The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-09-01

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1Ey opinion isSand 81, atoo, was
once an ATTORNEY General74that bill
holders, bondiholdersg stockholders,
and all lother creditors of the Bank
Of the State claiming 4 under pre-
existing law have Ia sa'iglt To- ON adm
idication of their Respective claims
upon the assets OF The bank, before
the Judicial tribunals of the country,
land that any attempt to seize, by q
strong hand, these funds, whether by
o State or an individual, is an at
tempt, to commit robbery. 1T, goes
beyond fraud, it is sheer ROBBERY.
+ lido not mean to- be betrayed into
a premature argument in favor of the
claims of Barring Brothers &c Co., of
London, or Of the European bond
holders whom they represent, or of
the fire loan stockholders in America,
whom represent, as compared with
the claim of bill-holders. Their
dns,oers are on file, and / am prepar-
led, before the proper tribunal to sus-
tain the positions taken in these
ANSWERS. I deny the competency Of
either the Attorney General or the
Legislature, to decide upon these con-
flioting claims. even surprising that
each, represented, beyond all ques-
tion, all the rights, power and au-
thority, ever heretofore conceded to
any Legislature. or Attorney General
in any one of the United States of
America. Still less is it competent
for the Legislature to thrust aside
the contestants, and seize for itself
the funds in controversy. The party
of all others least entitled to take to
itself these assets, is the DEBTOR.
The State undoubtedly is debtor to
the bond-holders in Europe-the
State certainly is debtor to the fire
loan stockholders in America; and,
according to Mr.. Chamberlain, the
State is debtor to the bill.holders.
And this debtor proposes to kick the
creditors out of doors, and end their
disputes by pocketing the fund, which
is certainly liable to somebody.
If the bill-holders of the bank
choose to take State bonds, and re-
linquish their claim on the assets, it
is, according to Mr.. Chamberlain,
but change of indebtedness; and
the change being voluntary, no
damage is done to "honor and good
faith" But the Barings insist on
their right to the collaterals-so do
the fire loan stockholders in Ameri-
ca, so far as we know. These claim
ants protest against the seizure by
the debtor of funds liable to the
creditor. IF the collaterals (the bank
assets) are awarded to them, pro tanto,
the State is relieved of this indubit-
able, acknowledged debt, and with
out injury to 'honor or good faith.
Though L am by no means entitled
to advise the Legislature on q matter
of ''policy," as Mei,. Attorney Gene
raj undertakes to do, will, in con-
clusion, make q suggestion, which
may pass for what it is worth.
If the Legislature consider that
'honor and good faith" require that
the State should "fund" the notes
issued by the bank of the State, let
them do SO to these bill-holders, who
are willing to receive their bonds in
lieu thereof. This is neither illegal
or unconstitutional, however impoli-
tic it may be in the estimation of tax
payers. But let them leave the assets
OF the bank, which they have no right
to seize and appropriate, TO be dis
posed Of according to la,o. The rights
of claimants, though not yet adjudi-
Gated. are oested, and legislation can
not alter them, though it may disturb
them, and interfere with the enjoy
ment of them. AS far as these assets
go, they will, under any adjudication,
according to Mr.. Chamberlain
opinion, be appropriated to the pap
mem Of acknowledged debts Of the
State, and relieve the people to that
extent. Why seize them for present
purposes? /. w. HAYNE,
Of counsel for the Bank of the State,
the Barings and others.
FRESH HONORS TO A FORMER