The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-28

witness DelleVes Inc ROAD 10 De one OF the Dest
in the United States. The road Ia in perfect run
ming order. No individual has ever been either
killed or MANNED on the road in fifteen years.
The argument was then commenced by Mr.. w.
G. Grant of Fellowes & Grant, for Mr.. Tucker.
He commended that under section 81 of the bank
rupt law, the 0pelousas Railroad Company, as a
corporation, could be proceeded against. That
the company had committed fraud in the neglect
TO pay the coupons held by Mr.. Tucker because
If the company is solvent, il is manifest fraud to
refuse TO pay debt due, and If the company Is
insolvent, it ia a fraud for them not to come at
once into the bankrupt court, as by their failure
so 10 do, some OF their creditors, by making a
seizure, might collect their debts in full to the
nanifest and great detriment of the other credit
ors. The opposite counsel had he'd that the cou-
pous were not commercial paper. Authorities.
both English and American. were brought up to
show that bonds and exchequer bills, aud bills OF
exchange are commercial paper, possession of
which and property of which are insepsraole.
Parsons on commercial bills was the principal su'
thoriiy quoted.
The port of the company for the first quarter
of the year 1868 showed $40 0O0 cash on hand.
This cash is not now accounted for. Why was it
Bot applied 10 the taking up of the coupons over
due! Its application TO any other purpose was
fraud.
The second charge against the company is that
il paid Mr.. Aldrch by preference to its other
CREDITORS, thereby defrsudng its other creditors
and bndering the operation of the bankrupt law.
them, which we're not legal, but only moral obi
cations. When both these debts were paid, the
company knew itself to be insolvent, aud therefore,
defrsuded its other creditors by paying those men
toned above.
The company had eudeavored to prove itself
solvent by showing that its assets larger than
its debts But such q state of affairs does not
necessarily constitute solvency. A man must not
only have assets but must have them under such
control that he can pay his debts, not by selling
SHs ssfyyetpHgs enc q push Business Besides crcam
stances considerably altered the meaning of the
term HETEROGENEOUS authorities we're
quoted TO sustain the sbove-psrticulsrly deci-
sions of achusetts courts. Now since 1861 the
Opelousas Railroad Company has not paid dollar
of its indebtedness-cani IL be called then solvent
company, when for six years II has refused to pay
its debt! The liabilities Of the company are all
exact but the assets set forth in their schedule
(see above) are all estimated. They consist to
great extent Of claims against the United States
government and obligations due by the State,
city and parish. To collect the former IL almost
impossible; the latter are only moral obligations,
none legal. Deductng these from the assets and
placing the road at the valuation that it would
bring at public auction, the assets would not
equal the liabilities.
1t being past 8 o'clock, the court adjourned and
the case was continued.
The United States Circuits Court.
Yesterday Mrs. Mank, wife of Gen. Mank, now
under arrest under a charge Of robbing the mail,
took a rule upon the United States marshal for
him to show cause why he should not deliver to
Mrs. Msnk certain gold coin and rings seized by
the United States marshal. and now by him held
by virtue OF the arrest of Gen. Mauk, which coins
and rings Mrs. Mank claims ss her own personal
property. District Attorney Torrey appeared for
the marshal, and objected to the rule as unprece-
dented and unheard of, urging that it should not
be admitted, even were the rings restored, as its
admission would prove q bad and hurtful prece