The New York herald., 1876-08-01

debt. The STATES CAIN The rish. to apply the pro-
ia e.: to the ..onsr Of :oc
.,sr.s s the .%ouns hrss mentioned with interest," ss
1ss 1ss s' Seis: s:..sss ssc.ss, G.
ee;S sdm M 9 and cssss
ro. "ns ps'sa s rsssou; e The time ht thsr:
o X. snS % w.rs the =. 2,
A%ssesn partners n the house of Jay Cooke NcCuoch
on the se'h Of SSssmseT 1879 all tn. peous composing
this IN 1 ass ri.
CO. OF the house o. j.,
Of shi. latter hr% are not bankrupt. uness
estate: "s IN.
and holds their sover. e:sssss snd ~
sets ard the estates and assets q the .
The United under the psy M Ds, n ,n in
%sbss ssSs sss'e:
$ s:' Co. Ss ns q =:
nie the validity Of this demand The United hsv.
April 1873 there was already accumulated
81 s s. % s sd claimed BY thu
The b. B.ntTI2 act Of March 1851 declare; that in tn.
to priority or presrsnce and to be first paid in full
Fs-Fees and expenses Of suits and ofthe several
proceedings under this act and for the custody Of
sscon All debts due to the United States and all taxes
The fifth section oil the act OF March g. 1897 statute 5l5
THAT where any revenue officer other person heress,
becoming indebted the United States BY bond other
debtor in the hands Of administrators
De- % Sa " TO s M hs du sT Re : %
hed aud the priority hereby established shall be deemed
ali hs
be
process AS to the eases in which legal act OF bank
may he well to here and carefully analyre this
sno M m in sns "a the de-
Those affected persons indebted 70 the United States"
The " ans Without
or He ds By Sr
ard may have been incurred in this country abroad
No discrimination is by the statute
Hers made ~ ,a''sa the STATUTE All
5s % rfsd a,ss sss.on y The sa1 e bs.~are L Pet
must M be Ss Or else the iate
bankruptcy exists horo not look beyond tha
point in this Congress had pass the
Where the language of statute transparent and it,
meaning clear there Is no room Tor the Office Of
o s csn.Gas hs np s,s:
% Cherokee ,S f.u,s tSeaeHo Sis.,o IL wall, sai
within the plain terms and meaning Of the section
o Of s
tive discussion under such circumstances is net unlike
msssd or s9nss cannot strengthen the
The statute prevail unless effect shall be over
come by the 70 which attention been
with sSd .S
We shall respond their propositions without res.atns
United States are In NO wise bound bv the Bankrupt
The clause quoted is in plr mas.ria with
and was put to recognize and ro.nm n:
rights which those statutes give and 10 sxslads the posi-:
States was not proved in the bankruptcy proceeding,
% spro as Wa s r sn
The that Of fund atustec holding
Court original plenary jurisdiction That the fund
did not t." .se @ the right both
adj the had
s aaa ssn y, ANY, 9sas5 2 up'
parineship effects Of Cooke. McCulloc6 Co before nns
solved % the r% Of coos SccuocS Co. only
IN 'p
ana anS s o. s
against the other for tho whole amount dSe psrwen, "
this S Court SeS that the p.nsrshp may pro-
.S sssni ay The s
ceased partner and that was not necessary for him
ss s.ssss.sS :s.S
sasss s4s ISsrss Jackson Young Collier K:sS
s0.s ; Camp
Of marshanr assets jaris.
@ ss: DenSs @ S ss. s
WaSer VS. Covar South Car s. l6 Doda % vs. : SNYDER:
appeal Barr soi co.tos appeal WAITS &e, as Kssns!
Keyner Waits 22i9 Ifsudgmen at law be recovered
ssS Of the
special sucs & IS sye
are conc asSe on tho point under n there
could otherwise be doubt the subject removed
be a.ss ss.s III; aS :;ssisa
Of payment Neither statute contain. any aa.as.tiS
law we s end IT, no, TO make G IT. y woSd be :ng.
s"i esrTy through litigation Of uneerain and re-.
against parties there beors they permitted
settled principle equity holding collateral.
sSSs a.ss
psa S B0H;' Johnson Cox and ss 81 Yet,
iss; Lord The, OCEAN hank, Sgssnk, 20 Penn, ssa
It insisted special considerations which
80 f a q" of & the s we
them is found in the character and of large
E Ss Of the the
adv G ns on si
the collaera and conclusive There parties entitled
Sasm@ he sH be To- es tho unsd
state. which they no. willing to assume. Doubtless
,a.on Of the fund i s9mpls,sd In the meantime The
The Court Iesw committed no error in holding that the
MeCuoch a Co applied to the separate and individual
in equity recognized BY the Bankrupt setthat partner
ship properly be first applied in paymen. Of the par.
indi debts Ills sufficient TO say this subject
f in supper. @ Of the Opposite Sssrcst:
the meaning and effect Of the ststutes The
bankrupt parties in question indebted the
United STATES and they had estates This entitled
the United States the preference claimed One Of the
of the h section OF the act of 1897
to insisted upon has clearly done
of te Bankrupt act relied do
shown affect the United states The legal rels
tious tho United States In this
just what they would have been those psrs
Individual debtors of the United States and the hrm
OF took-. McCulioch & Co had meyer existed
separate and individual interest OF the several part
ners in the property Jay Cooke Co be
only share each OF what be lett after dis
charging ali the liabilities OF the coparncrshp This will
be he
be The United States therefore,
have with respect to the oitf
xa ri hs TO the collatcras held by the United
States claimed by Others be settled outside OF the
nrescnt proceeding. They be adjudcated
this
The aecrce of the Circuit Court is affirmed.
Mr. Justice Swayne delivered the opinion.