, 1860-01-04

Issued by complainant, end raSauIs 1T co'lif |
piainants hapk, ap3 "as presented 10 the bank
1:ta Of October. 1859. hy notary pubic on be: |
ha'f OF said Willard and Adsit.
The President Of the Bank received the pick! |
aye when presented aud couuted the bills. then |
separased one bill fran, The package, took bag
Of dimes aud half dimes, and deliberately
counted out the amount Of such bill and huna:
ed tue amount to the notary, and So pt oceeded
redcenling in that manner, one bill at time for
several hours. and until :; o'clock r. H., aud
then refused to redeem any more bills Of the
pnckagc Oh that dav, even in that n,auner; and
also refused to redeem in auy other manner,
although be Lad thus redeemed only t!59 Of
the S5I0. md thereuroa The notary protested
tile bills NO: redeemed, for nou.paymeut.
On that day tho notary informed tie. presi!:
dcnt Of the bunk TINT 10 should present for re-
dcmption on the next day another package Of
the bills of the bank Of the same amount.
On the next day after 10 o'clock 4. u. tile no.
tary pr sentcd another package Of the lilfs Of
The bank, amounting to $5oo, and demanded
payment.
Tbs President proceeded 10 redeem the bills,
one by one, in the sa1ne mauner as Oh the day
previous, until O'Clock p. n, when he stated
that the bank had closed aud refused fortlerto
redeem in tha manner or in any other mode.
Whereupon the Notary protested The bills Of
the package unredcemrd for non-payment.
The several protested bills were forwarded to-
the Auditor Of State, whcreupon he gave notice
to the President Of the said bank to pay .aid
mote with interest nnd fees, as required by tue
statute, aud complainant alleges that be believes
the Auditor Is about to proceed to sell the stocks
p'ed.ed bv the bank, aud cali in The circulation
Of the bank, etc.
THIS statsu:entis ii substance, tue case nude
by the bill. A preliminary injunction WIS
granted to enable the defendant Q bring nil the
facts before the Court, If there should be any
o&{, fu IL 4.;fI
full investigation Of this case, or should any
facts stated IN the bill be contrayerted. ;:
Every question involsing The rights Of bank
ers and b,llholdcrs under The general banking,
law il important, Involving 10 some extent, as 1t
does, The interests Of corporations who huye in
vested nearly sl0,000,06D, aud The Interest Of:
| the business men Of this State which compelled
to use to great extent the issues Of these cor
poratlons i'll the transaction Of business.
The intention Of the trainers Of the Constitu-
tion, and of the Legislature which passed the
act Of 1851 is very apparent, which was to ob-
| aud secure tue bill holder from loss. The SUBJ
ject Of banking was considered by the iraners
| Of the Constitution Is one of great Importance
| aud delicacy. Hence they took from tile Legis-
lature thc power Of deciding what the law
should be until it had been submitted TO the
The Jealousy Of the ordinary mode Of legis1a-
ton in relation to this subject, and which III.
duccd the Constitutional Convention to require
such law to he submitted to the vote Of tho peo-
pic, 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 u case like the present should be presented
to court, md tile stroug arm of court Of
equity should be invoked to sustain the assuulp-
.,on Of tile complainant in this case us legal
rights entitled to protection by Injunction, ia IN
example 10 show that the jealousy Of the Con-
stitutiouat Convention in relation to such COT.
posatious WIS not without reasou.
