The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-01


ing a. dsesuptn go Richardson's Dictionary And
x6st is bill jacobs in his LA~ Dictionary defines
bill to be common saesgensnt for money given BY one
. penal bill, and sometimes without penalty, then
called single bill, though the at.eris moat frequently
used by bin says he eve ordinarily under stand
single bend without condition y Consequently the
company, under the power OF "dscountipg bills we're
authorized to buy bonds especially single bonds which
rety) is the precise form Of these state securities.
They are simple acknow edgements OF indebtedness
future specified period. they are seldom even under
seal although "bond under seal without condition,
is none the less note or bin being dsnomnat.d 10 Law
question, are made il 10 true by State and not BY
individual But the act does not limit these associations
to the purchase Of the notes OF individuals The
granted by it is general and without restriction to dis
count any bills notes. Had the compsny, under this
power discounted bond Of the city Of Nsy York, no
one, presume, would hAye doubted the legality of the
act and Wherein SO far IS the present point Il
ed do State bonds differ from ciy bondss should it be
mote day. may ask, Is written usoneyed oblgaa,a
less BILL note, IL payable in twenty years than II
payable in twenty days or-for that is all we are re-
CURED to establsh-is the instrument LEES an esdencs
Of debit when made BY state and payable NTH In
teIess at long, than when made by an individual or
That the general power to purchase bills, notes,
and other eviderces Of debt, carried with II
incidentally not directly the authority to
derstood by the Legislature, il further obvious from
the second section Of the act which provides as orig
of med for the purpose Of banking unesr the
provisions Of this act shall legally transfer TO TIE Comp
be rsatd by the United states, or by this
state such other States shall be approved By the
Comptr0er such person or Of persons sh,
amount Of circulating notes, &c. Now, INV, We may
inquire these associations transfer they could
the authority 70 buy, unless it be contained In the
words power to carry on the business OF banking by
iosning MONEY or in The words, inc,dental powers
necessary to carry on such business II the grant bs
not embraced in these it nowhere And yer,
will be seen, the legislature assumes (and such def
milton Is clusive that grant Of power to purchase
'pubhc debt" as well private, is contained in the
car.s trait the provision cited intended to ge
did give, the power 80 to do properly speak
ing was iIt:nssd to Iesogn.s and did rscosns the
purchase and hold that class. Of obligations, we'll
any other bills, notes and evidences Of debit Thus
sficted not only in their nature mpart the right
TO deal in the public debt Of State, but thcy
ns 80 e ss ~ hs hss
were used II may be that the grant was mpoitc but
It is the Office Of the Judiciary in the language Of the
as the Legislature has declared it not to alter the
law by means of construction, in order to remedy
resulting from a fair Interpretation Of the law,
Under the monopoly and restrictive system Of aiming
acts AND chartered banks e. existing prior to 1888
buy and selling State stocks These special prohibit
tons, hov ever, only add iona evidence that,
would have been included the power to buy and sell such
stocks But it is sufficient TO know that object OF
the free banking law to remove. not to increase
strictons to oyerurn and not to establish the char
tered system So strong, as already stated, had the
public sentiment on this subject become, that early
as February, 1887 year before the passage of the
General Banking law the Legislature PEELED to
repeal all that portion of the Revised Statutes which
ncorporateo from Keeping offices Of disc, and de-
post The general therefore, Of 1885, in this respect
old but recognize and enlarge the restoration Of the
vious Again, the bonds bills in this all most
Of them Cee payable IL Lopdoa. They vera In effect,
state Of Indiana their bankers in Engand and may
fairly therefore, without undue st.ining Of language,
IN the absence Of express prohibition be included in
foreign coins and bills Of sx:hanee.3 They were
engagements BY the State to deliver many pounds
dsaaon Of osrt.n number q sor t, Se pi
at certain other periods in New York by the banking
be denied the company had power to buy this class
q evidences Of debt for the purpose Of depositing
and the case hs OF aS
STATE had any notice or suspicion that the purchase
for any other object for any object whatever prohibit
presume that the Legislature Of another state Of tho
same Union intended to vOite its laws or to authorize
Indiana must Be tsisn to have sntSorzed lawful and
not unlawful disposition Of s bonds and the traus
fer In question (as We think We have shewn it not
consequence was Of effect to pass the title. and the
sae may claim restoration Of the securities, or
payment Of their value. 50 that whether the purchase
was lawful or unlawful, the result substantially must
be the same and the Court Gin furtherance Of Justice,
ment Of the proceedings which might be necessary to
adapt them to either view Of the claimAnts remedy
Ana this consideration tos were there no other, fur
nshes complete answer 70 the Receivers second obec
tion which goes to the form of the subsequently delv
so 70 s .s. s
as interfering with the currency, we're unla sful
the agents Of the state o. Indiana had authority to
10 that case, did not bind their principals SecondBu
1.-THE negotiable obligations Of this sassociaion
time, void BY any statute the subject existing in
1882 when the contract in question NADER By that
contract which bears date the 18th Of January 1885,
thousand dollars two Of the obligations TO be given BY
the banking company to be for 500 four for
s24 Of bills-t would seem not very
likely to enter into the currency to admit Of any very
striking simiitude to bank notes " Be this 1t may
however, there Uas no statute, have shown in the
case Of the Pa'mers lately decided by this court prohi
biting the giving OF such obligations BY the free bsnls
pssrn from its gasve history, although expressly in
GLIDING associations only intended apply TO notes
and bills issuec or put in circulation as money Adj
mitug, however, that II comprehsnded "obligations'
such the present its very enactment was an adms-
sion that no such probibt1n previously existed Esc
amendment that mo banking association, (after the
4th Of June 1s40 for that is its legal ehec) or in
diyidual banker, SUCH should ISSUE or pat in cir
culstion any bill note OF said sssocistiou or
individ ual banker, unlefs the same should be
made payable demand and without interestn such
was the law already why declare xgain and why
call the act an amending actf Or II its previous exist
ence was 20 doubtful 70 require and re GIVE more
explicit declaration Of the Legislative WILL what justice il
there, the proviaion being penal in sxactng part
o. strangers prevous hno.lsdge Of its requirements
cations however Chat the sI75 600 remaining un
paid sths ugh given before, renewed I'll said
after the act Of 1S40 snd renewed FORM being
FOR nine and ten thousand dollars EACH somewhat mod
Ned 20 far - respe.ts amounts from thst originally
stipulated although even those sans It obvious are
altogether too large to admit the idea of currency
Assuming, however that the renewed csstAcates what
ever their denominations are within the aet-a propo-
sition. imagine, which the District Attorney would find
it mot very easy establish on q criminal trial-tbey
are, in that case, simply void and le,ye the original
obligations standing in full force Ny conclusion there
fore IA he