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  • No Tn SCongress - chroniclingamerica.loc.govchroniclingamerica.loc.gov/lccn/sn82015775/1868-12-04/ed-1/seq-2.pdfDiare" has resned the premiership.' A Bremen bark arrived a Charleston,
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Sht 941 O"t1 4u, d OFFICIAL JOURNAL OF THE CITY OF NEW ORLEANS. o. N. Ixesz mss. d -n , re seeN. 0oli01. Ia. 3N CA" STrEW. 3rA DAILY Qn 3pI a guaans Er! uwn 8miu i'-e Sam.. i5ihmhg , ls sims, . ,,1 EM P . N: .em.. s iS(N m.s.s .- s semm . t -.... r NIm " "" e " ...... " .. .. IN ** "" o .... 6:1" lnte " : "" * - .... e " 1m0" i *me " m * t S4..... C SIG M "" INtat "" fe " In msa smea rn em 1., 61 " 1U - i -I . ld .1'" U " "" 15 10 Uo m.. n smism..1E" 17'10 -. d' . I M1 " a......m. - - me"s seeiv emea. ame"le rs i. a ders. Ne I eu 5e.-ha sm ; mm tgwee e nmiemmewes peasarls taervaluen ear Si ass, st INer = •Uwsers ; e ss mm s mm t. sp -M, aspe prme , Mats as niu i ass . m per-ssapem r a •••. a asy msmpmemt •ne ee aeS imumet anshea 014 m c. sa emasmeat e ase mesmWm b semrswseees be t kI AoahherMagments.etmlamidrfmA spgeaed is51e e agntl4s wmell bop eu nth amie M ads .i stme. aUto m• wr me s•i eamn bse~'h l mi mstls.• Sbom- eisem N cyr hrY a Y M I reere rrYtt s•a es sMet atard firmy esp$ i sad ages wl"e. - seas., b gLa in 1 stu b aeahsem 4te1m4s We aes. weai Fi M OREi.LY ORDEB W'4, PI EI Pub'TOI aL . P UAr rAeerA S, ITes C Diare" has resned the premiership.' A Bremen bark arrived a Charleston, on rthe h 2th lt., with 300 mirant. anka to the efers of the steamship Jose. tesa female display in New York. The Legilature of Kentucky meets on the 5th a Janusr. next. The tate has little or no debt. ::one is the u il of the United ates army. s Asia, hs led from Trie s. se Geo. Elli ha lead on our table a copy of Chr4t- FRIDAY MORNING. Dttons well fasten, ed-th cb tbuy a copy and read it EJIITORIAL PA KAGEAFIA . RTC. a wi Gold cloied yesterday in New York at 135. of Die re has reigned the premersh eceivip t J. ibsompin hing sold the Meridin (Mi.) Gazette t to Mers . J. J. Johannon and W. . Grce. re A Bremen . Fosterived at Charl t Boston, the 00 27covth ent., with 300 immigr Abby Kelly Foster. The cotto the moffice of the reamship Jose. jo, phcin for dlate Galveston papers. ar e on the wronPecoc feathers " in " bndit hats" re the b latest female display, in Nesident eleork.ct, spent01 he Legislvndare of Kentucky meets on the 5th an Jthanuary next. The State h lttle or no debt. b Fortyintehrndenthousandefreeen hundred fornd fortthe publi 1 one s theding m topaper, durinof the United States arm. P Tbaby in Austrian expedition to explore Oriental or Aersa, has aied from Treiete. co Geo. Ellir day or laid on or table a copy of Christ w mters .e could. Have endedyour buttons well fastened-ten wC bdoenuy a copy nd red it. ad The Greensboro (N.iC.) Times have receIed a ge pholmpin weighing a conventy-two ponds, and in. theca cends to h ae it mde into a pie for Christmas. by Mrs. Pattie B. Johnson demands $25,000 of a ho ratheyilrod company in Indianatogether. for killing her late husband. ral NTherll s. oster, w considerbled movesuddenlyt stoward, as where he ias ttendintin the roman's suffrage old convg terests.ntion, Parts husbnd of have recently Fostner. of Alldown to the cottons ofr New bryport p•ssthore, t ctober divirrdends, he bveteralanc printer on Ohio m rong st de of the ledger. yon the sevent Schuyler Colft-ix , ice president elect, spent to thearnksgiing dy been forooemayn, the gest of BnjDemo bt. W. Detlamter. we The ovSt. Lofuis Democrt thas wrist that city ill do more Insg to the porLegklatre allne thisat needs t thn either Cincad ayinnag ti or Chicago. nly ooc Super intendent Defrs disbursed for the newspapers.blic theLong printing, binding ad pW.per, dHarding the lchat pionl del yehar,onp of the,630. theworld, Deceber 0, at th A Troy, New York, conductor found a side.sertd baby in is trkwehavn, the other day, nmber of thessen for AOld Guard. Cotents: What Nexty-e? Demoetie i ther dy for the prolicy, o fartng as Developsed; to terlysbee 8ld. et; Dead thUndter the Ross; Inteen doe• n-Clabur; Finacil and Co e tg Th dentists of reder direted tte to the been ' holding f Mconensrsti John forT. Handy & Co., tommihe ionhi mrchants and wolfle dein some mein whereby, iqurs Therse noubt r consemembderbl the time when Mr.d II rscndy octln the Norm the ofin coppe Mr. Sewell T. h Taylor, and was for msay years hls conidentlal frierdad basleres companion, I commencin "b.a s for Bumself he veternds, of old, to merit L die coatdenla on thoe :who ltr stsn their snter.ieth p ear to fhis are. He will bnuy or employed t poom- his cae •sfrn s yerviea for this ltne sy covn dey rely aspes is prompt o nf ftihmuly D mtiort. ;apt. Brows, of the iorm, hof wrtten asn ay ofnn