Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1871-08-18

co-S PATIENTS AND PURCHASES BY TIE STATE
OF VERMONT.
The ease which has attracted most atten-
ton at the August term Of the Supreme
Court at Montpelier, doubtless was that OF
Hon. Ioval c. Kellogg Of Benson, against
.Tobn 4. Page. State Treasurer of Vermont
Mr.. Kellogg,as most Of our readers know was
q Jn5re of tine Supreme Court Of our State
from 1859 TO 1867. In lo6l' he invested
some money in Vermont State bonds running
Ten wears. At the last session. the attention
Of the legislature was called by the Govern
or 70 the fact that the [. ;. Supreme Court
had decided that the legal tender act was not
valid as applied to debts contracted before Its
passage. and thereupon the Legislature adopt
ed the following resolution
BssoIrs5 b, tse Senate aud House or Repre-
segt,tires. That the Treasurer Of the state De
on,bo-izsi ?, nav IL coin the bonds Of this State
which shall become due in 1871 and the interest
thereon which were issued before the passage OF
the lersl tender act B" Of the Congress OF me
United states and To carry into enect 'he
rrovisiont Of this resoluii0nthe Treasurer is
authorized 10 purchase gold coin II such qlAh-
tity AZ shall be necessary fer the purpose siorf-
said ~
In compliance with this resolution, state
Treasurer Page paid coupons On the STATE
bonds 10 December to the amount OF Sio'-
660. paving on the same premium OF 81
1925. lie also purchased. under author
ity Of previous acts OF the legislature bonds
To the amount of 81 600 issued before the
passage of the Legal Tender Act, at a pre-
MUM amounting 10 S7,57+ beng an aver
age off,, per cent. premium When 1t was
announced that the question of the validity
Of the Act Of Congress would be reconsisered
by the United States Supreme Court the
Treasurer discontinued the purchase OF bonds
and up5n the reversal of their former decision
by the {. :. supreme Court, in May last be
ceased to pay interest or principal IN coin or
it, equivalent In June, Jai-e Kellogg pre-
scented bonds to the amount of S3,Oou and
demanded payment of them in coin and
upon refusal By the Treasurer TO pay III any
thing but currency. he lJudsc R-) Te'i'ioned
the supreme Court of this STATE ilr n.gl.aa-
n,e directing the Treasurer to pay the bonds
in coin. IN compliance With the resolution Of
the legislature. which it wa= claimed was
mandatory IN lie character.
The question was heard before judges
Barrett. Peck, Eeddeli, Royce and Ross, on
Friday last.
Judge Kellogg argued his point IN person
with ability. and was replied - by STATE Au-
ditor Perrin and Hon. CHARLES Reed, i1r the
STATE and the Treasurer. These argued that
the resolution wac by its terms discretionary
instead Of mandatory, and permitted the
Treasurer 70 pay in coin or IN currency at
his discretion. The point was also taken
and sustained By affidavit Of Hon Geo
Nichols. Secretary of STATE. that the res5iu-
ZION had never been signed by the Governor,
and tia, il was passed upon single reading
instead Of after three readings as required by
the rules. and therefore was No; law To
TINS. Judge Kellogg replied that a resolution
might become law, when presented To the
Governor for his signature and retained by
him Eve days without bis approval and that
there was no evidence that this resolution
had not taken that course. lie also blamed
the Treasurer f5r not giving due notice Of the
payment of the bonds, through the newspa-
pers. as is customary IN other states.
The court. after due consideration, de-
clined % issue the maadanus, and gave lie
opinion. unanimously clncurred in by the
Judges, sustaining the action Of the State
Treasurer IL refusing to Jay in coin The
decision is one Of some consequence to the
State Treasury, ana to the holders, If there
be any. Of the bonds Of ISL