The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-04-08

NooSNuA:-Aottl Oh Q1VlBlOn from
the East. rn District Of Arkansas. In
tnis case. narrower sued Woodruff on
Promissory note. givon for reconsideration
in war bonds. issued by the Arkans a
Secosston convention. On the trial, the
court divided in opinion on the following
Questions. which were certified to this
court Tor answer: /. Was the considera-
tion OF The note void on grounds of pub
hc policy, 40 that no action could bo
sustained? a, Was the consideration of
the note illegai4 under the principles of
public low, the Constitution OF the
United States, the laws OF Congress and
the proclamations of the President relat-
| ing to the rebellion which existed and
was pending when the note was made?
These questions are both answered in
the alternative; the court holding that
the issuing OF the bonds was an act of
open hostility to the United States, de-
oiarlpg the adherence Of the convention
to the enemies OF the Government; and
that although the bonds were used as q
circulating medium, in the sense that
any negotiable money instrument, found
ed on the public faith in its payment, is
such u medium, they were still not a
forced currency, which the people of
that section were obliged to use. In
this the case is distingnishabte from the
case OF Thorington us. Smith. before de-
cided by this court. There the question
was upon the validity of Confederate
money as a consideration, and it was
| sustained on the ground that it was the
only medium OF exchange of O people
under the absolute control OF the Con
| tederate Government, and was hence a
| forced currency. Mr.. Justice Miller
concurred, or rather acquiesoed, in tue
opinion; although he thought the oon-
| sideration in this case was within tho
principle OF Thorington os. Smith; and
he did 30 because it limited that case as
a precedent, he having reluctantly con-
CURED therein, on account of the ap.
parent necessity for protecting millione
OF people in the transactions of q term OF
years. Mr.. Justice Field delivered the
opinion Of the court.
Probabilities-South-w winds,
cloudy and rainy weather will prevail in
the Gulf States. For the South Atlantic
States, falling barometer, Southerly
winds and cloudy weather. For the
Middle and Eastern States, falling baro.
meter. Easterly winds, cloudy weather,
and. possibly, light rain.
HUDSON, N. Y, April 7.-Tho river is
navigable.
MuRFnHEsBoRo, Tenn. April T.
Loeb's lewelry store. Reeds hardware
store, Ooghius millinery, and other
stores were burned to-day.
ATLANTA, Ga, April 7.-Govornor
Smith, to-day. issued proclamation,
calling convention of the Governors OF
the SO lthern and Western Statee, to
meet on the 10th of May. in Atlanta, to
consider the Atlantic and Great Western
l a xuDykn - A.
cities in Georgia to attend, and the in
corporated towns to send delegates.
Financial and commercial.
| LONDON, April Moon. .-Consols
92M993. IS 9Oas.
FRANKFoRT. April 7.-Bonds 9556.
| PARIS, April 7.-Rentes 56f. 7o.
LIVERPOOL. April .7-3 P. M.-Cotton
opened dull but steady-uplands 9L@
94; Orleans 956; sa,es IL. 900 bales;
speculation and export 1000; from Sa-
vannah or Charleston, February or
Maroh, 94; March or April. 915.
LIVERPOOL, April 7-Evening.-Cot.
ton closed quiet and steady; sales in
cludo 1000 American-from New Or.
loans, deliverable in March and Anril,
sY:
NEW YonK, April Moon. Stocks
dull: Gold frm. at 1885 Money firm,
st 1.1e@H per cent. E1ohange-loDe
7L; short So. Governments dull but
strong. State bonds dull but steady
Cotton quiet; sales 2.449 bales-uplands
1914; Orleans 20L. Flour dull and
heavy-snperflne State g. 1906 65; extra
State 7.00@7. 60; round hoop Ohio 7 20
@7.60; Baltimore 61O@l275. Wheat
dull and in buyers favor, at 1. 65 for fair
No. 2 Milwaukee, aAoat. Corn dull and
/ dnohaDge Western mixed 65hM
651a, ahoRt. Pork IT'S. Lard
m-Western steam 8 l3.16@8X.
Freights quiet.
NEW YORK, April 7-Evening.-WaN
street markets to-day free Of excitement,
money pressure continuing the feature;
but securities, as a rule. remain firm.
For some reason known only to bull
speoulators in gold, who practically con-
troll the market, the upward movement
has been temporarily checked. The
opening price WIS 1915; after which
there was decline to 1877, an advance
to 1879, and dcclino to 1885, the pre-
sent price. On gold loans, rates hayo
been five to seven per cont. per annum
for carrying. Foreign exchange is dull,
with 1.071a and 10S2s as tho nominal
rates for primo sterling; business being
ut concession of IL Advicea from,