m servs, wI be hgppy to the serve i frlel at needs I sto eal ai sd sinprompt eltlle. All ioh onl oon o- -nillam Long, the chwaph iP lion ditaonce run- whi ner oh. Enid, and W. din another chma ao prh thrlust to te fosr om Almeao hts avte, igned nti wi eilte wg wrie rea t to run oe hUril avi e r -the .chamionhp of t orld, D........mber , a t t ip sht II a. x.re, Ne Yor, for (T. a aid, em. la N T eork, e haed. Th Decemben mb eerothe the Old emard. Contents: WRhat Next' Democratio sBas the 4 bollteon Policy, far D lpd T. TgE UTLU Vas*Me mtates 3se4~e e•ms. S. ArouesSt Ino case of James T. Tucker vs. the New Orlease, Opelouses and Great Western - Railreed was centaned. , AUtm5Tr Or E. C. BILLIIGS, FOR PLAINTIFF. May It please the court, the able sad protracted discusion, both on the part of my associates and os the part of my opponente In this case. has aided me is the duty which I must now perform. in that it has helped fix, by clear lines of demar- cation, the questions that are here involved. Be- Pos fore entering upon the discusios of the legal :t questions presented, I desire to all the attention of your honor to what seems to have been a fundamental and continual error on the part of those who represent this railroad-as well those who represent it directly as those who represent mhe it by virtue of the interest which others tLae in it as stockholders or bondholders. It seems to have been insisted upon to the as court, and there has been a sort of melo-dramatic effort made to continually press that consideration upon the court, that here was a something before the court which your honor was asked to put into bankruptcy, and that being was so situated that, a greatdeal of sympathy should be extended to it. S ow idle is such a pretense ! If the prayer of these petitloners be granted, and if this railroad, corporation be adjudicated a bankrupt, there is no funeral, there is no crape, there are no tears. The administration of a great public trust--or that is the whole of it, when we take an enlarged - view of the matter--puasses by the operation of law from certain Individuals to others, and that, as I think will be made evident to your honor, under such eircumstances as will certainly advance the purpose of that trust. In the order in which I shall consider the various propositions 1 shall follow that of my esteemed friend Mr. Cohen, whose order of din- coision seemed to me admirable for its clearness t and logical method. The first proposition which I shall endeavor to establish to the satisfaetion of your honor is that this road is amenable to the bankrupt act-that the provisions of the bankrupt law do include the New Orleans, Opeloursas and Great Western Rail. d road. There have been two objections urged tl against this proposition. The first s that sice., in the year 1789. when the Constitution of the United b States was adopted, the term " bankruptcy '- was borrowed from the English legislation, and that they had until that time Included only certain Sclases of debtors; that, therefore, no bankrupt d act which Conrress could pass could add to the number of debtors, or alhase of debtors, who could be included. But the grant of power on the part of the States to Congress is ll inclusive; d Congrer is authorized to pass a uniform law of bankruptcy throughout the United States. That bankruptcy was to enlarge or diminish, as the progress of commeree should render it requisite. B As well might the gentleman say that the rucceed Jlg grant, that '"Congress shall have the power to s coin money," should be restricted to the kinds of o coin then struck, as that a bankrupt law could only Include such classes of debtors as had before S beenincluded ! But when the Constitution says t1 that Congress may pass uniform laws on the sub. ject of bankruptcy, and that it may coin money, it pote the whole subjects of bankruptcy ands coining money into the power of Cnaw'mI.. B the very instant, in the very year when this pro- n vision of the Constitution was adopted. the term "bankruptcy " was itself belog subjected to t changes. It was paaing from floloding two or m three clastes to nlocluding four or five. It was like a tree that was growing, and with its growth the whole subject matter was placed within the power of Congress. ci Then we come to the second objection urged, M that the terms of the bankrupt law do not include this corporation. The terms of this law have been read to your honor more than once; I will read ol ie only that part of the section which is definitive: .' hbat the provisions of this act shall apply to all monied. basiness, or commercial corporations and i e* joint stock companies." Then all monied, busi- at nees and commercial corporations, all monied, m business and commercial joint stock companies are it included withip the