The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-01-28

the note was regularly transferred to the
hank. and that the bank became the owners
md holders Of the said note, and as such OBJ
tainsd judgment against plaintiff; AZ OF
before which time the said bank had Sus-
pended, and refused to redeem it's bills ana
notes in gold or silver, as BY its charter II
was bound to do,, thereby violating its ensE-
ter, and becoming irresponsible for its just
debts. 2. That he is holding as creditor
of the said bank large amount OF its olliS
and notes, issued under its charter more
than ia the amount claimed under the SAID
Judgment. 8. That he has offered to set
off by way of payment Of the said judg-
ment, the like amount Of the bills and notes
of the said bank. 4. That the bank had
refused his offer; insisting that he shall pay
and satisfy the judgment in gold OF silver
or the lawful currency Of the United States
s. That this bank is now insolvent; that 1t
does not even make profession ofsny ability
to redeem its circulation, and thatif allowed
to enforce its Judgment, it will, while IN
debted to him, coeroe him into the payment
to it of the full amount of the said Judg-
ment. while in its relations as debtor to
him as creditor, it will pay back to him, If
any, very inconsiderable portion OF the
debt it now owes him. 6. That this pro-
ceeding is oppressive and unjust to the
plaintiff; that the debt due by the bank Is
a fair set off against the debt due to it. Z.
That the Bank of South Carolina holds that
it is not the party interested in the said
Judgment; whereas plaintiff insists that the
Judgment was recovered and is entered IN
the records of court in the name OF SAID
bank; that upon the said record no assign
ment or transfer of right or interest in the
said Judgment is made or appears; ana
that plaintiff had never received from the
said bank notice Of any assignment by 1t OF
the said judgment. 8. That the bank holds
that because plaintiff became possessed OF
its notes and bills subsequent to the time
when this judgment was entered against
him, he is not entitled to set off the same
against the said judgment. In answer tne
plaintiff claims, that while he cannot oner
these bills by way of set off or discount ne
is entitled to pay to the bank, in satl'iao-
tion Of the debt claimed by it, its own bills
and notes, issued by ii, etc., etc., etc.
The Chancellor, in his decree, decided
that the assignment of the judgment was
equitable; that judgment could not be set
off bv bills and notes of an insolvent bank
that IS the plaintiff had come in possession
Of these notes subsequent to the insolvency
of the bank, and the case was distinct from
the general one of debtors Of bank seeking
to pay their debts by bringing up its notes
after failure. The bill was therefore dis
missed.
The grounds Of appeal were: l. Because
there was no legal assignment OF the Judg-
ment of the bank. 2. Because debtor to
the Bank of South Carolina has the right to
satisfy the claim of the bank for debt
alleged to be due it, with its bills, which
have been put in circulation as money, and
of which he is the bona fde holder and
owner. 8. Because if the principle is re-
cognized in any case, that a debtor to bank
cannot after its insolvency, discharge its
have been put in circulation as money, that
principle has never been extended to case
where, in the event Of the insolvency OF
bank, its stockholders were held by its
charter, bound to contribute, in addition to
ths original subscription to its capital, to
satisfy the claim of its creditors. a. Be-
cause, whether regard be had to the prin-
oiplss of q Court of Equity, which always
sudeayors 70 set off demand on one side
against one on the other side, OF to its rule
not to force q GROSS suit to accomplish
relief, which it can give without cirouity OF
action, or to support the law as it has de-
elared it, that the exercise by bank OF its
privilege to issue its bills as money, takes
from it the power to impair the obligation
il has assumed by any act of its own'
whether Of insolvency or otherwise, the
complainant is entitled to the relief he has
eeked