New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-12
A HARD CASE.

colonel ). II. Rouse, counsel for thu
government, has fled against a number O
citizens suits based upon the following
petition:
Charles Case, receiver of the First Nationa
Bank of New Orleans VS..
To the Honorable the Judges of the United States
Circuit Court for the Fifth Circuit and Dis
The petition of Charles Case. a citizen nj
| the State of Indiana, respectfully shows
| that the First National Bank of New Or
leans, an association organized and incor-
| pOrated under the provisions of the act of
Congress, entitled "An act to provide ma
tional currency secured by a pledge of
United States bonds, and to provide for the
circulation and redemption thereof ap-
proved June 3, 1864, suspended payment on
the thirteenth day of May, 1867; that said
bank, ON the fourteenth day of May, 1857,
Jailed TO redeem It's circulating notes uDOn
demand made, and thereupOn, petitioner
was duly appointed, commissioned and.
qualified as receiver of said bank under the
provisions of said act.
That the assets and credits of said bank
are wholly insufficient to pay its liabilities:
that the Controller of the Currency has
ascertained and decided that in order to
pay the debts of the said bank, it is neces-
sary to enforce the individual liability of
the stockholders thereof, as provided by
the twelfth section of said act of Congress,
and has accordingly ordered and directed
your petitioner, receiver as aforesaid, to
enforce said liability against each and
every stakeholder of said bank, to the full
amount of the par value of the shares of
stock held or owned by him at the time of
failure of said bank as aforesaid.
That five thousand shares of capital stock
were issued by said association, each share
being of the par value of one hundred dol
lars, and the whole amounting to five hun
dred thousand dollars.
That -- was, on the thirteenth day of
May, 1867 1.-THE date of the failure of said
bank, the owner of shares of tba
capital stock Of said bank, and became and
Is liable, and indebted to your petitioner.
receiver as aforesaid, in the sum of -
dollars, with interest, as hereinafter prayed;
for which he brings suit.
Petitioner alleges amicable demand of
payment of said sum, and refusal thereof
by defendant.
wherefore your petitioner prays that
SAID --- be cited to answer this demand.
and condemned to pay your petitioner the
aforesaid sum of - with interest at the
rate OF i've per cent per annum from Nav
IL, 1867, until paid, and costs of suit. And
your petitioner prays for general relief.
u ~. nONSE
Attorney for Petitioner.
We can hardly conceive a more distress
ing case than this must prove to many Of
the parties involved. Section twelve of
the currency act, above referred to, makes
each stakeholder liable for twice the
amount of the par value of the shares
standing in his name Thus the victims
Of this great financial calamity-to give it
no stronger designation-are compelled to
lose, not only their original Investment,
but from their savings OF since earned ac-
sum equal to the face value Of
their stock is now to be wrested. Of
course, the government officials or their
law representatives are but doing their
simple duty in the premises, but their ac-
aon must give birth to bitter reflections
upon those whose Encouragement caused !:
SUCH widespread loss, and, in many
cases, absolute ruin.
one Of the most notable cases connected
III 'Ils unfortunate affair is that of our
respected fellow citizen, Robert Watson
Esq Never IN the slightest degree was he
with the bank management or
Us specuIatons; but just prior to the fail
Ire he, as simple act Of Accommodate,
o friend, permitted the use of his non,a
md the transfer on the books Of throo
hundred and fifty shares of the eapito1
took. This friendly action has aIreadr
ost him fifty thousand dollars of his bo~S