provisions of this act. The w Opelousas Railroad is both a business corporation to .h and it is a commercial corporation. What is a it business corporation? Every dictionary tells us: as . business corporation is one created for the pur- c pose of transacting business; that is, for the pur. pose of transacting one or more branches of the th a1 ordinary aflairs of mankind. That is a business corporation, nothing more, nothing less; and when B we see that this railroad is chartered for the pur. t. pose of conveying freight and passengers, when we come to define the substantive nstead of the n adjective, we see that is a common carrier. Will ve a gentlemen say that that about which a common ac carrier is employed is not business? If there is to anything that is a " businese corporation" it is e that which is engaged, not only in business, but in tb a business which is so extensive. But it is not only th to a bu1iness corporation, it is a com•,ercial corpo- . c ration. I should like to have heard from the gen- in tlemen on the other side what their definition of n, a commercial corporation is. It is, and must be, re a corporation engaged in and about the purposes a r. of commerce, whose grand distinctive purpose is S that of conducting commerce. And what is the t business of this company but entirely that of com- ts Ie merce ? As consistetly might it be urged before t your honor-if Instead of this being a corporation bt it to transport freight and passengers on land, it had been one for the transportation of freight and de passengers from New York to Liverpool-that it fo was not a commercial corporation. Therefore I l y say that not only is it included in the operation of or n this act, but it is included twice, and unanswera- th Stat, says one of the gentlemen who presented an the case on the part of the railroad-avoiding the denition which the court certainly must give to cr these words, and indeed any definition - it cannot be true that a railroad s Included within by this act, for the reason that a railroad is created I for public convenience. True it is, that if the P Legislature granted tbisrailroad a charter for the Shigh purposes for which a Legislature s presumed me to grant charters, they did so for the purpose of at promoting the public convenience; but it can only by Sbe a pubic convenience by virtue of its transact- 11i nlog bousness, and therefore it is not only a ,si. h n~ss corporation, by reason of the clear detinl of tions of the term, but by reason of It. being on. w a ble to attain the purposes of its erueation, except th V by transacting business, and that day and night. th The Code of Lounisaa-not with a view of dis- tinguolshing, as Congress has, but for the purpose of of defining generally what corporations are-has given a clasification of them. Articles 420 and tt 421 of the Civil Code, while they classify on a b different principle, give us the same result. hal "Corporatiomns are of two kinds; political and pri- sli vate; political corporations are those which have fer principally for their object the administration of a portion of the State, and make a part of the li powers the government hasr delegates ti that Seffect; all others are private corporations. Pri- 0.t vate corporations are divided into civil and religi. no ous; and this distinction resunlts as well from the me sIalityof the persons who generally compose p ee k*inds of corporations as from the difference wet of the object of their establishment. Civil cor. poratious are thone which relate to the advance- ril ment of commerce, agriculture," etc. Thue if we follow the line of claslfication Iy which the Code gives us, we see that this is a moi private. civil corporation. Now, taking the terms sny p which Congres used-" monied, bnusine~s and log commercial corporations," It is clear that they -a designed to inclsde all corporations except muni- eve oipal, eleemosynary, and those corporations re- frot lating to literary and selektifc nurposes. All that the purview ithis st. ai But let us see what the Legislature which core crated this corporation said upon the subject. less It was organised under the general act which so. N thorises that by filing a certain certificate there sol should spring into beingf these corporations. In tres the general act of March 12, 18•52•. section 6, we rec find that" any corporation established under this re act shall forfeit Itachaburter for lnsolvency revidenced not by a return of no property found on execution see against such corporation; and in such case it for shall be the duty of the distrfct court of the dis- but trict wherein such corporation exists, at the in- tha stance of any creditor, to decree such forfeiture, or and to appoint a commissioner for the purpose of 814 liquidation, whose duty it shall be to