The Rutland weekly globe. [volume] (Rutland, Vt.) 1873-1877, 1873-08-15


Courts Of Equity never take accounts save
in the form Of masters reports, and that
this is wise and necessary rule cannot
for moment he doubted. The Court i'm
this case said to its petitioners; 1--WE can
not in equity require our officers to pay
over TO you money when they say they
have none, and there is but one way to de
eide whether theyhavc or not, but although
you do not in terms ask it, We will, if you
desire, order these receivers and managers
to file their accounts. If they have money
it will then appear and you can demand its
application to the payment of your claim.
If they have had the money but have inn
property expended II, YOU have the un-
doubted right to object to the items Of inn
proper expenditure, he they few or many,
and the Court will adjudicate them ac-
cording to its course" And the Vermont
and Canada railroad company, by its Presi-
dent, replied. eve don't want their ac-
counts; we want our rent. and since we
are refused that. we will take nothing hut
will withdraw our petition"
The Vermont and Canada railroad com
pany and certain of the mortgage bond
holders had filed their several petitions for
the removal of the receivers and managers,
or some of them. for the reason, and for no
other reason substantially. than that they
had misappropriatcd the funds and pro-
petty Vt the trust.
Then ii was again simple matter of ac-
counting between the receivers and their
trust. Again was the attempt made to in
troducc this accounting in form of evil
dence before the chancellors. and as before.
il was promptly ruled out. One of the
counsel for the hondholders then moved
the Court to appoint master to take the
accounts Of the receivers. To this the
Court replied: "Our course is clearly
marked out for'ls by the decree of 1864.
We will not appoint a master to the end
less and useless task of taking all the ac-
counts of these receivers, but if you desire
ii we will order them to file their accounts
in this court in the course prescribed by
that decree. and any items, or the
absence Of any items therein to
which you may object, shall he sent to a
master to investigate and report 10 this
court for the adjudication thereof"
Upon the announcement of this corrupt
and oppressive decision the petitioners cX-
pressed in gentlemanly manner their dis
gust and The utter contempt in which they
held the court. Indignantly withdrew all
their petitions and shaking the dust from
thel feet. went out The reason of this
persistent refusal of the petitioners to prose
cute their cause in the M inner so clearly
marked ont by the decree which they re-
gard a, prc-emipcnty valid and binding. is
a mystery which, as it is entirely out of
our province, we shall make no attempt to
solve. The fact that while by inucndoes
and asdcs they claim the illegality
and nsuillciency of their representa-
ton in the granting of former orders and
DEGREES hut carefully refrain from taking
steps to bring the matter--a very simple
one to all appcarancc-to direct issue is
equally dark and incXplicablc
The next important move in this cause
was the application of the receivers and
managers permission to turn over the pro-
fer-lly under their charge as such to a new
receiver, namely the Central Vermont Rail
road Company, and because of the granting
of this request the Court of Chancery has
been most fiercely attacked by certain of
the newspapers of this country, and some
Of the astute wielders of that implement of
warfare which is "mightier than the
sword, have managed by "a course of reas-
oning more profound than either sensible
or logical to drag in and villify, the whole
Supreme bench of this state. Let us look
at the matter for Il moment, merely sug-
costing in the outset that although the
practice in other states may he, and in
many instances doubtless is, different, il
has always been looked upon here as pro-
per for courts to render their decisions
upon the evidence and arguments brought
before them in their judicial capacity only
Objections were made to this change in
management by the Vermont and Canada
Railroad Company and by certain bond
holders, substantially upon the following
grounds;
First-That the Central Vermont Rail
road Company was not party to this suit
and that it was improper for the outgoing
receivers to nominate their successors.
Second That they (the objecting par
ties) were ready and willing to nominate
successors to the then incumbents.
Third That corporation ought not t.
he receiver.
1t was shown to the court upon hearing
| that the thea receiver had, for many
reasons, become unable to administer TIN
vast trust estate under their management
in manner 10 best meet the interests o
all the parties concerned that they wer
unable to command the funds necessar,
for its conduct and development, and tina
a change was Immediately and imperatiyel!
demanded. The court found that the Leg
islature of Vermont had created this corpo
!. ration and had nominated il for appoint
ment by the Court TO the receiyership o
this trust estate with view to its uti
mate removal from the custody of
court harrassed and villifed of neces
sity and from the very nature Of thing
by its administration, and the cour
saw fit to recognize this nomination
and upon the evidence tomake the appoint
ment, 1t removed from the possession am
management Of the property the forme
receivers and managers without impairinI
by one jot or little their responsibility t
the owners of the trust estate for all thei
acts. 1t ordered the settling of their &C
counts in full and leaves them open to in