New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-06-23

The Mines Journal Of Saturday says
"A meeting Of the coal operators was held yesier-
day but owing the absence OF several neasv snip
persihe difficulties at the coIeies eau 'ed by water
&c.-was no' very well attended. Mr.. Tucker gave :
statement of the trade showing that the supply would
be PROFESSIONALLY short this sea-on-that 40 adv
ought take place in the price of Schuyk! coh 10
reunerate the operators for the increased expenses Of
produeior-'hat there abundant orders for coal
al Philadelphia, but the scarcii . vessels for the
East checked shipments. Anoti~ meeting will be
he'd shortly WHEN the subject OF general advance,
tocerhsS sri 0Ser important business connected VITA
the trade, will be Aaid before them.
At Boston money negotiations during the last week
were made with less freedom, aud although disco mt
rates are not materially higher, there Is more difficulty
in placing paper at recent quotations. The Banks
probably lost 500 0O0 to 100000 in coin, aud have
been more cautious in discountng An air Of caution
and restraint pervades the market.
The indianapolis Journal publishes the decision Of
the Circuit Court of the United States of Indiana in the
case of David c. Wallace against the Commissioners
of Knox County in that State. The Board, before
the adoption of the present Constitution OF Indiana in
1851 in pursuance of the terms of statute auhonz-
ing the same subscribed 5000 900 to the capital stock
of the Ohio and Mississippi Railroad Company, and
after the Constitution took effect issued their bonds
with coupons, for the payment of the stock, in the
usual form. The county failed to pay the interest
coupons when they became due, and this sui! WAS
brought the amouet of the coupons held by
the plaintiff as the bearer The defense rested sab
.tantially on the following grounds:
That the subscription void, the county having
no right 10 make il for railroad purposes.
,. That the bonds were void, having been Issued
after the taking effect of the Constitution of 1851.
g. That the coupons void for the want of power
TO issue them, even if the bonds were valid.
4. That the law of the State submitting the question
to the people of Knox County, whether the Commits
soners shall subscribe the stock was unconstitutional
and void.
Judge Mclean decided:
That the action could be maintained upon the
coupons that each of the points raised in the defense
was unsustain8ble in point of law; that the subscrip
tion was valid and binding upon the county of Knox;
that the Court would have compelled by mandamus
the issue of the bonds had the Commissioners re
fuse to issue them; that the subscription having been
made before the Constitution Of Indiana of 1851 was
in force, could not be effected by that instrument:
that the of bonds is not inhibited by the State
Constitution, which only applies to subscriptions made
after the Constitution took effect Enor could the Con-
sttuton fleet these bonds, il bonds named
in its prohibition, as they were not new contract,
but merely consummation of the previous contract
OF subscriptions rat made before the adoption of
the Constitution therefore both the subscriptions and
bonds protf ced by the Constitution Of the
United States; that the coupons merely incident
10 the bonds and derived all the legal effect from
the bonds, and were clearly authorized to be at
tached to the bonds matter of convenience, aud
10 facilitate the payment Of the Interests that the law
submitting the question of the subscription to the
people Of tho counties was q valid and binding enact
ment.