convert all seve the sasets," eto. thei Tbhe the powear that spoke this corpoetion into beel bePrld to it: " Insted of being a public cor- loo poration, or in the nature of a public corporation, this you are forever-mo far as your ereditors are con- will cerned-a purely priente corporation; and when Wel you do aot pay your debts you gr out of exb. thin tence." Then I say that by thes terms used, lay- Anr tlag alonpgide of these terms the character ad pnr- lod pose of thie corporatIo, it is clearly withlan the the purview of the set ahet I come now to th sectal propositlio of my lode friend, sad I say that the w•ed teas, at the time sell of the filing of the petitu of Mr. Tucker, and put has bee inreo and hedheam or v yuer before for that time, tsret. There is a legal deanition of st Inolveacy upon which we mIht rest etirey- e I that gives, to alebe by thie corts of rlalnd. by due the ooeurts of Mussehsett, bt as doeld by col the United Stoate Supreme (3dort Ia the ease of nd Boetonghem vs. Melene, i 13 owrld; whleh is hin that the meang of the wet solvencIy' is that ad to be tha asnte I whleb a mes i enable to t is pea -•et ediny esge of b-alm, top 0 Made Pl rgp of his sing, hls a et i e a sohPw r . else ***yJ Kr. harler mM po Lwhem he tuy eir edthe eaort en tis p ele t s reps aquseb which ginaed is a eb havi Mrestod here, a corporatMte eS•ting here, we ,n e to determse the meaning of the trm " nla- vecy " by a referesnce to the L gaa eoieims and the Loulaisa Code. Now, the LoLisiaa de- s. cieonas do nothing more than reiterate sad apply mr te strict definitlon which the Losliaas statute has made for itsem w tate, and with reference to its own State proceedings: and that defiition an- d donbtedly is that if a debtor's sets are equal to d his libilities, be is pot insolvent. But what has n that todo with his quetion? Th question s: What did Congress mean b the term " insol- m. vency ." and the fact that e Legislature of Louisiana has by an arbitrary dedition fixed the gal meaning of the word is contradistlmotion and al contrary to the opinion of the juisprrdents of the world can avail but little. It we were talking Sabout fixed, vested rights, the law of Louisiana would, of course, be ooncleilve; bat when we " are talking about the definition of terme, the ,it statutes of this State or the decisilo of this State are only one element, among numerous and con. he trolling elements, from which Congress derived tic their definition and settled the meaning of the word. on If Mr. Taylor's argument is true, there would be re one definition of insolveancy for LouisLana Sand IO another for Massachusetts, under the administra- Stion of this law ; and instead of having a uniform system of bankrupty-which the constitution ren- aders imperative-we should have one as multiform and dissimilar as the different shades of judicial and legislative opinion inthe various States. When SCongress sed this term " insolvency," they meant ed insolvency u the Wurleprudence of the world, Sthe day they passed it, bhad defined that , word, and that definition, with the single excep- tion of the statute of Louisiana, is such as I have * given it. That disposes of the question; for it e will not be contended that this corporation has ever been able to meet its liabilities in the ordi- nary course of buslnes. 7 But I go further; I say not only is this corpora- ' tion insolvent in the legal sense of the word. but it SIs, hlelessly, remedllesly insolvent, aooording to to any practical definition which can be given, and at with reference to any action that men of unse must take, and that upon their own testimony. S Now, the liabilities of this corporation are be- 1 tween twenty-six hundred and twenty-seven hun- rd dred thousand dollars-twenty-seven hundred thousand dollars we will say, in ropnd numbers. n That is admitted; it is not a matter of estimate, td but it is a conceded fact-a matter of bond sad i coupon. Now, then, what are their properties? it By the evidence in this came, the company has not n in its possession twenty-seven hundred thousand It dollars worth of property., The only evidence ie which has been introduced as to the value of the o property, is that of estimates. They have intro- a doced evidence of estimates; we have intro- duced the same, and they are betore you. t What are these evidences in the way of esti- mates ? They produced Mr. Segar, they produced e Judge Roberteon, they produced Mr. Barley. Both of the former witnesses based their opinion as to the value of this property upon the estimate of Mr. Bailey. But suppose all three had said, 'for, in the view that I take of it. if thirty men, in- stead of one, had come forward and said that the . value of that property was thirty-eight hundred s thousand dollars, their testimony would be weighed