New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-01-30


the meaning Of the tern "inssvency" In other cen-
cfions and in other s,ata,es. ,s meaning In the
statute before csa srmit of dispute: and thai
nearing Il il obvious is nothing more less ,haa
iDsbli,y uowillirgness - pay pronpiy. g indi
Gated BY sc'us non pss msBt persisted in cs.tauek
Tor ten Gays after demand. or for sny time after
scu'ion. This vie~ it viii be observed, dlsPcses Of
mer.cral OF soiveney IN the sssigp pent j, may Be
inst ne s'seis Il nursei by friendly bslis, viii ID
r'ns'ely, after the usuL delays and iadugsnoes.
yd epous as that instru processes % conts n
paS 20 pay AZ me creditors IN full besides surplus
Tor the beneht Of the But the very
ton OF DE instrument unser the cicuns,ances IA An
au sslon OF present inability. and Of the insufn sucv
o. the sssets II allowed To be disposed OF in the rryu
lsr course 70 meet the dsmards on than. or slss n
is admission fatal to the beg .ty of the ins,ru msnt
that il made for the and benefit OF "a
debtor snd to delay and hinder the creditor
Assignments made for such purposes even By
solvent oebtors void by the statute Of frauds;
and still moro So if mace by embarrassed banking
Institutions are they word by the statute Of lsis. u
allowed TO stand VII n made By such institutions h
contemplation Of bankruptcy they would natiify N
eject the whole scope OF the set They would, IN
such case. operate no, as fraud merely on the
creditors but . fraud on the Incorporating 10
practice every part Of the plan elsborstey devised
by the legislature for carrying out il constitutional
dures. For will be recollected that the iadt-
yidusl responsibility of the stockholders can b e.
forced in no other manner than that prescribed By
the act So that unless the original asset Of tie
bank are administered aud exhausted by Rsceivss.
appointed under its provisions, there can be Ne
resort n case OF deficiency, to tho supplement
tary liability of the stockholders. And 1t may be-
for charity does forbid the suppositon-that 10
escape such hsbillty one OF the In inducements
10 The execution Of the assignment IL 70 Q
Receiver and Receiver only that is to convert the
assets Of the Association into cash with the lesst
possible delay" and within ninety days from HE
appointment 10 declare dividend. And il Il oaly
after such dividend rather within thirty days asr
It's being declared that the Judge refer IL TO ref
ere, notice to ali persons concerned, to spporton
the claims remaining unsstsfed among the individual
stock ho and 10 port the proper judgment TO b
rendered sgsiDs, them And - an order confirming
"such report, is the oDly Judgment against the indi.
vidpsl stock bolders that be- rendered; and the
mode prescribed for entering and executing IL the
" only manner in which the constitutional liability
imposed upon such stockholders be- enforced.
How then, assignment, defeating all these OBJ
jects, both legislative and constitutional retaining no
If. ct, after refusal of payment, the whole control In
the hands of the stockholders debtors and shielding
them from the claims of the creditors, be permitted
to stand at any rate TO stand in the way Of the
prescribed action of the Court My duty, 1t seems
TO me- whether dsaa reeable otherwise, 10 perfectly
clear TO declare this Bank, in the sense Of the
statute OF lsi9, iDsolvent, and to appoint re-
cever of its property and effects The unisea
States Trust Company, and several highly respect-
able individuals, have been nominated 70 discharge
the trust. As no mere personal obligation can 30
equal to the mortgages and public stocks to the
amount Of one million of dollars, pledged a. security
by the Trust Company, and as that Institution ~
been erected Dy ner among otner ooec, tor tue "a"
press purpose Of meeting such requirements, l csa
feel 10 hesitation in making selection between the
nominees Private preferences, In this ~ IN most
other judicial acts, must yield to public consderar
tons No man, and the counsel of no man, he's
right TO complain that he or his particular friend u
not appointed especially where the assets
in these Bank cases to be ntrusted to his rsspon
sbfy are counted, not by tens, but by hundreds o.
