The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-08-22

and taith,: and which have, by the
consent of all the parties, been re-
ferred to the courts. of the common
wealth for Adjudication. 1t is the
merest parody on legislation, to say
that any Act of tho State, one of the
parties to the suit, can deprive the
courts OF their jurisdiction, or seize
for itself, and as its own assets, the
legal title to which is the very matter
in judicial controversy.
There is an order of the court on
file, placing these very assets under
Injunction until o final Judgment
can be rendered. And this, by the
very decree, remains of force, and is
binding upon the State and all other
parties to the cause, until the con-
fiicting claims can be adjusted and
the legal rights of all determined.
From this order we make the follow
ing extract:
THE STATE OF SOUTH CAROLINA.
CHARLESTON DISTRICT-N EQUITY.
Bet,ceen Dabney, Morgan G Co., and
Tie President and Directors of The
Bank Of the State Of South Carolina.
Tile Attorney General Of the STATE of
South Carolina, Barring Brothers Dc
Co., and others-Decretal Orders.
5. It is further ordered, that to
avoid multiplicity of suits and waste
OF the fund, until such hearing can
be had, and decree rendered in this
case, all creditors of said corporation,
whether bill-holders, bond-holders or
claimants in any other form, are en-
joined from all proceedings in law or
equity, against said corporation, its
property or assets, except as parties
to these proceedings.
6. 1t is further ordered, that, in
consideration of the said iniunc-
ton of the creditors of said corpora
ton from bringing suit against the
same, the said corporation and the
said Charles M. Furman and Thomas
r. Waring, are hereby enjoined,
until the said hearing shall be had
and rendered, from paying over any
portion of the assets (monies deposit
ed since December, 1865, alone ex-
cepted) of said corporation, except
for current expenses, including coun-
sci fees for conducting the defence of
this suit. to any creditors of the
same, unless by special order of the
court, without prejudice, however,
to the right of these parties to collect
debts of the corporation, and to
change the form of assets in posses
sion.
X X
(Sipned) T. p. CARROLL.
MARCH 3, 1868.
The Assembly in Columbia recog-
nizes the existence of the proceed
ings in equity. in alluding to the
"bills issued by ssid corporation
that is the bank prior to Goth of
December, 1860, and which were
duly filed in the Court of Equity of
the State, for Charleston County, on
or before the LIST of June, 1868, in
pursuance of the order of said court.
Here, then, it recognizes both the
competency and the order of the
court. Yet, with strange inconsis-
tency, it undertakes, in advance of
the decision of the court, to declare
the State liable for these bills, one of
the very matters in controversy, de-
crees that those filed shall "be fund
ed," and that the bills not filed, shall
not be funded. Nay, further, it
utterly ignores alike the claim of bill
holders, bond holders and stock
holders, both foreign and domestic,
as we'll as the 'injunction" of court
of competent jurisdiction, rendered
in q cause to which the State is a
party. In the face of this very juris-
diction and Injunction, it attempts
to pass upon the rights of others,
and with the strong hand to seize the
assets from under the very protection
of the law, and appropriate them
without either warrant or title, to its
own use. It thrusts aside the Bar
ings, the bond-holders, depositors,
and all other creditors who claim
the assets as their property, under
the Acts under which the loan was
created
We express no opinion upon
whether the bond-holders or the
bill-holders have q primary lien upon
the assets of the bank for the redemp-
ton of their claims. 1t is sufficient
for us to know that this is legal
question, now pending in the courts
of the county, and who have, for it's
proper adjudication, assumed control
of these assets, and over which,
therefore tho T,eoislotura onn boye