by a vast oren ~..dA - U iRra `it Saom . , -'Mose thirty men shall tbe eompetent men-ase competent as I believe Mr. Bailey to be-and I have the profoundest admi-1 ration for him; I believe he has been a true and n a faithful and devoted servant of that road, and 0 that he gave his testimony with an honesty that no man ought to question; but it unfortunately hap- e pens, as my friend Mr. Cohen remarked, that this e road is the child of Mr. Bailey, and when we re- r member the feeling that parents have toward their 1 children, when we remember the long years that Mr. Bailey has devoted to the service of this road, hoping against hope and working for it in- Scessantly, we can well understand wh it is he d clings to the fond delusion that the road solvent, and believes-biased, prejudiced by that strong 1 Impulse which be would not be human if he did t not have--believes that the road is of the value at which he estimates it. But what are the esti- a mates against Mr. Bailey's testimony ? We have a it from Mr. Segar and we have it from one other e witness of the defense-Mr. Squires, the screers tary-and we have it as an admitted fact that the h first mortgage bonds of that road have been i selling for the last year for from forty to fifty t cents, and that they are to-day sold for 41L. c Now here are bonds covering everything that r this company has or ever can have, except its a right to extend the franchise beyond Berwick's F Bay. These bonds bear eight per cent. interest: t they have twenty-coe years to run; and it is a a great object with the capitalist when he is invest- ing his money at eight per cent., to have the in- b vestment long; and if that road were solvent even c according to the definition which they have sought a to enforce, if that property were worth thirty- e eight hundred thousand dollars, can it be that tbhse bonds would sell for 461 ? Is the capital of r this country asleep ? Is the capital of New York, of b London-for these coupons and bonds are payable a in London as well as New York and New Orleans- and is the capital of New Orleans asleep? Not d at all; and by virtue of every sale of those bonds at 46+j per cent., the sagacity, the business nlatelli- gence of those who have thus parted with them o testify that the road is worth but 46} per cent. of e its first mortgage debt. There is no answer to it. o Bay that that road is solvent and you Impeach the business sagacity of the whole country. e But what else do we find? There is the evi. b deuce of a record in the Sixth District Court be. f fore your honor. That record shows that proceed- b ings were taken for executory process, for selz- a are and sale of all the property of this road for at the sum of about two hundred thousand dollars, B and that no answer was put in, and but for the ti inutnction, the mandate issued by your honor, this S road would now be in the hands of that mortgage creditor. Nine witnesses have said that the ac- ti tion of that mortgage creditor was "precipitated" p by the efforts of these peitioners to bring these b parties into bankruptcy. Suppose it was, here at is a railroad powerless, utterly powerless, and the very mortgage creditor who iLs uid to be the fr moving spirit, who is to relieve them, takes them a ioto court; takes possession-unless interrupted tI by the mandate of your honor-of all the property le they have. Can that be true, and this company m have thirty-eight hundred thouand dollars worth tI of property ? I say it is impossible, if that road w was not insolvent in every conceivable sense of u the term, that the effort of Mr. Morgan to foreclose p that mortgage should not have been resisted. Now then that is the evidence on the question sc of insolvency, coupled with which there is another is series of facts to which I wish to call your honor's attention. Here is a road chartered in 18.33, er buildtng somewhere prior to 189 eighty-one and fr half mires of its road, the part beyond that being lit all that gentlemen hate painted before your honor, l. fertile benlod expresmiot, flowing with milk be and honey and everything that a railroad would N like to carry: and they have sat down quietly, and since the year 1859 have not struck a blow, have hi not had a spade at work there-have done nothing rk to extend that road, are deiong nothing to-day- Ist mean directly: I will speak about the negoatations Pt presently-but they themselves are not today and w were not in February, when the petition was filed, i on the line which the Legislature gave them a right to extend, they were not even preparing the tri way for its extension; and when I asked Mr. B. sp lIy what was the regaon, be said, " The want of re money." He could not and did not destre to say anything else. Now Isy that by virtue of every en. m logism they have passed