The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-10-02

The between the Suffolk Bank and the New England
banks progresses vigorously In the Supreme Judicial
Court at Boston, yesterday, Judge Bgeow denied the
motion for an injunction against the Suffolk Bank made in
behalf of the lowell Bank The Judge remarked
This bill brought under the statute which provides
that where goods and chcls have been detained, with
held secreted that they cannot be reached by repe
vim bill In equity will lie. There is doubt Of the ju-
risdc,ion OF the If notes withheld to which
the party entitled this is the proper remedy Bank bills
goods ? within the meaning of the statute. IT, then,
the legal right is clear, rreparabe mischief will en-
sue from denying the injunction, II must be granted
What the allegations? They that bills TO the
amount OF $4,000, issued by the Lowell Bunk into
the possession the Suffolk Bank that the Lowell Bank
rendered the specie for them at the counter of the Su
iek Bsis a!pd the sGl9k Bunk refused |? surrender
them II Is further alleged that this refusal was for the
purpose az injuring depressing the Lowell Bank.
There is ayerment that the Suffolk Bank did not le
galy into possession Of the bills, and it il to be in
ferred that they did not come into possession The ques
ton is, whether holding them, is bound 10 surrender
them There is no doubt that banks may lawfully hold
bills Of other banks The statutes recognise this right
Chap So sec 81 In ordinary contracts, when the re
aton Of debtor and creditor exists does tender Of pay
ment by It's own force alycst The creditor OF his con
raciS j; is the doctrine Of the plaintiff that does No
authority is cited, however, in support Of H. The Court
docs not understand the legal effect Of tender If the
party holding the goods has been rendered the payment
and then cnorccs the contract the fact Of the tender
valid defence against the suit: but the creditor is
thereby Invested Of his property BY rendering payment
tho debtor has done all that he but tho title Of the
promise not Invested II this IL the law in ordinary
contracts applies with greater force 10 the bills OF
banks. They are circulating mediufn--a currency,
and not a contract 10 be recalled AT any moment lie
had never heard that a bank could demand it, bills Of
an individual They are for circulation, from hand To
hand until they come back 10 be redeemed in due
q business bank may hold them part OF it, assets,
only cannot pay them its pay of
It's debts. tender might stop the payment Of
rest but cannot diycst the creditor OF his rights. The
Court Is Il opinion that the plaintiff has no, that clear
legal right which alone an injunction could be granted
IL alleged that tho motive Of the Suffolk Bank Is OPP
press the Lowell Bank This may be tr, G. aud the
tive may not be approved, but te principle clear, that
a party only exercises his icpa right, hrs motive IS i'm.
material Ilc act may be II usurpaiion, but the
law viii no, took into motives legal rights are not trans
ccnded
meeting OF the western banks OF New England was
held at Springfield Mass, Wednesday, at which
~ banks were represented, IS follows
The chicopee Agawam, John Hancock and Pynchon o
Springfield; the Iiadiey Fails, NJ Hplyoke; Monsoon Rank
Wcs;sld Bank: Holyoke, 81 Northampton Conway Bank
Greenfield and Franklin county of Grccndci Northboro
Bauk; lavcrhill and tSscx Banks OF IIavcrhi Bank
hatileboro, Vt; lank OF Lyndon, Vt; Brandon Bank
Vi Thames Pank OF Norwich Ct Iron Bank OF Hall VII
lare Ct. and Bank q Norfolk, c.
certificate signed by thirteen ~ the banks nedg
ING tlems,h G. 10 keep SPECIAL deposits the Suffolk
Bank hereafter. Tho remaining banks had authorized
their representatives to act but assurances wcr given
that their names will be added 70 the lst the
respective boards q directors can be assembled author
izc H.
the meeting would continue a. receive the son
hogan Bank notwithstanding the dscrci thrown upon il
~ the Suffolk Bank. Tie following resolution also
adopted
Resolved That the course q the Suffolk Rank IN war.
ring upon the country banks which have refused
tDue their subsidies to that bank, and refusing for
their bills the specie rendered % them Boston and then
sending OF the bills q such country banks from the
point of rcd mpton 10 their respective counters merits
and shall receive condemnation, both IN the *.
preston Of opinion and in the direction of future
business.
Hewson Holmes q Cincinnati write follows on the
10th Of September
Tie stock market presents no new feature since the date
~ our last issue the feeling &C confidence then noted st
Continues ana very fair amount n business has hern
iransacicd, al prices varying little from those last report
cd. In the mortgage bonds 81 81 the roads slight
decline las taken place. while others have experienced an
advance. The stocks of the different roads have been
more sought after, and quite Improvement in prices
been established. Tho exchange market IL In n more
settled condition, and rates rm premium on thr
fnst. hanscrs' checks on New Orleans command iron,
n 70 premium Very Little doing In gold, and prices
Nominal al u.