the bank to pay certain sum Of money, at certain
time and place. The promise has been broken a
right of action has accrued and IL cannot be defeated
by an arrangement between the debtor and her Lon
don bankers, which resulted in no benefit to the
creditor Judgment affirmed.
IspoRTAST CAsL-The New Orleans Della says
Mr.. A. Gonzalez Vigil, native Of the island OF Cuba
has resided in New Orleans since 1897. He Is natural
lied citizen OF the United States has held commission
In the State service, and H. in every respect faithful
and good citizen Of this republic. But Of the
accident Of mis- birth in Cuba, the Spanish authorities Of
that leland choose to consider Mr. Vigil Spanish citizen
and being informed through Us spies here that Mr. Il
patriotic Cuban. who actively participates and sym
patbizes in all movements to relieve hs native Island 81
tbe tyranny which Expresses It, have actually initiated
judicial proceedings against him. citing him, by notice
through the Official Gdse TO appear and answer TO the
charge Of treason But ii Ia further alleged that Mr.
Vigil sas personally sited by the Spanish Cunsul In h,
city to appear end answer the accusation against him ia
CGia Till 1as dcEa, too, gil fuu kno xsdss Ola t.4
ps,t Of sah Consul that Mr. Vigil was c,tIssn Of tas
1 ULipd States.