Whit is the right which the complainant asks
the aid of the court To protect, and which is
about to be violated as is alleged? II is simply
t!Iis. The right to lusc its agent stand Mt its
bank counter and when bill holder presents q
dimes aud half dimes in the most d,!atory man
ner, day after day, for the redemption Of the
bills at the rate 10 5000 per day md this
Cou I il asked, in short, 10 adiudse that bank,
er, when bills are presented for redemption
NAV stand at his counter, and under the pre
every device to delay nul annoy the bill holder
Filc does SO under the pretence that he is re-
dcen,ine.
yLc unolc of redeeuing in the present case
rs it was called, could have been adopted will
M other ob;fct than to harass and annoy The
bil-hosder So us to deter him and others f1ou
presenting bills for redemption:
TIE luw, wien it imposes an obligation upor
in individual or coruoratiou. REQUIRES That il
should bc performed ia reasonable time ant
iu lnnctty and good filth. Ifthere was no au
;. t thority upon the question we slnu:d have NJ
hesitation upon general principles iu deciding
tlas the facts htaaed in Ibis case amount in las
. to a refusal to redeem.
But scycral cases Of s;milar character bays
occurred aud been the subject OF adjudication
The case of the Suffolk Bank vs. Lnco2,
Banks Mason !, is substantially like this: Bill
1 r al
demptiou demanded. The cashier proposed t.
redeem and commenced counting out sa1al
silver coin Of tile denomination Of one auarte
uf dollar and less, aud counted about $500 be
= fore the hour of closing the Bank. The amour
, demanded being $1,000, Story Judge decide,
:. that such conduct amounted to refusal, IN,
that protest for refusal to redeem was pro
per. q There IS no ptctence to suy," the Judc
. remarked, that bank has right to de1ay t1
: "hodcr Of bills, dag after day, while its officer
t q cau count out chanre 80 as to make IN tn
l 'sthc amount in the smallest pieces of coin, il
sits specie counted and weighed ready for dc
"Tiyery," 4c.-Hubbard r. Chenango Bank, {
Cowen SIS, Gilbert vs.. Nantucket Bunk, Am. l
J. l07
The case Of the People rs. Dubois. Is Ills. 33<
does not involve this question. There was i
: was offered or any act done by the Bank for Ii
purpose Of yexatiou and detay. aud the onl
question decided was that the coinage Of til
t. S. l., OF ali denominations. was q legal leu
der. It By no menus follows because The col
rendered Was legal tender that the I,auk i1a
, 1he r;cht br rexstiously uroioneinr tla INV
| ment IF a f.w bundrei du];ars. to Eeen Xii
holder waiting ,}ay after div tor his money.
nrt II il ins,stoi hr lin comnro;n.nt 11,,t n,
5 notss were mi nronsrlr nrotrs,ad hec,usa ~
notary s,atad II liz nTotest the III. ~. t},e
tr,n.5;r.d vt the time ' t,ev vera nTcsan,ed
E'',e aI;an,;s, 49, ~. p-is;en. :.
nrca hse",.. ~ n1a4a., norif he ~,,tI;,;a,
ssn ;f iii ,hat i" a.nenta ~ ,s"." .t-;cia1, o,t
~ .otna1 esrt;t;s1 thnt ~ ~ .sa"aa.a5 -.
,otas a. ~ serast 81 +1a s,xnert - tis ra,n ~,
iSr 81 ~ n n,rt -, 10 o,clocr :" tne he ~. Eqa
ia,t ~ H. n.1t s,.t;n.~ 10 sr,ourt ~ ~ 81,
ston. :" and da,ndad = % .ho sa;4 p,s.,doa ~ ~
rsGe,;nn @ ~ sa;I rotas ~ r and ,1,.t tha as;
p"s.;d"a. ~ .hasa 1' 20 ."S nsJaa.. -.
~ s,.sa .,,a @ a -. ....s ,.I'.4 ~ " p.se,Ia
1rs tnea Pr9eeeas 70 SUE WIZ eHe ites'aen
a!u' uaues sue pts.encG " asussul.nE Us oe!oF
'u. auu c9ne,uues Es;a as .aan eeea~ - ~, " s'a
c"ne'cupon tne ea!u .a,:t uoai5 - .le 'e4uss
e1 INC sasu aas,t ano n!llasu, oia protest an
~ these presents 20 so!emnly pro!est, 6s::
reason o1 inc non-seaem1'1on OF Sa'o csc1laun