Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-08-20


complaint as that OF the proceedings inst
tuteo last December, namely the nOn-pay-
ment OF rent to the Vermont and Canada
road, which road was held as leasehold es-
tate by the Vermont Central, and by the
terms OF their contract. in caee of failure to
pay rent by the Central, the Canada was to
nave the right to enter upon and run both
| roads until its claim should be satisfied This
contract was held to be valid and binding by
tie curt, and accordingly on the 18th of
May, 1855, an order was made putting the
Canada Company in possession, and it con-
tinued to run and operate the roads for about
the space OF one year, when an agreement
was made by the parties in interest, and on
the 9th of May, 1856, all parties in interest,
appearing and asserting, an order was made
Dy the Chancellor that possession of the
property be restored to the trustees of the
frst mortgages to be managed by them as re-
| ceivers OF the Court of Chancery in the inter-
est of the security holders The measures,
it would appear, were intended as a tempo
rary provision for the care and management of
this vast estate pending the final decree OF
the Court on the Orators petition. In April,
1860, this decree came, granting the prayer
of the petition. A prompt appeal from this
decision to the Supreme Court was taken by
both parties and the case was heard by the
Supreme Court at its January term, 1861,
and is reported at length in the 34th Yer
mont. In the opinion OF the Court, deliver
ed by Judge Barrett, the rights of the Cana
da company under their contract with the
| Central are recognized and established so far
as to entitle them to their rent, which is fixed
| at the sum of eight per cent per annum up
on 81, ,34S, 500 the cost of construction OF
.heir road, but, says Judge Barrett, " In the
present position OF the case, the Court being
unable to decide that the Orators are entitled
to the possession of the roads, property. etc.,
it seems obvious in view of the character of
the property and of the various interests in
volved that the only proper and practicable
course is to have the roads and property re-
main in the hands of the receivers under the
control of the Court of Chancery A man
date will be drawn in detail according to
these views and points of decision and sent
to that Court"
1t should be remembered that the orator
had prayed either for the possession of the
roads or the appointment of receivers. Thus
the matter was settled and in obedience to
the mandate referred to we have the 1" Decree
of 1861" continuing the possession and con-
troll of the roads and property in the pres
ent receivers, Lawrence Brainard, Joseph
Clark and John Gregory Smith, subject to
the orders and directions of this Court with
power of removal at all times" Consider
able stress has been laid upon the fact that
this decree was not recorded in the clerk 8
office until after the entry of the next decree
in 1864. The writer has been unable to
learn any reason for this save the natural
supposition that its preparation was delayed
by supplemental proceedings which were
pending between it's rendition and enrolment
and perhaps, too, by the extreme length OF
the document itself, but in the decree OF 1864
occurs the following clause 4" 1st, The de-
cree in the original cause to be drawn NJ
and enrolled pursuant to the decision of the
Supreme Court therein The explanation
and construction of this [ leave to legal
friends and proceed to the decree of 1864
which was the /" Compromise Decree SO
much depended on and discussed by the press
and the parties.
All parties ID Interest appeared personally
! or by authorized repi esentatives and assented
to this important decree, the purpose and in-
tent of which seems to have been more clearly
to define the rights and duties of all parties
which had been previously established in
com paratively general terms. By this de-
; cree, to the validity and competency of which
no objection has ever been made by either
party, three men, to be elected annually at a
public meeting, by the first mortgage bond
holders are constituted committee with au.
thority and directions to advise and consul
, with the receivers and managers respecting
their management of the property, to examine
their books and papers at all times and audi
, their accounts with the trust. 1t would ap
pear, therefore, that the interest Of the frs
mortgage was given at least reasonable
voice in the conduct aud management of tht
property.
j, There was made provision for the othe
three existing interests, namely: the Yer
8 mont Il Canada and the Second Mortgage
with intent to provide against precisely suci
contingencies as those which have latel,
u arisen. The receivers and managers were t.
t file their accounts in the court semi annually
and any man holding one share of Vermont
Canada stock or one second mortgage bon
could go in or send in to examine those &C
l. counts, could file his objections to any iteu
y or items which he saw fit to object to, an
J. the court was open to him without formalit
l. OF delay. The Objectionable items Of accoun
rs would be sent out to a master to examin
sr and report upon, aud such relief given th
y complainant as to equity might appertair
d 1t is scarcely possible for any one iamila
T. with the practices of courts OF equity to cor
. ceive of any way in which more simple c
y more complete representation could hav
le been given to the various interests in th
l. cause
D. By this decree also, the cause was ordere
as to be continued upon the docket OF the coul
IT and to remain open to all parties at all time
70 From the date of this decree up to tt
{: time of hearing on the petitions OF the Vel
I'd mont & Canada for payment of their Zen
Ia Il ed December 9th, 1872, numerous petition
D. were preferred in the cause, generally b
IN the receivers and managers for orders and il
10 structions on the administration of the trus
% 1t is, perhaps, unnecessary for our preseI
purpose to reier to these in detail, and "
20 would only remark that in no case does thel
re appear to have been any neglect or failure
give proper notice to all parties intereste
to and in no case were any objections mad
as Many slur has been cast upon the Court
ID Chancery of late, for granting the prayers
'n these petitions, assented to as they were
y all parties having the right to voice {
Vi their hearing.
m To the unprejudiced legal mind these thin
6. are simply ridiculous Was it the duty
y = the Court of Chancery, to say '' Gentleme
you authoritatively represent all the interes
o. In this tr ust which we, as court, are CALI
ID upon to administer; and your assent may
er entitled to some weight but We will get dow
en- from the bench and 20 out and investiga
as this matter for ourselves, outside of the ev
ed dence you offer before US, and then we W
or decide as seems proper to us ?"
he As we'll in a jury trial when suit b
ne been settled during its progress and the pa
Is ties appear in open court and assent to
on verdict and Judgment in accordance with t
is terms of their agreement, Tor the presidil
no Judge and the jury to go out and exami
mt the property in litigation and then accept
Its iguore the agreement offered at their pleasu
ry or according to their judgment as indlvidua
'st Up to the year 1866, and including pa
ly of that wear the accounts of the receive