The New York herald., 1869-10-20

That the defendants and all members aud officers OF the
any by any than actions in
That hey be further restrained by in Junction. from buy
Ing or selling go on account Of any member o, ssa d md
Of ses purchase or sale the failure oi such
perform contracts entered into hy him on the SAID Fdny
such member from The said exchanges cnher Of them
on his failure 70 ero am any made
his by ocer OF either of the said exchanges IN
aiolesn FIELD sHEIRMAS i Pah,ins lain ATTORNEYS
| Chg and Co,s,aty or Ne,o rorK.-Edward K. VII
lard. the plaintin being duly sworn, says that the
| pending complaint is true Of his own knowledge.
except TO the matters therein stated to be upon
information aud belief, and to these matters he
believes It to be true. EDWARD X. WILLARD.
! Sworn september 30. 1859, before me-EDWARD
| ENSIGN. Notary Public New York county.
| Mr.. Field then proceeded to say that the New
| York Gold Exchange Is IAN association composed
| OF more than 200 persons associated together
for the purpose OF ransacting business IN gold."
one or whose bylaws provides that 'all contracts
| made by its members for the purchase or sale OF
| gold shall be settled through the New York Gold
Exchange Bank unless otherwise provided by
Tire terms OF the contract" And otner by
| laws "direct It's president to buy or sell.
members who fall to comply with their
! contracts, make any member personally responsible
for the loss incurred upon such purchase or sale,
and require the expulsion OF any member who fails
| TO pay such loss forthwith
On Friday September - sales were made to the
amount OF over $500 600 900 In con and $45OOO0 GOO
IN currency nearly all OF which were by the terms
OF the contract to be settled through the Gold Ex-
Tne bank refuses to clear these transactions and
Is IN fact unable to do so; performance OF the con-
tract otherwise Is impossible.
| portion OF the association have appointed COM
mittee 10 MAKE The clearance but other members do
| not assent.
"lt is the avowed attention OF many members
require the president to buy sell godn under
| regular Adjustment and he will comply, and the
members who refuse TO submit Will be expelled suf-
me planur asks that the contracts OF the .4th of
| September be declared VOID and that all attempts
loenorce them by the action of the association, indie
pendent OF the courts OF justice, be restrained Dy
| injunction.
| An injunction having been granted motion is
! now made TO continue 1t till the trial.
The Gold Exchange is poweress to enforce the
the New York Gold Exchange Bank" ha, was an express
o % 10 e se other Of 50 as
aa The peculiar means provided By The contract for settling
ooodThe attempt of the Gold Exchange enforce
eent Of these contracts by It's own power either through
injury to members who refuse to submit to its usurped
Ta-The plaintiff who not for himself but for all
s esther men w may @ in has rss s IN
may be made primarily responsible and secondly because he
,tonnrhe plaintiff in Short has other adequate
" Gs ~SS or ss
S v nss ere Is II 10 G stay the m hands
ce the dictate 9 equity and q reason Aor,.v
David David D6bLEY FIELD. i;. Of Counsel 4 ss''"'''
EXCHANGE in The cases Of Palmer, &lIiet and Emo
Mr.. Marbury, on behalf OF Mr.. Nelson, President
OF The New York Stock Exchange, ana its other
complaint was not verified In such manner us to
warrant the injuHction The defendants denied that
ciatlon asserted In the complaint. 1t was mere
voluntary association of individuals but part
nership Mr. Marbury then read his answer, denying
each and every legation In the complaint.
AFFIDAVIT OF HENRY N. SMITH.
MT. Dudley Field then read the following affidavit
OF Mr.. Henry N. Smith,
Henry W Smith and Others 1ounse,d Cor aud Oaeys-
@ IA. az. 1y % ss' na n smith b being duly
the proceedings wherein receiver OF the Gold Exchange
Bank appointed and njuncons obtained against
Seren know That ey s Of
o.
made by saes nen
state the accounts and make settlements and that
G S
and are s mad
s ,e s ,nS Of pao
nsssns. and
that has 9ssn ss ~ to a the
issa prosssa!as. ,riss Sss.a:s AsS an
Ts cleared. those THURSDAY S.rs not been
s no a a s mscsr OF
Der ~ when the resolution SCI forth at folio il o the answer
s1 s
said resolution or authorize any one else to vote for It, Seats
ar s
ns ss S s ass
py his 70
the seat Of another member When member Of either board
II. upon purcaas sale: under the rules
sr a1 ~ s
sooia,oa, sometimes aeea.ea entirely lost:
purchase
rites md s.a iGI osss cS%sien. s.anO! 5ans
seat in N. Gold Exchange, and il were
means q support Exchange Ss.
s%PSys
Of such board executive other committee dele
~ 4 1a +ss s' assss1 ~
ss ''. si e: '.ss
TN or FOR s . on ns, e "a n q M : 1852 se s
clearance at the cold Exchange Bank, and Of
tsan bee iat ali the rules oi The Gold Exchange gov
aerso my contracts made therein ana SRS sM R'
Mr.. sEwARD,s ARGUMENT
Mr.. Seward replied on behalf of the Gold Exchange
in an able argument OF which the following are the
leading points,
MAY rLrAsK YOUR HoSoR-Ths facts in this case are
these The plaintiff is = member Of the New York Go!d
AYERS hs h q epssmesr ss he % sos ans bought
r he Gold and Sa S ne 1S' the cen pa
declare his contracts Of sale purchase
visions oi the constitution bylaws applicable to cases
uctauiting entire equity
snsorcins .sa,u, @ 'S he s pisn,i,
the provisions OF the constitution bylaws OF the
EXCHANGE, and from enforcing the plaiutG's
This Court has no jurisdiction OF the caae presented by the
for the facts alleged do not bring the the
exceptional Of fraud accident confidence The
tract Ia relating simply TO sale purchase OF gold
Equity wiz not decree specific performance contrac,
relating 10 the purchase OF gold Howe Nckeon
IA Allen, 406) than will decree specific perform
ance OF an agreement to transfer stock (Cud Ru'er
r. Wm., 500, and the equally true; will
relieve from soch contract. II h be alleged tina, tho
contract can be proved 10 bs hard one that
ground affords no right TO relief In equity. (wiihs
vs. Jernegan Ak, 2si Troy Iron and Nail Factory
Corning III Barb. O. r., 2b.b Nor will equity upon
ground Of mistaken calculation Interfere to relieve from
Improbable bargSins (Segur Tngey, II coI. l3<
On tho mort liberal interpretation Of the the plaintiff
has an adequate remedy a. law, and is NOT therefore,
contrac, has become legally impossible Of perform
Ancc, that may he good ground OF defence at
law, but Is ground Tor the incrposition
equity acton taken under the constitution and bylaws