The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-02-20
MEMPHIS RECEEvERsHlP.
Appointment of ThOs. j. La
tham--His Bond Fixed at
$4,000.
Memphis Appeal. Feb 1S.

Hammond also appeared on the bench
Mr. Carroll presented the order re-
leasing the police and fire fund from
garnishment by the creditors OF the
city of Memphis The fund amounts
to about eight thousand dollars. The
fund will be tul ned over to the CLERK
of the United States Court, ard by
him paid out pro rata to the said po>
lice and fremen. As to the further
and future collection for this fund, the
collections are to go into the hands OF
the Receiver, to be paid out as direct
ed by the Court, to such persons as
may present their claims. The police
and fire fund for 1878 will amount to
some twenty thousand dollars more
than sufficient to pay up the fire and
police departments i'll full. The order
was directed to be entered on the rec
ord.
Mr. Randolph read the general de-
cree as to the general creditors bill,
and appointing receiver to take
charge of the assets of the old corpOr>
alton of Memphis.
During the reading OF the decree
several attorneys objected to its sec>
tiOns and made arguments. Nj Me-
Kisick, representing the German Ma
tional Bank, and Mr. Neely, ex.City
Treasurer, made an argument against
the powers given to the receiver to
take charge Of property before the
parties have filed an answer or were
permitted to be heard and make any
defense. The decree is almost final
decree in advance OF the hearing OF
/ the cause.
Judge Baxter-The State of Ten
nessee created municipal corporation,
and that corporation created debts and
acquired assets. The Legislature
abolished this corporation and appro-
priated to the State the assets Of the
corporation. This court is bound to
administer the law, and the act of the
United States. The act is invalid,
and the court so declares it. 1t is all
act impairing the obligation Of con
tracts. This court has right to
take possession of the assets Of the
corporation and turn them over to the
receiver. The German National Bank
and the City Treasurer will have time
TO file their answers. The State can
also come in and answer. The funds
will not be distributed before such an
swers are made. So far as this court
has any power it will protect any citi-
zen against the State court in demand
ing double payment Should this
court go wrong, the Supreme court OF
the United States, iu which be hoped
all people had confidence, would cor
ect the error.
During the reading of the decree
Judge Baxter had many alterations
and amendments made therein.
The decree having been read, Judge
Baxter said he endeavore to SO shape
the decree that all paIties may under
stand the action of the court in the
matter. If there is much litigation,
the court may have to appoint an at
torrrey to assist the receiver. The
blank in the decree will be filed uE
by appointing as receiver MIR 1. D.
Latham. At this point the crowd Of
citizens left the court room, the mat
ter having been settled for the pres
ent.
Judge S. P. Walker read the de
cree as to the distribution of the po
lice and fire fund, which is to he
deposited in the bank to the credit o
the Clerk of the United States Court
who is authorized to pay out the same
to the police and fremen as soon al
possible. The DEGREES were or1ert
to be entered of record, when thC
record would be signed by Judge Bax
ter. The Judge will return here il
| May next, when the receiver vii
make report to the court as to th'
progress of his stewardship. The city
school fund and the relief fund of the
sick and poor have been released from
garnishment, and will be applied a
originally intended. This mo :nins
Judge Baxter will be on the bench t,
approve the bond of the receiver, NJ
Latham, to hear any motions in th
case of the receiver and to sign tn
minutes of court upon which the de
cree has been entered.
Memphis Herald: The policeman
who remained on duty during the epi