Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-02-06

'HANNf DNHN gctrr ADl2ttl-s l44E
L0NDoN, February 5, noon-Unites
States 520s, 72s ; eonsols, 90f for money
2 We take the ~foll0wing from the st
Louis Tines, Of the 81 IN the eireui
court Of this city, ia general term, yes
terday, Judge Moody delivered al
opinion favorable 70 the claim Of Cant.
!. 4 Ead5. b opinion is remarkable
Tor ITS orevity and ciearness. Weapneud
II, as 1t fully explains the nature OF the
case:
State Of Missouri VS. stale pank NJ Nh
scafl-Demugrer TO answer OF james y. Eads
The state sola twenty thousand shares
OF stock to Eads, and the question raised
by The demurrer Is this; Do the divf-
bends declared by the banks, declared on
June 50ths pass with the stock ?
IL IS eontendet that this stock, being q
trust fund for school PURPOSES. the state
had no right to sell il and if II bsd,
the act OF the legislature did not author
lie it sale in this way. This question
does not arise on the demurrer. The
petition charges and the answer Of Fads
admits that the state lid sell the stack.
The slate Is a sovereignty, and its acts.
whether a. trustee or otherwise. cannot
De controlled as in the case Of indfvid-
uals or ordinary corporations.
On June II, 1866, notice i'm writing was
given TO the governor Of Eads5 Did. and
the sale to him on June p. 1855. TIE
governor approved the sale. On June
~, I6G6 Eads was notified Of the APP
proval Of the governor.
BY the terms OF the sale. Eads was TO
pay The purchase money within thirty
days. The bank, by law, was required
20 make semi-aunu1l dividends, Of this
al parties were bound % take notice.
On June 30th, the dividend ia question
was declared On July "a, 1856, Esds
paid the purchase money 10 the state
treasurer On July -, 1868, the gov
ernCf transferred the stock 10 Eads.
Tbs transactions above stated, after
Jun u, 1866 al relate back to date date.
Eads took the stock just IS It was on
June i, 1866. The dividend afterward
declared on June 30, 1866, was on June
L, ? part OF he stock and passed with il
to Eads. The demurrer is o7eruIed.
Judge Re6er coneurs-Judge Lord
absent.
J.. C.. MOODY.
decision is 50 ,0G0-a fine Der cent divi-
dend ON the S100OOO stock purchased bv
him.
The New York Tribune SAYS The
question IS raised in bank circles. and
WlH be probably raised in the courts.
whether or not the practice of certifying
ehect1 IN advance Of deposits being
made is ia violation Of the national
currency act.
Section - is IN these words ssTba
total liability tO-auv association. Of any
person, or Of any company, corporation
or ltfm, for money borrowed, including
IN the liabilities Of company or firm.
me liabilities Of the several members
thereof shall at 40 time exceed one
tenth part OF the capital stock Of such
association actually paid it.7
rms evidently limits the c-ertifeatiou
Of checks by a bank.
Section p authorizes thei ss0a If er--
rency notes to circulate as money. and
ana the closing sentences is as follows
And no such association shall issue post
notes or az Other notes to circulate a.
money q a such as are authorized by
me foregoing provisions Of this act
C-r-Lyirg check on mGhey in hand
may be legitimate, but to certify checks
"heh no money is il hand IS clearly
issuing a note Of obligation to circulate
as money. Il il obtained expressly 10
circulate in lieu Of money. the tauk
assuming that the dealer to whom the
favor is granted viii make his accsuDt
good at the close Of business hours.
Banks keeping brokers' accounts are
simply clearing houses for such dealers.
q by certifying their checks as at
present, create what is as much currencv
as their own Eotes, and violate the law.
The most charitable excuse to be found
for tots violation is in the fact that a
large majority Of bank officers under the
national system manage their business
as under the old state laws, and only
discover the real meaning of the act
under which they do business when it is
forced upon their attention by such losses
as were experienced this week.
1t Is probable that leather, butter
cheese, salt and farm wagons viii be
exempted Iom tax, when of domestic
manufacture.
The tax on newspaper advertisements
will be abolished.
Senior De Palma, -vice-consuI OF Pcrtu-
gal, at Savannah, Has Put i'm q claim for
o59i - beng Tor diamonds, gold, etc,
.pluadercd by sherman during the war.
The legislature Of Kentucky on Thurs
day last adopted Tie commercial rate
interest the ba#k rlte remains Mt six
per cent? outsiders may contract at as
high as ten per cent. iC viii be vetoed
An act passed by the legislature Of
Louisiana IN 1864, ievyi1g "a tax Of one
fourth per cent. on the gross sales and
receipts, has been declared by Judge
Dupiettier unconstitutional, as it levies
on imports ami exports, and thus comes
in conflict with the provisions Of the
constitution. The decision gives great
satisfaction.
The gold receipts Of the government
from duties on imports, at the several
named ports, during the week ending
January 29th, were as follows New
York, 8 ,599,962 IS Boston. So. 532 Is;
Philadelphia, S53, 6S4 .; Baltimore, $40
6sS II.
The receipts at New Orleans from the
l2th to the 18th instant amounted to
ol4455 80. These returns show a con-
siderable decrease, as compared with the
returns Of the previous week. with the
exception Of New York, where the re-
ceipts have slightly increased.
On the coin circulation Of Great
Britain the loss per sunum, by attrition.
is equal 10 E43, 600 sterling. This amount
the people pay annually for the privilege
of using the current coins Of the realm.
Americans are not troubled in this way.
The substance which greenbacks lose
from seven cents per pound, and the loss
, not aDDreciabTa.