The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-11-27

''t'' Si"'o -,oots exports 10 Grcat
Drltuln 430; sales 200; stock 5000.
NoRroLK. November 26.-Cotton-
net receipts Q $50 bales; exports coast.
wise 1.625; sales 500; stock 9,5l7.
WILMINGroN, November 26.-Cottou
lirm-middling 10; net receipts 1872
bales; sales 1O3; stock 1865.
AUGUSTA. November 2G.--Cotton
nctlve aud in good demand middling
rs; receipts l,G57 bales; sales 2,O74.
New ORLEANS, November 26.-Cotton
t1rm aud III good demand.-middling
lG1s; low middling 1875; strict good
ordinary 1875; net receipts G,SO7 bales;
gross 7,l34; sales 5000; last evening
5000; stock l29,2l2.
LIFE INSURANCE DECISION. The fol.
lowing important decision was recently
rendered by the Circuit Court of the
United States for the Western District
OF Tennessee:
Circuit Court of the United States for
the Western District of Tennessee-
W. e. TAFT et al, heirs of DR.. Samuel
Bond, deceased, cS New York Life
Insurance Company. Commons, J.
A policy OF insurance which indemni-
lies public enemy against loss in time
Of War is unlawful; and where entered
into before hostilities, is abrogated when
they occur. The relations it establishes
are illegal between belligerents.
Where life policy provides that it
shall be void upon the non pay ment of
premiums within the time prescribed,
such payment is condition precedent;
time is of the essence of contract, and
there eau be no recovery if punctuul
payment is omitted.
Where the performance of q condition
precedent becomes unlawful, or, by the
uct OF God, impossible, this will not au-
thorlza recovery upon the contract
without performance. Such case dis
tlngnished from those in which subsc-
quent impossibility and illegality are
relied upon as defence. 4 contract Of
insurance, tho continuance of which de-
pends upon the election aud acts of the
insured. Is not like II debt, the oblga-
tlon of which Is absolute, and which is
suspended only by war The relations
between tho members Of corporation
for mutual insurance present mll the
evils and are dissolved by war for the
same reasons as those between ordinary
copurtners.
The reasons for the dissolution Of ex-
ecntory contracts by war nre not alone
thai such contracts involve inter-com.
munion across the hostile lines, or that
they relate to property liable to capture;
but more espccInlIv because their exc.
cutlon increases the resources OF the
enemy.
y court OF equity has no authority to
decree the specific performance of an
agreement in favor Of party who has
failed to perform condition which is ef
the essence Of the contract, although
prevented by its becoming subsequently
illegal or impossible by act of God. 4
court of equity will not relieve n party
from the effect Of emitting to perform
an act, although the omission was caused
by subsequent ilegality or impossibiity
arising from the act of God, where such
net was merely optional, and the other
purity had no right to enforce its per-
Torrance. The agency of one repre-.
sentlnS an insurance company, author
lied to receive premiums and renew
policies, becomes unlawful when the !n
sured and insurer become public enc
mics. Humes * Posteu, for plaintiff:
~ AsApt1b'pb, LOT
PENDANTS.
The returns of the income Tux in Eng.
land SLOW that rich Englishmen are
growing richer. and that the circum-
stances of poor Englisllmen are not pro.
portionately improved. The rent roll
OF the Marquis OF Westminster, cx-
elusive OF property outside of London
limits, amounts to more than $1,000, 00O
per nnnnm. The Earls OF Butte and
Dndlcy derive from their great coal and
iron estates incomes to the amount Of
- 900. 600 each. The Nnpers on the
Clyde and tho Lairds ut Brkenhead
have each incomes greater than the en-
tire revenue of the crown in the time OF
Queen Elizabeth.
The Japanese Minister of State wa
kurn, is said to have stated that he saw
nothing in all his travels which asto.
nished him SO much as the changes
which took place in Japan during his
absence.