The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-04-14

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Latest tsSE. News Y ! from N ashingtollL.,
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Defeat OF the MN. 81 81 s''s'' 1850 r

Esenator Carpenter Rna M. Rs,, 81, !.
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Defeat OF the 1i3ill. 4 a. !. 4
| ~. Especial telegram Is the Dtspatch. ~
| WASHINGTON, d. c., April 13.-sena.n,
Carpenters blu to provide for new election
In Louisiana did not come formally before
the Senate to-day, but there was very sharr
debate on the propriety of taking up the bill
at this time, Senator Sherman vigorously Cd.
posing 1t on the ground that there were more
important matters ut this time demanding
legislation.
The bin will probably come up tomorrow
Senator'S Morton, Frelinghuysen, and Yves,
are all primed with speeches, and If the ball
is once fairly opened it is certain to consume
much time, aud the discussion will be very
exciting.
Senator Carpenter says he is determined to
justify himself and do his best to relieve the
people of Louisiana from the rule of Kellogg
in accordance with bis speech in New Or
leans in May last. The general impression,
however, Is an new election in Louisiana
will be defeated either by direct vote or by
parliamentary delay. TIaoN.
ASSOCIATED Press telcgramsl
The Chief Justice Delivers his First
Opinion-other Decisions.
WASHINGTON. April 13.-The Chief Jus.
tice delivered his first opinion on the bench
Of the Supreme Court to-day in case from
Illinois touching the right Of the State to
tax nonresident national bank share-hold-
| crs ut the residence Of the bank. The MEM
bers OF the bar who heard it and his brethren
| on the bench speak Of it in eulogiStic terms.
Hon. Reverdy johnson is complimentary in
his remarks both as to the merits Of the
opinion and the manner of its delivery. The
| Chief Justice delivered his first formal opin-
| ion considerably earlier than the late Chief
Justice did.
The case decided was that Of Toppan, COL
| lcctor of taxes of Chicago, against the Mer-
chants National Bank Of Chicago, from the
Circuit Court Of Illinois, presenting the
question whether the Legislature of Illinois
could, in 1867, provide for the taxation Of
| the owners Of shares of the capital stock Of
| a national bank in that State Mt the place
| within the State where the bank was located
| without regard to their places Of residence.
! The court below decided that the tux could
not be thus laid, and the decree was against
| the collector. That decree is here reversed,
the court holding that shares of stock in ma
tional banks are personal property under the
national banking act. They are species of
personal property, say the court, which is in
one sense Intangible and incorporate; but
the law which creates them may separate
them from the person of the owner for the
purposes of taxation aud give them status
of their own. This has been done, it is held,
by the banking act since the decree below
| was made. The Supreme Court of Illinois
has held the State law of 1867, under which
the tax was laid. valid, and thai decision is
held to be binding on this court. Its cor
rectness is also conceded.
In the case ofthe Quarantine Board against
Charles Morgan-an appeal from Galveston,
Texas-the Supreme Court held that the
imposition Of tax of five dollars on the
steamers of the appellee plying between
New Orleans and Texas, for quarantine pur-
| poses, was unconstitutional, it being an in
reference with the commerce between the
States.
The court also held, in the case Of the
United States against Francis J. Heron, that
the discharge of a bankrupt under the bank
rupt act did not discharge him from his ill.,
debtcdness to the United States.
In the case of the Atlantic, Tennessee and
| Ohio Railroad Company and others against
| the Carolina National Bank of Columbia
aud others, from the Circuit Court for North
| Carolina, also decided to-day, the question
| was whether bonds issued by the company
| in May. 1862, payable at different periods
| from November, 1869, to November, 1875,
were solvable in Confederate currency or
| lawful money, some of the bonds falling into
| the hands of the bank. The company were
| willing to pay in Confederate money, but the
bank demanded money Of the United States,
and the action was instituted TO compel pay"
| ment under deed of trust executed to Sc
cure them. The court below sustained the
demand Of the bank. Another question was
brought here where the decree is affirmed,
and the court holding that the intention of
| the company, that the principal of its bonds
should be paid in lawful money instead OF
| Confederate notes, may be justly Inferred
from the nature Of the contracts, particularly
tue long period before they were to ma
| ture when they were issued. 1t is said it
could not have been in the contemplation
| of the parties that the war would continue
| from seven TO thirteen years. 1t is well
known that at that time it was the general
expectation on all sides that The war
| would be one of short Duration. The
Confederate notes were only payable by their
terms after ratification of peace between
| the Confederate States and the United States.
| The bonds of the railroad were intended for
sale in the markets of the world generally,
and not merely in the Confederate States.
They were payable to bearer, and therefore
| transferable by delivery. They state on their
face that they may lie converted into The
stock of the company at par by the holder.
Tle declarations of The officers of the CON-
pmy up to July, 1868, show that the COM
pany treated. the bonds as having an
exceptional value and not subject to the
fiuctuation of Confederate currency. Re-
peated declarations of the officers were
made TO that import. There is suffi-
| cient in the circumstances, it is held,
TO repel the presumption created by the Or
dinance of the State of 1865, providing for
the discharge of all existing contracts by
scale of the depreciation Of Confederate
money, and declaring that all contracts eX-
cept official and personal bonds payable to
the State should be deemed to have been
made with the intention that they should be
discharged in that currency, and thus the
case will be governed by the ordinary rule.
MIR. Justice Field delivered the opinion.
Congressional.
WASHINGTON, April .-Senate.-A petit