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


Us Fourth Congressional District-W.
D. Simpson.
Canvasser for First Congressional
District to be hereafter appointed.
WADE HAMPTON, Chairman.
The Bank OF the state-Its Creditors
,ln and the Legislature.
We quote the following logical and
we'll tempered article in reference to
the 'sBill to close the operations Of
the Bank of the State" from the
Charleston Courier, of the 10th inst,
and commend it to the perusal of the
General Assembly;
The Judiciary Committee have re-
ported favorably on the "Bill to close
the operations of the Bank of the
State" Such is the announcement
made yesterday by telegram, of the
attempt, on the part of the so-called
Legislature, in Columbia. to assail
the jurisdiction of the civil courts of
the country, and to seize, by uncon-
stitutional and illegal legislation, the
assets of the bank, which have been
dedicated to the payment of its
creditors, and over which even the
State can have no legal control.
Even if the bill should pass, it can
amount to nothing. For clearly, the
Legislature, as assembled at Colum-
bia, would thus transcend its authori-
ty and travel beyond its jurisdiction.
1t is, however, an evidence of the
reckless character of radical Legislation
and of the hazard to which, under it's
auspices, aevery private and public
interest exposed.
The bfA should really be entitled
'tA bill to seize and appropriate the
assets of the Bank of the State, re-
gardless of law and in contempt of
right.
We have heretofore published the
bill, and pointed out its unconstitu-
tional and absurd provisions. We
propose now briefly to consider it's
evil design and effects.
Section first authorizes and re-
quires the "Governor'' "to take
possession Of all the real and person
al estate, assets and chooses in action"
of said corporation, "and sell the
same ut public auction, at such time
and upon such terms as he shall deem
most advantageous to the State, ;" the
proceeds of said sales to "be deposit
cd in the Treasury of the State,
subject to the order of the Govern.
orr, -t,- .t
and this is proposed, with full
knowledge of the fact that there is q
case now pending in the Court of
Chancery, in which the very question
to be legally considered and deter
mined, is, who are entitled to and
are the legal owners of the assets, so
summarily sought to be disposed of
by this bill. And to this suit, the
State of South Carolina is now,
through its Attorney General aud
legal representative, n party. The
State, therefore, has submitted its
claims and rights in the premises to
the judgment of the court and to
the civil tribunals of the common
wealth. AS party, it can have no
other forum for the adjustment of
its rights, and over matters competent
for the courts, it is certain the Legis-
lature can have nc control.
In this suit, thus pending, the
complainants. Dabney, Morgan &
o., claim that they and the other
bill.holders are entitled to the first
preference in the distribution of the
assets; while the Messrs. Barring, Of
London, representing the fire loan
bonds payable in Europe, and Daw-
and son others, representing the fire
loan stock in America, claim that
said assets were specifically pledged
for the redemption of said bonds and
stock by the Fire Loan Act of 1888, as
we'll as by the Act Of 1865.
1t will thus be perceived, that in
these questions foreign and domestic
bond and bill-holders, as we'll as the
State, are concerned. They involve