The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-14
NEW YORK HERALD THURSDAY lsoa-TRnLE SHEET
means BY which to relieve himself from respousi.

means BY which to relieve himself from response
F0urth-Upon Information and belief these de-
PENDANTS that II not and s not utterly I'M
possible, as In said complaint alleged. TO perform the
contracts relating the sale Of gold made on Friday
september "a, 1862 by separate deliveries anu pay
Is Within their own enowedge that members Of the
said association who made sales OF purchases ~ y,
gold ON Friday september "a aSoy ~ tne ., s sha
| Gold Exchange Bank and In honorable iulnmcnt OF
their engagements entered into on inc zatn gay OF
| obiiraons arising therefrom; and these defendants
in like manner further aver that II the plaintiff had
so he wond have found no diincully in setting with
any one with whom on the said z4lh OF Sep,emneir
1862 he may have entered into contracts for the sale
| or purchase or loan OF gold.
Aud these defendants further aver that on the 2ath
aay OF september. 1862 at a meeting Of the members
Of the said New York Cold Exchange the following
resolution was UNANIMOUSLY adopted, yil.;-"Re'
solved, That tAe transactions OF Friday lneansng
1 thereby Friday, September a. 1881 be settled ex
Clearing House tomorrow and that, as these de-
fendsats are informed and believe, the plaintiff or
| his duly constituted agent attended said meeting
and voted In favor Of said resolution
FiGh-These defendants nave no knowledge or
Information sufcicnG to form belief as 10 whether
the palnun purchased or sold gold at the New YORK
Gold Exchange on Friday. september "a 1859.
AsmmInese deiendan;s adm. that sne said Goa
doing business. and was In the hands OF tempo
rary receiver; but upon information and belief these
defendants alegc tina, such Injunction was procured
and such temporary receiver was appointed ut the
suit OF those who were interested IN endeavoltng TO
relieve themselves from responsibility for the fulfill
ment of contracts for the sale or purchase OF gold
entered into by them on the Gath OF september 1862
and who caused and procured said injunction to be
issued and said temporary receiver TO be
appointed for the very purpose or setting up 5uCh
Injunction ana receiver as means Of defeating any
attempt 10 enforce their responsibility upon their
contracts for the sale or purchase OF god catered
into by them on that day these defendants aver,
has been removed, and said temporary receiver DIS
charged and that the SUITS in which such Injunction
was procured and such receiver appointed nave no
longer legal existence.
These defenoauts aver, upon information and
permitted to &C conduct It's business in TIC Inc
n usual way, II ,S would have been able to
Clearance of the transactions OF Friday, September
2i 1863; and these defendants confirmed In this
belief by the fact tna az they are informed and be-
lleve the major portion OF the members OF the New
York Gold Exchange who were engaged in gold
transactions on Friday September "a, 1852, have as
matter OF fact settled such transactions as between
themselves ana without finding that the task OF SO
doing was one OF extreme decacy or great diffl-
Guilty, or involving the exercise OF the highest per-
Serent- These defendants admit that by article
fourteen OF the original articles Of association Is
provided as foilOwS:-
Every member who fails comply with his contract. or
becomes nsovent shall be suspended from all the privileges
any IS reported 70 haye failed on his Contract i
shall be the duty presiding officer to ascertain the fact
pended member and his name shall be entered register
for s, conse Of Three I'm ms
ess shall be appointed by the chair to investigate his
Of the Be- p 0 81 81
scrbcd in article eighth.
And that by rule eleven of said bylaws 1t is fur
tier provided that
any neglect fulfil his contract on the day
contracting with him may employ the officers the
Counting with the member default FOR any surplus Or cha
ins him with any deficiency.
These defendants admit that it was the intention
OF the said association at the time OF the commence
men OF this suit, and Is now, alleged In sad COM
plant 10 enforce said provisions in its constitution
aud rules whenever necessity arrives for doing;
that such PROVISIONS are reasonable and prudent,
and that the conduct OF the plaintin refusing TO
comply with the same Is injurious to the reputation
and destructive to the existence OF said association.
Eighta-Ihese defendants deny that they have
which were made in the New York Gold Exchange
should be settled by the rules OF the New YORK or
any other Stock Exchange.
Ninth-lhese defendants respectfully insist
that the New YORK Gold Exchange simple
th U enp rlgS "nosg coog p far
dealing as between themselves that the
constitution and rules which they in common with
which any OF the members OF the association can ap-
peal Tor redress in case OF defauit and that such
| rules, being voluntary ana reasonable, the APP
| pIcatlon thereof ought not TO be restrained
BY judicial tribunals that the existence OF
/ the association depends upon the faithful OBJ
servance or such constitution and by Jaws; and
that II the plaintiff has sustained from any MEM
Der OF said association any loss arising from gold
| to the said plaintiff, in forum created BY HIMSELF
] IN ample opportunity for redress against such de-
'ahlag member; and that II the plantH has, by his
transactions IN gold, become responsible TO other
parties for sums OF money due from him to them it
IS not the right or the privilege Of the plaintiff 10
invoke the Interference OF this court to prevent such
constitution and rnles from being applied TO himself
or 70 seek 10 procure is court To impair the obpa
ton reposing upon him to ull The contracts which
he voluntary entered INTO with others.
These defendants deny each and every allegation
In tile said complaint contained, not heIcnbefore
admitted controverted or denied aud they espe-
cially deny that the paintn is entitled TO any relief
against them or against the association ana they
pray that the complaint may be dismissed with
costs.
b their Attorneys. Bla,chford, Seward, Griswod
la Costa, 20 Nassau street. New York.
CtD ana county or Ne,o YORK, sS:-Townsend
Cox, individually and President OF the New York
Cod Exchange; Thomas A. Hoyi. George II. Bend,
Thomas T. Akers and George Phipps, defendants in
this action, being severally duly sworn, doth each
for himself depose and say that he has heard read
tue foregoing answer, and that the Is true TO
his own knowledge except as To the matters therein
stated on Information and belief, aud as to those
matters he believes 1t 10 be true.
TOWNSEND cox
President New York Gold Exchange.
THOS. r. AKERS
T. a. HOYT,
GEORGE PUPPS
GEORGE II. BEND.
Sworn 10 before me- this 18Th day OF October 1869
JOsETH GUTMAN, Jr Notary Public New FORK city.
The constitution OF the New York Cold Exchange
u annexed 10 and forms part OF the defendants