The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-09-30
COLUMBIA.
Sunday Morning, Sept. 80, 1866.
Bank Notes.

State to redeem its old issues-so far,
atleast, as regards all dues to her for
taxes, &c.-is one of some interest to
the Southern people at this time
A decision has just been rendered in
the Circuit Court, at Nashville, Ten
nessee, which requires clerks and
other officers to receive the notes of
the Bank of Tennessee in payment of
taxes. The decision was in the case
of Furman, Green & Co. rs. David
Love, Clerk of the County Court.
At the instance of the firm, writ of
mandamus was issued to compel Mr..
Love to receive the notes of the Bank
of Tennessee in payment of County
taxes. The Judge gave it as his OPT
MON: that the old notes of the bank
those issued prior to 9th of May, 1861,
the date, we presume, of the secession
of that State-were to be taken at par
i'll payment of taxes, and thus de-
cided in favor of the plaintiffs.
This is an interesting question in
our own State. We presume there
is considerable amount of the bills
of the Bank of the State, issued prior
to the war, III the hands of indivi-
duals. Now, if these individuals pre-
sent these bills to the tax collector,
in payment of their dues to the State,
Oh what principle can the State re-
fuse to take them? A refusal would
be simply repudimiou-a word hate
full to the ears of Carolinians. In
our Bank of the State, there were no
private stockholders-it was the State
iself doing banking business. She
was bound for every dollar of its is
sues, and, viewing the question in
the light of right and justice, so long
as she is not bankrupt, we cannot see
how she can avoid receiving her notes
of hand, no more than her more
formal and solemn obligations-her
bonds. The question, we presume,
will be tested, and we have little
doubt but the State will be required
to redeem, at least in payments due
herself, the bills issued prior to seces-
sion, and which were not (so-called)
''rebel' debts or obligations.
AS to the private banks, an inte-
resting question has just arisen in
Georgia, which is furnished in our
Atlanta exchanges. The banking
house of the s'Bank of Fulton" was
sold at public out-cry, on Saturday,
for the sum of S11, 300, the purchaser
being Mr.. Willis p. Chisolm. Mr..
Chisolm held $1O,44O of the ''pro-
misses to pay" of the bank, which,
with the balance of the purchase
money, in United States currency,
were rendered, in the presence of wit
nesses, in payment, and titles to the
property demanded. This being re-
fused, demand was made at the
counter of the bank for redemption
in specie of the notes held by the
purchaser, which was also refused.
In consequence of these refusals, Mr..
Chisolm has brought action against
the bank, to compel specific per-
formance, on its part, requiring it to
make titles, and, also, for twenty per
cent. damages, for refusing its own
bills III payment of debts due the
bank. After the bills had been re-
fused by the bank, in compliance
with the statute of the State, Mr..
Chisolm made special deposit of
the amount at which he bid off the
property, in the hands of solvent
stakeholder, giving the bank notice
thereof.
The laws of Georgia as to the re-
strictions and requirements from in
corporated banks are similar to those
of other States. They are to pay
specie for their notes and other obli-
cations, when due and demanded;
receive their own bills in payment
of debts due them; and, for violation
OF these enactments, the banks shall
nav hociIoo tho 1aCo1 ~ to,oc+ +,,,o,>