The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-05-02

Of only five millions and assets amounting TO
thirty millions, but nevertheless there had been
degree OF cruelty in some OF these proceedings
which inflicted suffering Oh the aged and infrm.
They owned city stock; in some cases, 1t was
their only resource, and when they read in the
papers that the city was insolvent, and they
would no more obtain their mite Of interest," 1t
destroyed their last hope, and sent grief into
households where the tears that fell were wept
by starving women and children. All important
1t was that confidence should be restored; that
the city debt should be paid, and justice rule,
though the elements rage.
Hon. B. F. Dunkin said 1t was evident that the
court clearly comprehended the question tissue.
If the executors Of Gibbon have obtained judg-
ment against the City Council, it ought to be paid
by that body, If they have property not other.
wise appropriated, and there was no reason why
the executors could not levy upon such property.
But the approved modeHthat which has been
practlced-was the one suggested by his Honor.
II the City Council would not pay their debts, the
court will compel them to do So There was
number of cases in which persons had obtained
judgments against corporations In various parts
of the country, and the corporations, not having
property that the creditor could put bis hands
unon, were ordered by the courts to tax property
for the purpose.
In the present instance the city claim that the
available property in the banks is money raised
for specific purpose. 1t is just as much 80 as II
it had been appropriated to pay the executors OF
Gibbon, and q third party had come in and
claimed share, on the ground that he was
creditor and that this was public property to
which he was entitled, in common with the other.
Unless the city Is protected in these specific ap-
preparations, 1t would be difficult to carry ON the
government, but let 1t at the same time pe un-
derstood that 1t shall pay its debt. Then conf
dence will be restored in the public mind, and
neither the executors Of Gbbon, nor anybody else,
will find difficulty in securing their just dues.
Tie British Government has debt which, proba-
bly,, never will be paid but because 1t Is under
stood that the interest Is promptly paid, the Sc
curltics OF that country command the confidence
Of the civilized world.
THE DECISION.
The Judge. There may be some difference be-
tween an individual and corporation With re-
spect 10 funds OF this character. This portion Of
the controversy do not intend to decide now.
But as regards the first branch Of the case, the
ordinance OF 1857 appears to me to make statu.
tory pledge OF assets In the hands. OF the City
Council for the payment of a loan created by that
instrument. Therefore the city can and will be
enjolned from dlsposing Of these stocks so
pledged.
understand 1t Is admitted on all sides that the
executors OF Gbbon are entitled to payment. The
question is whether they are pursuing the right
medy-whether these funds, dedicated by ordi-
nance to certain specific uses, are the subject Of
levy by an individual creditor. That Is point
which do not at present decide.
Mr.. whaley inquired whether creditors prior
to 1857 were to be excluded from participation
in these same securities.
The Judge. II "a prior creditor had o lien upon
the same fund, 1t would be just as wrong for the
Council to dispose OF that fund as 1t would in
the case OF those who claim directly under the
ordinance OF 1857. But no other ordinance has
been called to my attention, which makes spe-
cllc pledge Of stocks.
The Court announced that he would render his
decision on the undetermined point at an early
day.