The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-04-22


received on the stocks so pledged should De ap-
proprated TO pay the interest on the stocks Great
ed under the ordinance and In no other manner.
8. That the plaintiffs are owners OF stock to
the amount Of - dollars, Issued under the said
ordinance and secured by the pledge aforesaid.
That the defendants, John Glbbon, George r Glo-
bon. William l.. Webb and A. Mcdowell Brown.
executors OF George Gibbon, being the holders OF
stock of the City OF Charleston, issued before the
llth August, A. d. 1857, not exchanged for stock
issued under the aforesaid ordinance, recovered
Judgment on the sth April. !SIo, against The Cty
lars, for the said Stock that had before then be-
come due; and that the said stock so sued on Is
not secured by the pledge provided in the said Or
dinancc.
That George W. Williams, on the said 9th April,
recovered Judgment against the said City Coun-
Gil for the sum OF f--dollars, included In which
divers stocks Spea Sepre me or 1sn soe aagas
ed under the said ordinance, and that had become
due before the said Judgment, and were not
secured by the pledge provided In the said
ordinance. That there was also included In
the said Judgment, stocks issued under the
said ordinance, $4,000 No. 1858, $4,000 No. 1859
$4,000 No. 1860, period %, payable October 1865
That the said George W. Williams Is entitled as
to the said $4,000 as last mentioned, so due TO
rank as to the stocks pledged by the said ordl-
nance rateably and proportionably with the
holders of the residue OF the said five millions OF
stock, and to no other or greater proportion OF
the same.
That the said City Council are now making
ARRANGEMENTS and are about to transfer to the
said plaintiffs, In the said judgments, and WISH
their assent in payment and Satisfaction Oh the
same parts and parcels OF the STOCKS, plehge9 ny
the ordinance aforesaid for the payment and re-
demption for all the five million OF dollars raised
under the ordinance Aforesaid.
That falling this negotiation, the SAID p!alntln
i'm the said first mentioned Judgment, against the
said City Council, intend and are about to levy
their executions upon the personal and real prop
erty held by the said City Council.
That all the property, real ana personal. OF
City Council Of Charleston, is held by the SAID
City Council for the use of the City of Charleston,
as lle beneficiary thereof, and the said City Coun-
Gil trustees thereof for the said city, aud none
Of said property Is liable at law TO any Judgment
or execution recovered against the City Coancil.
That all the property and assets held by the
City Council are held according 10 fhe charter OF
the City OF Charleston In trust for the said CITY OF
Charleston, and not in their own right, and con.
stitute only equitable assets for the payment OF
debts contracted by the City Council. as trustees
of tile City Of Charleston, for the use and benefit
OF the said beneficiary, as charged, however,
with specific pledges and appropriations OF the
same. That the said assets so held In trust con-
stitute the fund for the pay alent OF all the debts
so contracted, rateaby and proportionably, such
debts being contracted and created on the faith
and credit OF such assets. That the City Coun-
Gil OF Charleston are insolvent. That the debts
contracted by them, as such trustees, amount TO
five million five hundred thousand dollars, and
That the porwer to assess the citizens OF
Charleston has not been. and cannot practicably
oe exercised 10 raise and pay more .hal the In
terest on the said debts. and the annual eurrent
expenses OF the city. That the said Judgment
creditors have no lien or preference TO De pald
out OF the said equitable assets before and above
the plaintiffs and all other the creditors OF the
City Council. That they are bound to come IN for
their proportion and no more, In the distribution
OF the said equitable assets according to the IN.
variable principle and rule for the distribution OF
equitable assets.
wherefore the plaintiffs demand Judgment as
we'll on their own behalf as for others the corpo-
rators aud creditors OF the said City OF Charles
ton, who shall come In as aforesaid, and pray
/. That the assets held by the City Council for
shaea and according to law by the
decree and by the direction and authority or
this honorable court.
. That the said City Council, and the officers.
servants and agents thereof, be restrained and
enjoincd from transferring and assigning the
said stocks, Pledged under the ordinance alore-
said TO the said defendants or any OF them, In or
towards satisfaction OF the said judgments, or
either OF them, or towards any other purpose or
object than that specified In the ordinance afore.
said; and that they be further restrained and en-
Joined from paying out OF any other assets any
debts or obligations except the ordinary current
expenses OF the said city, until the said assets
be distributed under the order OF this court.
8. That the said John Gibbon. George E. Glib
bon, William Webb and A. Mcdowell Brown,
executors OF George Glbbon and George W. Will
liams, he restrained and enjoined from any pro.
ceedings for the enforcement OF the said tudg-
ments against the assets held by the said City
Council for the use OF the said City OF Charleston.
l. That receiver be appointed OF oil the assets
pledged by the ordinance aforesaid to hold the
same subject to the order OF this honorable
court.
md for such other and further relief as to this
honorable court shall seem just, together with
tie costs Of this action.
SIMoSs SIMONs,
BREWSTER, SPRNTT BURKE,
Plaintiffs Attorneys.