The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-10-26
Financial and General News.
WASHINGTON NOTES.

WASHINGTON NOTES.
DECISION OF LOUISIANA BANK CASE BY THE
SUPREME COURT.
WASHINGTON, Oct 25.-MeLemore vs. Loui-
siana State Bank. e 'rOr to the Circuit Court
for the District of Louisiana. In this case
the plaintiff was the owner of certain securl-
ties which were in 1861 pledged to the bank
as collateral to loan. The loan was not paid
at m maturity, and the collaterals remained in
the possession Of the bank until it was put
into liquidation by Gen. Banks, and its effects
transferred to military commissioners ap-
pointed to close it up. These officers sold
the pledged paper for less than its face.
The court holds that the plaintiff cannot
make the bank responsible for the acts OF the
commissioners, for no act was done or omit
ted to be done by the bank inconsistent with
it's duty. The bank has shown good reason
WHY it does not return the pledges by show
ing that they we're taken from it by superior
force against its will and protest, and It loss
has come upon the plaintiff, the bank is not
to be blamed for it. Affirmed. Mr.. Justice
Davis delivered the opinion.
Matthews Va. McStea. Error to the Court
of Appeals of New York.
This was an action upon an acceptance OF q
bill of exchange by the firm OF Brander,
Chambless & Co., of New Orleans, it being
alleged that Matthews, living in New York,
was at the time of the acceptance member
of that firm. The only question was whether
the partnership existed at the date OF thu &C.
ceptance, April 23d, 1861. the war being then
fragrant.
The Court held that although war existed ct
the date of the acceptance, still, as 1t had not
been declared or publicly recognized by the
President; it did not have the effect to work
dissolution of partnership, of which mem
her or members resided in New York and
others in New Orleans. The proclamation of
April Is, 1861, is not regarded as distinct
recognition of an existing state OF war, nor
yet is that of the 10Th April, which announced
the blockade.
The reference to the people Of Louisiana in
these cases is to .citizens of the insurrec-
tionary States" and in the Judgment of the
Court, the purpose avowed by the President
ia inconsistent with their being regarded as
public enemies. Affirmed. Mr.. Justice Strong
delivered the opinion.
U. 3. SUPREME COURT.
Wilmington and Weldon Il. X. Company
vs.. King, executor; error to Supreme Court OF
North Carolina. In this case the road con-
tracted for wood, to be paid in Confederate
currency. and the question was: First
Whether the contract was valid; and second,
if So what should be scale of payment?
The Court held that contracts thus payable,
not designed in their origin to aid the insur-
rectionary government, were not invalid, and
that the true measure of value should
be the value of Confederate currency at the
date of the contract. Judge Field delivered
the opinion j.,
Semmes vs. United States Error for the
Circuit Court for the District of Louaisna.
This was an action to recover certain
property which was con6scated on the ground
of alleged irregularities in the proceedings,
and upon the suggestion of pardon by the
President. The court here sustains the pro-
ceedines in confscation and hold in substance
that the pardon cannot restore rights to
property seized, condemned and sold in the
exercise of the sovereign belligerent rights.
Affirmed, Justice Cliff ord delivered the
| opinion.
WASHINGTON, Oct. 25.-The Supreme Court
to-day decided the case Of the Farmers and
Mechanics National Bank Of Buffalo, against
Peter @. Dsaring. The New York Court OF
Appeals held that the agreement for the dis
count of note above the legal interest in
New York was corrupt and illegal, and that
under the laws of that State the whole debt
was forfeited, but this opinion the Supreme
Court has reversed to the effect that, under
the national bank law, the plaintiff forfeited
only the excess of the legal rate OF interest.
The annual report of Treasurer New will
contain the following statement OF receipts
and expenditures by warrants for the fiscal
year 1875:
Receipta of custOms 1857 ,167, 7l2 30