upon te fertility of Texas jol -and I do not think they over-did it-by virtue of vii every advantage which this roes would derive sh from an extension-and they did not over-state sa that either-but by virtue of everything they have mu aid on that subject. taken in connection wit te alone legal loolvency, not alone lasolveory sc- mi cording to their ewe defIItion, but utter, hope- so less. remediless insolvency. a Now, if the court please, o• this qnestion of in- the solvency u on all others that I discnse, I wish to ce treat this company with entire fairness. The di- tio rectors are gentlemen, every one of them, whom cel I respect, and towards every one of them I have an nothing but the kindest feelings; but I wish to vie see what method they themselves can resort to- w- for not only have I said that they are insolvent, thu but now I say they are insolvent to such a degree pa that nothing but bankruptcy can relIeve them, bel or ever enable a blow to be struck beyond this ow 81 miles of railroad. I purpose to consider the Ia several methods which have been hinted at in their testimony for self-extrication. They have art been the artists who painted their own picture. I of looked narrowly from the beginaninog to the end of the this testimony for such a method. I think no one will question the truth of aremark uttered by Mr. for Webeter, in one of his arguments, that " if a w thing wu to be done, a reasonable man could tell the une," and now I ask what one of the methods al- be luded to by the witnmase o that stad, has in it the least of promise or Toreshadows anything but ilg sheer fallure. Mr. rgase's foreoleenre .was - loded to. If Mr. Morgan had been allowed to wio sell this property, then there would have been cc put In operation this excelent scheme of relief vol for this road. There is this unfortunate ircm. abl stance connected with Mr. Morgan's mortlgage : g He holds a mortgage, the pdlnolpal of whiUh ts not the due for twonty-one y ors, onermet with the Vol copons; nsad who is goia to oi pry so mld under such a foreolosure! Whe but . organ par hineelf woes boy •t ? Who, except omebody ails that was bsree•ed in hel the rod ft where int it is,ad aw -therefore fi--not fo r his, dsire br to prchasm the road brt for deseroto arrest i ih ezteirs-hwou be II to, rn that ist rk? bat t anlmmre t•e• or- I sub reposening e seseays eu he~ef welad me* have smiehel tb eeceados. of I re m It W n it seeso to mae lly a t on the iell part of Mr. mman to gE pemOnes of that div. road fer the very pupor o e ppig Its pro- as de- I sauIra mrs hly Mmd wmaot in coi- pp bl w lth ;im; Iam sre that be has been Salute honest ia his profeassoas of aatgeaism to Mr. tee to an.rgAs's sheme. A $urther ab•eolea to this on an- plan is found is the fact that the mortgage in- al to iluded and the aole under the ate prooem t has could have covered only the eighty-one miles and )p Is: not the right to extend. Beth ahold moe Insol. toge'her. So drope scheme number aen. What re of is the econd ? Leasing. Well, the terms of the d the leas wbhich they propose are, Ithat somebody t and shall take this rood, and shall at the outest coy-v. Its of snant to pay these overdue coopone-8600,000- alkiag and shall covensat further, that they will pay the lana coupons that are to mature-80.000 for every an we six months! s It not idle to sappose that any. ,the body is going to do that ? They made that pro- State politioe-published it to the world by adver- con- tisement some time last June, and it don't ap- rived pear that any cspitalist ia the wide world will f the touch it. Mr. Price made ofers very paseit- factory-he didn't propose to pay that $600,000 aid be debt! Somebody else made an offer-I have for. land gotten who. At last a proposition came from isetr e General Fremont. He say--what? That he iform will accept that offer with certain modifications. a reo- What are those modifoationa ? They don't tell, Iform but I can tell them. He said, I feel are, "he disll would be very happy to lase that road, bot be When would not lease it with that $600,000 debt in i neant cash, and the payments so enormous to be made rorld, every six months." What mane man would that The second plan then mast prove a failure. _eep- We come now to the third plan-that of Mr. I have Bailey. 1 said to Mr. Bailey: "If you were for It made supreme in your control of that road, what a has wouldyon do?" Be said. "In the fret place I ordi- would get the consent of the coupon-holdere." 