The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-04-20
From tho W York Times
Court OF Appeals OF New York Before
Full Rench-Confederat Money
Effect OF the Eebelsion--Imporia
20 life Insurance Companies.
From the " W York Times.

An important opinion has just been de-
li,crcd in thr Court Of Appeals Of the State
If New York, l. settles some OF the vcXed
Questions which have grown oui Of our late
wa? IN regard to insurance companies. The
facts arc sufficiently stated by the court:
Cowarin was regularly appointed the
4rcnt Of The Intcrnational Assurance Com
rGnv Of London 10 receive the premiums
naii annually or quarterly nj Richmond,
ta.. by persons 10 whom policies were
j>>url. He was thus appointed by the New
York board in 1855, and continued 10 act as
,sclr agent until the year 1850. There was
no actual revocation Of his powers until the
sprng OF that year. Macmurdo obtained
hi, policy ot life insurance in the year 1875.
lie paid his premiums quarterly to thu
agents of the company in Richmond,
Cowardin being Such agent after 1S5S, APP
pointed b. IT,. New York board. The pre-
mIum the, paid 10 Cowar'in in June 1851
j adm. ttca liz the company. lis validity is
30. questioned either on account of the
existence At that time Of state OF war
gri,n, from the rebellion or on account Of
H., currency in which the payment was
:qr,lc. The objection "f the defendant is
,ji>: that the existence Of the war after
jan" 3~Gl, ;rri>in+; from the rebellion of the
southern >tl;c>, revoked, or suspended
daring the war. the agency Of Cowardn,
and tha, lis action during that period was
nall and void.
The court says: II is 10 be remembered
Hl:it /. proved in this case that up to Sep
tc,3hrr 1851 Confederate currency was
,nua, IN value 10 tilc bank notes in crcula-
ti.u in Virginia. that it WAS but five per
cent. below gold: at n Sill lafcr period. the
battle Of Five Forks. il WAS bit sixteen per
cent. below gold. Let il he observed, also,
that our own circulating currency was 40
DEPRESSED that at Somt. periods OF the war
one hundred in gold would buy two hun
lrrd and ninety III currency. In January
nf The present year, i've wears after the re-
sieratiun q peace, The national bank cur
r~uay in circulation b. authority OF the
l1t"d states laws, and the lc-ll-tcndcr
no,.- Of lie lnltcJ States, were nj 4 dis
,naMt Iron the standard Of gold Of more
than twenty = II cent. Under such circum-
Stances il ist4uite unreasonable 10 say that
CoWardIu n2d no authority 10 receive
the pay 4ieut in Confederate money OF
the p' ..miums due TO the company,
aud lat il was no better than counterfeit
No ,ry. II was = currency issued by the
.rthnritv If m existing de .fdcso Govern
,nrnt Whirh had adopted Il constitutional
form of 2oycrnmrn;, and was tullE organ-
lk,d under il. which had in the i!cld large
armies. had won many battles. had invaded
The state. Of the North, had hc>icged the
national capital. was recognized rs bclllgc-
rent power soon after by the British Go
yrrmncnt. and which had from the outset
been treated Is bcligerent by the Govern
ucnt Of the United States, and which was
;l,,if confident OF maintaining lis existence.
T. /, iri.,. that these notes n" now Variable
OIL, ~ relics Of a past existence. ii was,
La,yvvrr. nearly iofr years after BE occur
arur,.> We are considering before this result
.rr.!n" certain. and We Canllot transport
.tur knowledge backward aud by its use
condemn rs base and worthless a currency
which was then in general use and might
become permanently valuable.
II is not necessary for Us to 90 so far rs
the Supreme Court of the 'ni;ed states have
zone in the recent case OF Harrington rs.
smith Gnl IIuitly. ] he p!c>cnt is the case
ii III rXrrutcd contract. in which the par
il,- ac;rl upon IN" state Of things as they
,Ai,3cd. They wcr" compelled 50 to act or
net 20 &C: II all. The action IS past and
,aird. The rights oftAe parties were fixed
unl settled Years ago, and We are called
,!ioou - TINS dcitlcc 10 lni>'.tiic and destroy
iNcln. In ease OF !, debt paid OF property
-oG anG :'aid for in Confederate money, 1t
would l." unreasonable to cal! upon The
courts t" rip up the transaction and compel
he "ruavmrnt IF tie money. The requests
~ CHARGE which We're refused by the judge,
7rrrr lr.,yl upon the theories which have
Gi.ru,scd. aud if am right in NY view. the
refusal, were property nadc. Judgment
should be affirmed.
THAT is for the plaintin.1