Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1868-02-08

in
Wsiiodist Episcopal. -Sermnnin themorning
ond at night by Rev. Mr.. Whee or. /
s1f,tlodist Protestant -Serv ices ihsthe morn,
ingand at night, 6y Rev. Mr.Jenes:ss Ma
Baphst.-Service in the me, ming and at night
by Rev. f. j. Willis.
VILLAGE CAapeI.--Sormon morning anu n'gh t.
by Rev. Mr. Hummer :sAssf&x
1ierundri1 Christian dissertation: Gee arai
PrayersM Getting in the I'd FRESH. ehu:ch, a. :
o'clock TO- M, and every evening during the
coming week in the Association 5 new room Sc
cond Hoor5of No .934King street. ut e,clock.
A cordial welcome will Us given to all VINO
will attend upon these means OF grace ,33
IAN f1poRTANT CASE The case Of The B, ss
! change Bank Of Virginia, Ior the use Of Geo
w Camp, trustee, w. john s. Knox,,ir, and
John s. Knox, endorsers for B. F.zVoss and
Others, noticed in the report of the4proceed'nrga
of the Circuit Court in yesterday s Gazette, 10
of great interestioathe people Oh this st 'tei l.
Tho main point involved in the case Is whether
or not the trustee of tlie Bank is Obliged to
take from the debtors of the Bank, the bills OF
the Bank, purchased alter the assignment IN
payment OF their liabilities Is This question In
wolves an immense amount, probably not less
than a million Of. dollars; and it is commended
on behalf Of the debtors, that the section IN
the case which provides that tho Bank shall
receive it's own bills in payment OF debts due
the Bank, alludes to the contract, AM goes
With it into the hands Of an assignee tor values
It is also contended that The assignment oi The
assets Of the Bank under the act OF the l':gls-
lature of Virginia, passed February L., 1856,
is not such as wouldsmake fhc trustees, or. the
benefciarjes under the trust, assignees TOR value
The act of February, l2, 1866, it's contended,
was intended by the Legislature to afford the
necessary machinery to wind up the Bank,
thereby dispensing with the organization under
its charter; they, therefore, insist that it was
not intended, and does not alter or abridge the
provisions in the Code, which makes it obliga-
tory upon the Bank to receive its own paper IN
payment of debts due the bank. At the time
the loan was made to the defendants they con-
tend that the notes rendered in payment had
been issued, and the obligation of the Bank to
take them in payment, for such loan, formed a:
part Of the contract which it would be uncon-
stitutional tosimpair3by any subsequent legisla-
ton. The notes tendered were issued and In
circulation prior to the assignment, and were,
BY legislative enactment, stamped with the con-
dition that they should be taken In payment
In Woodruff vs.. Traporall, 10th Howard page
POI, the Supreme CourtEof the United; States
held that State cannot impair ny legislation
its own contracts yjorttora the contracts OF
individuals or private corporations The ques-
ton presented. it is -contended, is not one OF
! debt and set off, The law regards the note.
rendered as money, and the right to mako pay
.ment.t the Bank in its own paperarls'ss out
of a continuing contract, which cannot be ct
fected by legislation or any act Of the Bank - :,
The defendants assert that at the time the az,
sgnment was made the assignecs knew the con-
rdition of the Bank, and that there was! i large
amount of It's paper circulating, and that up
to the date Of the deed the Bank was receiving
its circulation in payments of debts due It,
The defendants further contend that there was
sufficient notice to the assignees of Sthe rights
of the holders Of the notes, and that The as
signment was taken in subordination of these
rights It is insisted on behalf of the creditors
of the Bank, sthstunder the act of 1866, re-
squiring the Bank toF.go into liquidation tor the
benefit OF the creditors, pro rata, that the trus-
toe is an assignee for ,value-and that bills OF
the Bank, purchased after theassignment, can
not be Offset in an action upon, the assigned
rates; that if this were tho case, the purpose
of the act would be defeated, aud great 5injuls
tice done, as in thatevent the debtor would re,
ceive one hundred cents 10 the dollar for the
bills held By him --while other creditors would
getlittle or nothing that the provision in the
code only applies to, cases where the Bank was
the holder of the note and was provided merely
to prevent circuity OF action-lor as the Bank
was obliged to redeem it's bills in gold and sill
ver-the Bank could not be permitted to deny
that they were a legal tender-the effect
Of which would be- to force the debtor
to present the bills Of the Bank For redemp7
ton, and with the very specie thus obtained
from the Bank, pay his indebtedness to the
Bank that if the debtor to the Bank who nc
ceius full value was permitted to pay his d'bt
at fifteen cents in. the dollar, by which thH.trus
tee would be enabled to pay tho credit"r who
had given full value, only fifteen cents IN the
dollar-manifcst injustice and wrong would be
DONE The case was ably argued by IL. u.
Claughton for the plaintiff, and q. W. Bront
tor the defendant, and the case is held under
advisement by the court. '@@s. 4
GERMAN COOPERATIVE BUILDING Asso-..
CATION. The organization of the German
70 operative Building Association will, as the