The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-08-11

son for this save the natural supposition |
that its preparation was delayed by sup
Elemental proceedings which were pending
between its rendition and enrolment and
perhaps, too, by the extreme length of the
document itself, but in the decree of 1864
occurs the following clause "1st, The de-
cree in the original cause to he drawn up
and enrolled pursuant to the decision of the
Supreme Court therein" The explanation
and construction of this | leave to my
legal friends and proceed to the decree of
1864 wlich was the compromise Decree"
so much depended on and discussed by the
press and the parties.
All parties in interest appeared person.
ally or by authorized representative and as
sented to this important decree, the purpose
and intent of which seems TO have been
more clearly to define the rights and duties
of all parties, which had been previously
established in comparatively general terms.
BY this decree, to the validity and COM
potency of which no objection has ever
been made by either party, three men to be
elected annually at public meeting by the
First Mortgage Bondholders are constituted
a committee with authority and directions
to advise and consult with the receivers and
managers respecting their management of
the property, 10 examine their books and
papers at all times and audit their accounts
with trust. 1t would appear therefore that
/ int ,f tl,, t,.,t
| given at least reasonable voice in the con-
duct and management of property in
which there still was at best only con-
tingent one.
There was made provision for the other
three existing interests, namely: the Yer
mont & Canada and the Second Mortgage.
with intent to provide against precisely
such contingencies as those which have
lately ;Nisen. The receivers and managers
were to file their accounts in the Court
semi-annually, and any man holding one
share of Vermont Il Canada stock or one
Second Mortgage Bond could 90 in or send
in to examine those accounts. could file his
objections to any item or items which he
saw fit to object to, and the Court was
open to him without formalty or delay.
The Objectionable items of account would
be sent out to master to examine and re-
port upon, and such relief given the COM
plainant as to equity might appertan. 1t
is scarcely possible for any one familiar
with the practices of Courts of Equity to
conceive of any way in which more simple
or more complete representation could
have been given to the various interests in
this cause.
BY this decree also the cause was ordered
to be continued upon the docket of the
court and to remain open to all parties at
all times.
From the date of this decree up to the
time of hearing on the petitions of the
Vermont & Canada for payment of theii
rent, filed December 9th, 1872, numerous
petitions were preferred in the cause, gen
orally by the receivers and managers fol
orders and instructions on the administra
ton of the trust 1t is, perhaps, unneces
sary for our present purpose to refer t.
these in detail, and we would only remarl
that in no case does there appear to hay,
been any neglect or failure to give prope
notice to all parties interested, and in NJ
: case were any objections made. Many
slur has been cast upon the Court of Chan
Gerry of late, for granting the prayers o
these petitions, assented to as they were, BY
all parties having the right to voice >oi
: their hearing.
To the unparalleled legal mind thes
:, things are simply ridiculous Was it tn
: duty of the Court of Chancery to say
: Gentlemen, you authoritatively represcn
all the interests in this trust which we, q
a court, are called upon to administer an
C your assent may be entitled to some weigh
: but we will get down from the bench an
s go out and investigate this matter for oul
e selves, outside of the evidence you offe
c before us, and then we will decide a
:, seems proper to us ?"
c As well in jury trial when a suit Ia
S been settled during its progress and til
u parties appear in open court and assent to
l. verdict and judgment in accordance wit
C the terms of their agreement, for the pre-
It siding judge and the jury to go out and eS
$ anime the property in litigation and the
t accept or ignore the agreement offered a
G their pleasure or according to their judg
y ment as individuals.
: Up to the year 1866, and including pai
d of that year, the accounts of the receiver
g with their trust were regularly filed i
s obedience to the order of the court. Thes
h accounts remain on file and as they hay
r never been formerly passed and allowed b
e the court they are open to-day, for an
y party having right, 10 examine and oil
+ ject to if he sees fit, according to the pre-
8 visions of the decree of 1854.
Il Since that time the receivers have neg
1t lected to file their accounts in the cause
! assigning as reason for their neglect tina
: the auditing committee preferred to ey
u anime them as they were kept in minut
l. detail upon the books If the management
. This is evidently noncompliance wit
the order of the court, but it is equal
evident that the parties in interest knew O
. could have known of this neglect and ther
= is no reason whatever to doubt that on pc
titiOn from any one of them there woul
;. have issued from the court to its officers
!, summary order for compliance with thei
. instructions to the very letter. No sue
= petition was ever preferred. Would it b
y considered the duty of the Court of Char
u Gerry, no word of complaint having bee
heard from any party to the cause, to G
! and examine the files and records in til
Office of its clerk and on discovering tn
. absence of these accounts to spout up al
u thority as an artesian well might spou
: water, and summon its officers to answo