thousands. There absent parties Interested a.
well as those who are present-minors as well -
adults and those who rely, and have right 70 rely,
exclusively and without professional intervention ON
TIE care and vigilance and unbiased judgment OF the
Court make these remarks, not 80 much with ref
erence to anything that has occurred in these imue-
dia,e proceedings with reference to some incidents
In the action OF kindred institution iatey petoro
me. In that case the INDIVIDUAL bona oi ING
applicant fortified by these suretes, IN the penalty
OF ESQ, 600 was rendered in connection with the
request of several ditors and stockholders, a. an
alsuf6cient and undeniable basis for the appoint
ment; and no other creditors or stockholders ~
,aid objected to the nomination. But no public
notice bad been given; and for aught that sppe6reds
large number Of persons entitled to be heard or ~
least TO be- considered. had knowledge OF the pro-
| ces ding. This bond was accompanied by the am.
dsyits not Of the principal but OF the three sureties
declaring themselves to DO worth, fifty thousand,
the Others twenty thousand dollars, over ana
above all debts liabilities One OF tho two last,
however whose name was before me In test OF the
ases Of another bankrupt institution appeared 10 DO
oefaut.r in the shape Of drafts to the amount
Of from one to two hundred thousand dollars. And
the gentleman subsequently proposeu as 5uDsttuto
IN lie place, although justifyiDg In the sum Of
$50 900 in real and .ssehold estate, added ny I'M
'plcation that the property was subject to incun-
nrsDc.s thereon, and that this, In his opinion was
It's value over and above them. II was suggested,
in answer 10 these objections that clause should be
inseit.d the order directing the reseiver from umo
time to deposit all sums OF %, 600 and upwards n
the Trust Company. But what additional safeguard
IL there in snch provision Does not every order
appointing Receiver contain, by implication, nos
expressly, a direction that all the funds when col
lected, sbs be kept in some safe depository Hno
law in requiring as II does, proper " security non
Receiver in thu cases assumes that although d.
reced be may not do his duty, and it 10 only In sucn
a contingency that security Is OF any Importance.
And it dspeusss with this prerequisite In the case o.
the appointment Of the Truit Company only because
"ts whole csptsl stock property and ELECTS are ~
claw made lufey liable for such deposits 10 pre-
"fertBce 10 al their liabilities
like order must therefore be entered In this case
lto be drawn up and submitted for settlement % v
that Of the knickerbocker and sufolk bsnks'
CIRCUIT CoURr-Jm 2s-B.fors Judge MITCHELL.
SUIT AGAINST conNos CARRIER.
Richardson Miller AIT Edward Livermore and othert
By Jewellers at No. 90 Maiden lane, 70 recover Tor
sam.s: to III. contents containing has 81, swsy
W.. s.e. s'fs e.1s Of he
and receipt gwen 70 that s,st ana ssi na oo.ssS
ID. sw., vas dcov.rea have been We. and t.s.ss1
sDd the card, 40 90 :, -oss W" PACKED wet '"'
ny. ssaS IL appear. bad come to Buffalo from Mwsstss,
TO which place they bad been seat BY pahtin ~
Con pspy th., Of Gasrs Co Defendants deny that ne
j.wey injured While in their possession 90 me s'Js
b.na Inc SCENT Of Clifford Co that they dshvs -
tos 10 rooo order Eekford line Verdict ios
"a ~ b-ns pubeigal interest b,r Pisiatn Asss
sebermehon and shassr Fer defendants, Mr. " 'sa
vooTo .o... ,v,,ox
F,.s,rek 4 Vsnderpop s Joseph Busson william Co'ts
and CHARLES Morrison. 81
Plaintiff saws, IN passing along tbs Bowery, & Of
., No lfS on ith August s5 be was struck by "a ~
timber gently thfo~n from sad bulldog u Hse
bis es. broken In places and he v. eonhasf
nall, and loo Internally Djgred-ca.nng 1mnSf VIII who'll
~ - q In, anfhs-..f he probably rOf lesseese0.