The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-05-14

Hall, on MONDAY evening, may 1O, aC
o'clock, to choose delegates to represent
this County in the State Convention,
which, at the suggestion Of the Press
Conference, assemblies In Columbia, on
June 18th, next"
The Bank OF tho state-An Important
DocisIon.
On Saturday, Judge Carpenter rem
dered his decision in the case of Dabney,
Morgan s. Co. os. the President and
Directors of the Bank of the State,
Barring Bros: et. al. This was an action
brought on behalf of the holders of the
bills issued by the bank to be preferred
in the distribution Of it's assets. The
question at issue was the force and effect
of the charter of the bank ratified in
1872 and the force and effect of the act
Of 1888, being nm act to rebuild the city
of Charleston, under which $4,000, 900
of bonds and stocks were issued by the
State and guaranteed by the bank, part
of which was negotiated in England, and
the remainder in this country. 1t was
contended that whatever prior lien bill
holders may have had under the charter,
the act of 1888 gave specific lien to the
holders of the Fire Loan bonds and
stocks in preference to all other credi-
tors; by the counsel for Barring Brothers
it was claimed that the bond-holders
we're preferred over the stockholders.
The case was argued by A. G. Magrath,
Esq. on the part of tho bill-holdcrs, by
Messrs. Hnyne & Campbell on the part
of the Fire Loan ond-holders, and by
Messrs. Fl. Buist and T. Y. Simons on
behalf of the Fire Loan stockholders.
Hon. D. II. Chamberlain, Attorney
General, represented tho interest of the
State.
Judge Carpenters opinion in the case
is very lengthy and elaborate. In it he
holds that the Fire Loan bond holders
and stockholders are of an equality in
respect to their rights, and that they
have prior lien upon tho assets of the
bank; that the bill-holders and other
creditors of the bank are entitled to
share rateably in the residue; and that
for any deficiency the creditors have an
equitable claim against the State. That
the State, as sole stockholder, having
withdrawn from the bank moro than the
principal and interest of the entire
amount of the loan, is, in equity, bound
to secure the unsecured creditors from
loss. Tho following is the Judges de-
cree:
Ordered, That this case be referred to
the Hon. B. L. Dunkin, rs special
referee, and that he call in the two
classes Of depositors represented III this
case, by those who deposited before the
war and by those who deposited during
the war, by advertisement in the
Charleston Ne,cs, Charleston Courier and
Columbia PHOENIX for six weeks, on or
before - day of - to prove their
Claims, and If such claims are not SO
proved, they will be barred from NIL
participation in the assets Of said bank
or claims upon the State; and it is
further ordered, that said special referee
take proof as to the character Of the in
debtedness of said two classes Of de-
positors, as to whether the transactions
were with reference to lawful money Of
the United States, or Confederate
currency, and such of them as lie finds
to have been in Confederate currency,
ho will ascertain the value OF each claim
in the lawful currency of the United
States; and it is further ordered, that the
said special referee also ascertain what
portion of the bills already proved we're
issued with reference to Confederate
currency, and to value of such bills in
lawful money of the United States. He
will also ascertain what portion of the
other debts, already proved, were con-
tructed in Confederate currency, and as
to such debts he will ascertain the value
in lawful money Of the United States ut
the date of the contract.
II is further ordered. That tho saG
special referee ascertain the amount of
the indebtedness of tho bank upon the
principle of this decree, giving to the
State credit for the amount of stocks
and other securities left with the bank
as collaterals, and giving to the State
also credit for the amount of the bills
redeemed by the Issue of bonds. And
it is further ordered, that tho said special
referee tax the costs Of this suit, and
report to this court on the first day of
its next November term.
(Signed) r. B. CARPENTER.
The Jail Of Kershaw County is said to
be very insecure Two prisoners-Levi