The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1880-04-21
April IL, 1850.
True copy.
D. B. MILLER, G. e. p.

~. -. MlLLEN, ~. y. L.
Mr. Bnrnwcll then said: Judge Kcrshaw
has since filed another decree disnissing
these claims entirely and they depend on the
matter being taken TO the Court OF Appeals.
Mr.. l}arnWcil then read the concluding pOr-
ton Of the following order, which we print
entire
THIS OF South CARoLINp, COUNTY OF
. KICII.AND.-In the CUnaDlon Pcux.
In re. Jane =. Gib5cs CT al. is. The Green
vile and Columbia Railroad Company.
The state OF South Carolina Is. The Green
vile and Columbia Railrmad Company, Ct al;
EE pdrtc The Carolina National BANK, ol
Columbia, >. Gland K. X. Scott.
This co usr was heard by the Court upon tho
petition, the answer, the testimony taken
before the Master and the arguments or corl-
sel, on saturday, April the 10. lSSo. Under
former orders of the Court the property OF
the willie and Columbia Railroad ON
uauy is directed to be sold by the Master on
Thursday, April Is, lSSO. notwithstanding
the vaiurs OF the intcrfs,s inT"'Tru IN . ,,is
OF counsel and the mass OF authority cited IN
support Of them and the impnSsibility of
OF examining and considering them In the
short period OF time allowed for thai pur-
pose before tho sale. it appears TO me to be
necessary and proper that Judgment should
be announced before the sale.
The facts stated In tho answer nre fully sus-
timed by the testimony; So also are The iactS
stated in the petition. and not denied by the
answer.
! Whether the bonds Of the Grecnville and
Columbia ltuilruld Company which consti-
, tuteu the consideration Tor the transfer or the
, Hlue Ridge Railroad bonds, sought to be re-
covered by the petitioners in this proceeding
, were uiru riIcS or not, or whether Silld oollos
aIr liable to the objection. That the Green.
vile md Columbia Railroad Company held
nt the time of their issue such a position In
The Court as that the order Of the Court was
necessary to give them validity or not. All
The facts and circumstances affecting their
49,. ~ ,N,r, 80 .f1, fl,n nan
trnctiue parties. said bonds hud then q Ger
tain speculative value. There WAS no fraud,
MISREPRESENTATION or mistake founded on
ipnorincc of facts then existing. The par
ties contracted with reference TO the tnen
speculative value vi the said securities. The
contract was fully executed by the exchange
| OF the respective bonds, and transaction nc
ouicSccd in and acted upon by both parties
for wears, and until the said bonds appear to
have but the value which they were sup
posed to &',esnnd for purposes OF specuia-
ton and\AsS2, did possess ut the time Of the
transfer. -,
not interfere to relieve the petitioners. They
must take the consequences oI their "
bargain. A..
G~rcenville and Columbia Railroad Company
was not one of those acts positively forbid
den by the charter, and hence was not n void,
Int. at most, u valuable act. Under such cir
cumstances ~ contract made In reference TO
them as Il consideration, when executed,
would be suStaind.-FiGld OH Corporations,
SECTIONS 265. 2GG, 273. and cases there cited.
Equity will not relieve against an executed
contract, except, In case OF fraud, accident or
mistake. There are no sucn ngreulgnt IN
dent or mistake. There are no ouch !ingrc.
dients In this transaction. The petitioners
got the thing they barsaincd for. If there
WWasnny mistake, it was as tot n loyal effect
and value of the security for which they con.
tracted. Equity will not relieve IN such Il
: case.-Story's l;q. Jur., =. Ill
There Is 10 implied wnrIGnty In the sale OF
q bond.-Walker rs, Scott z n. y McC', p
nor Is the sale of railrotd scrip or shares
= Saws Mr.. Addison "ln tlE case OF the sale Of
, rnilrond scrip, it Is notOr Gus that the whole
, transaction Is a speculat on on the value III
the subject matter or the contract, which Is
. suhi,rt To Il variety of contingencies; = =
il is unprecedented that insales and purchases
~ of letters OF allotment and scrip, there Is lt
y imnlied warranty OH tn. part of til" vendor
3 that the scheme shall g.on and tn. capita
n be raised, or that the public announcement
Respecting it shall be nltillcd;.' Again hi
2 suys: .Th discountln;o OF u bill OF exchange
. ar promissory note Which afterwards turni
> ont TO be n forgery presnts no analogy to thu
. sale of scrip In the market. Then the parties
. do not. in general, mend to speculate upon
y The value Of the bin. hut the value isassuinet
} ne a known quantity subject TO the hazard
. nycont the iNsolvenc, of the PARTIES, &c"
. Th,se authorities. IS well ns mlny other
v cited by the counsel or the receiver, nppca
70 me TO fully answr tile positions taken by
the counsel for petitioners: u,o, ,,o
: IT il therefore Orlercd ana adJudged tina
U tho neiition be dismissed and thai the prti
lion be dismissed and that the petitioner
INV the costs and disbursements Of the re
j. i. KEIsSIAw,.
Presiding Judge.
Mr.. W. :. Montdth then handed the Maste
ID rito,inu ,ptino when fhn MuStp
read:
u. r.. Corbin and William Stone, attorney
nj law, hereby gvc notice that thcy Oh
Judgment and de.rce for the sum OF sl,SN
dated June u, lS7L which. with the intercs
thereon to date, constitutes q lien upon tn
nrourriy and securities OF the BLUE Ridg
Rajfroad Compans In South Carolinn,' no!
owned and held by the Grccnyilie ana Gol
the property OF theGrccnville and COlumbii
naifroad Company and that they, said Cobii
and stone, viii pk,ceed hereafter TO asSer
and inforcc the lien of said Judgment an
decree against saidproperty.
Judge Bacon rend the following protest:
The undersigned protests against the sale &
sIGO I'D of the first mortgage bonds and cot
pOns Issued by The Blue Ridge Railroad Con
pnny. and the accrued interest thereon [
Deccmber, 1873, being the same bonds. cou
pons and Interests proved ncloTe neE SIdS
4 III III u lI wv sAftkth~
= railroad Company, bankrupt, on or nbou
December, 1878 and also about SIc,WU OF IN
FIRST mortgage bonds and coupons OF the Sal
company, and Ge accured interest thereon :
y December, 1873, proved before the slT. heis
IL lister about the aIne lime by Hon. ItoDclI N
Scott. and whi.h bonds. coupons ana Inc nc
TT crucI interest were delivered TO inc ,'reen
willie and Colombia Railroad company Dy IN
undersigned md Hon. Robert X. Scott, re
sncctiyciy. Jhich exchanges have beeh re
sccinded and cancelled for fraud ana dccei
and for wInt Of power to m"l'c such eH
changes. and consequently. tho purchase
can not acquire any title, to the atorGsni
bonds AVID coupons Issued by the said hlI
Ridge Railroad Company, and the interest
thereon. ,oco
ANSoN BANGS,
For himself and associates.
Judge Bacon also protested against the sli
IN the name OF Mrs. Ellzab eto j. Ln!Ehe, at
ministrutrix. against the GreenVille an
Columbia Railroad Company, Judgment II
covered, upon tho ground that the order Use
discriminntes between certain classes {
creditors and farors some persons ana nc
Others, and In itself has the effect to chill III
sale. ,ooon Thu erst hid wa
So. OOO. OuN from some one In the cr0wG.
Uy this time two hundred persons or mol