Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-11-14
,-n.,,.,, I.~.al Iuteliigcnce.

The Rsapers' Bank rs Jesse X. Dn-
bo,s. James NJ. Adsit and Elisha w.
Willard. - Appeal from Superior
Court OF Chicago.
Opinion of the Court by Cation, Chiet
Justice
As in the preceding case, tins de
cree Is affirmed for the reasons assigned
in the Superior Court for the rendluon
Of the decree, and we atopt the opimo"
oil that Court as the opinion OF tlis
Court.
Opinion of Chief Justice Wilson, OF
the Superior Court.
The complainant is banking corpor-
a,ion argan zed under the General Bank
ing Law Of this State, pAss-d IN 1875 l..
The defendants, Willard and Adsit,
were Joint owners Of packages Of bulls
amounting to $500, issued by complain
ant, and payable at complalnants Bank,
and presented to the Bauk in pack
age, and redemption dem nded, on the
18TH Of October, 1859, by a Notary
Public on behalf of said Willard and
Aislt.
The President of the Bank received
the package when presented, and count
Ell the bills, then separated one bll! from
the package, took bag Of dimes and
hall dunes, and deliberately counted cut
the amount of such till and handed the
amount TO the Notary, and SO proceeded
redeeIning in that manner, one bill at a
time, for several hours, aud until
O'Clock Z. NJ, and ,hen refused to re-
deem any more bills of the package or
that day, even IN that manner; aud al
SO refused to redeem III any other man
ner, although be had thus redeemed on
ly $3.50 OF the $500, and thercupon the
Notary protested the bills not redeemed
for non payment.
On that day the Notary Informed the
President of the Bank that he should
present for redemption on the next day
another package OF the bill, of the Banh
of the same amount.
On the next day, after 10 o'clock a
NJ, the Notary presented another pack
age of the bills of the Bank, amounting
to $500, and demanded payment.
The President proceeded to redeem
the bills, one by one, IN the same man
ner as on the day previous, until :
o'clock L. NJ, when he stated that the
Bank had closed, and refused further t.
redeem in that manner, or in any other
mode. Whereupon the Notary pro
tested the bills OF the package unre
deemed, tor non-payment.
The several protested bills were for
wa.ded to the Auditor OF State, where
upon he gave notice to the President o
the said Bank to pay SAID note with In
tcrest, AID fees, as required by the stat
ute, and complainant alleges that he be
Ieves the Auditor is about to proceed tC
sell the stocks pledged by the Bank, anc
call In the circulation OF the Bank, DC
This statement is, III substance, the
case made by the bill. A preliminary
injunction was granted, to enable the
defendant to bring all the facts before
the Court, i: there should be any other
facts not stated III the bill |, necessary to
tall investigation of this case, or
should any facts stated in the bill bt
controverted.
Every question involving the right.
of bankers and bill no ders under the
General Banking Law, is important, in
yoiving to some extent, as it does, the
interests OF coporations who have invest
ed nearly SlU,O00,OOO, aud the Interest
Of the business men OF his State, VIII,
are compelled to use to a great extent
the issues Of these corporations in the
transaction of busii ess.
The intention of the trainers of the
Constitution, and of the Legislature
which passed the act of 1851, is yer,
apparent, which was to obtain currency
easily convertible INTO money, and Sc
cure the bilI-holder from loss. The sub
lect of banking was considered by
trainers OF the Constitution as one o.
The great Improvement and tic
dellcacy. Hence they took from
the Legislature the power of deciding
what the law should be until it hac
been submitted to the people for then
approval or rejection.
The jealousy OF the ordinary mode o
Legislation in relation to this subject,
and which induced the Constitutional
Convention to require such law to be
submitted to the vote Of the people, is
easily accounted for by reference to the
history OF former Legislation, and its
disastrous results, in this and other
States. And the fact that case lik,
the present should be presented TO ,
cont, and the strong arm of court Of
equity should be invoked TO sustain the
assumption of the complainant in Thu
case, as legal rights entitled to protec
ton by injunction Is o n example to show
that the jealousy of the constitutional
Convention in relation to such corpora
tons was not without reason.
What is the right which the com
plainant asks the aid of the Court t.
protect, and which is about to be viola
ted as is alleged? 1t is simply this
The right to have its agent stand at it,
bank counter, and when the bill holder
presents number of its bills for re
dempton, count ont dimes and hal
dimes in the most dIlatory manner, day
alter day, for the redemption ot,he BIB
at the rate of $3.50 to $500 dollars De,
day and this court is asked, in short
to adjudgc that banker, when bills ar,
presented for redemption, may stand a
his counter, and under the p,e;encc o
complying with the law, adopt any an,
every device to delay and annoy the bill