1 Well, your honor well knows that these coupon- pora- holders live in c'most every clime. I asked him I built how long that w lid take. He sid about a year. mg to He said he woul,. hen collect the aubscription of , and the State, the subscription of parishes Aud the c sense debt which is alleged to exist on the part of the government of the United States. That, if dose e be. entirely. would take Mr. Baley 's lifetlme. I milht a han- as well may that I would take any one of those a dred plsas and go and arrest the flow of the magnifl- t hers. cent river that passes by us, as to say that I would I nate, take any one of those plans and relieve.this rood: 1 and and this brings me to what is the peat fact-not s ties? with reference to their legal Inetlvency, not with u a not reference to their practical insolvency, but with i sand reference to their hopeless isolvenoy ; and that Ii lence fact is, that these $600,000 of overdue copons ft d the forever stand between this road and any relief. t ntro- They never can extricate themselves; and if they Li ntro- were left to their own management, so long as the a sun should rise and nst they could not accomplish o esti- anything, because they can only manage It on the u need theory and the effort to make nobody lose. But c ley. somebody must lose; because the road not only a Ision will stand still, but will retrograde, unless some- d nate body ksees. It is idle to talk about anything else. g said, This $600,000 ia the old man of the sea upon the a i, in- back of that road, andhe won't get off, and they c t the can't get him off by any conceivable meths, - dred cept by walking straig ltLin a-su•o• bank- tl t. a,.e.. ,,D+my t honor, candidly, that p !were Ito represent the State on this occasion and ci shall in this suit, I should say to the officer that em- ni Mr. ployed me, 'Sir. if you send me to that court is dm- to act consistently with my views of what is for b+ and the Interest of this community and this State, ol and instead of opposing, I will invoke-I will urge this s it no bankruptcy; I will do more, I will advise the ratl- dl lisp- road corporation themselves to come in voluntat- f this rily. For looking at the subject in an enlarged do Sre- view, laying aside this love which everybody has he heir for having things to be as they have been, taking t that up the subject as men who understand the laws of B this political economy and the administration of affairs, b tin- we can come to but one conclusion; that is, that o he if your honor shall fnd that this corporation can as ant, not go into bankruptcy, you have found for this cm -ong whole community that there is no relief-that th did there is no extension of that road; and when so slue people think on this subject, the tables will turn, wl sati- and it will be seen that he who uttered one word, mo ave and did one thing towards pushing this road into ha ther bankruptcy, did it in the Interests of this whole be cre- community, and I do not think those interests Is the have been or can be overstated. I concur fully in Ien In the ocinion that this road is the great artery of It lifty this city and this State. It is its all-except the fel commerce which comes to it from the Mississippi co that river; and its future depends largely, not only as SIts upon having that road extended, but upon having an ck's it extended immediately, and upon having it ex- set: tended in the hands of those who will command thi Is a a capital which can defy competition. Therefore, the est- it your honor should decide that this road can not mt in. be forced into bankruptcy, and if they won't yen come in themselves, it is to my mind the most no ght calemitous result that ever befel this city. No be rty- event of the war has been as calamitous as that of that would be. This consideratien I urge, not all with the I of reference to its influencing your honor's decision, by , of but only as showing that by virtue of these great we able advantages, by virtue of the publio spirit which wi s-- I concede resides in the breast of every one of that wi Not directory, and by virtue of their having for five wi d years exhausted every effort to extend this road- Tb alli- by virtue of these facts, we of New Orleans, we at em of Louisiana, are powerless to extend this road, let . of except through the Instrumentality of this court pr it. of bankruptcy. the the I urge it simply as showing bow thorough, how thi complete is the bankruptcy of that road-if the tbt evi- bondholders have felt that they were being mscri- an be ficed by this attempt to force this company into to ed- bankruptcy, why have they not stepped forward tod ezi- and raised that 1600,000' If they believe in the one for solvency of this road, why have they not dose this? po ere, By virtue of their not having done anything. I sy as the they confes they know that the road as insolvent. tet this Bo much, then, for the question of insolvency, and his age I submit that not only upon the technical def8ll- co ac- tion which the jurists give--not only upon the cot d" practical definition which men of businees give- dot ese but by every conceivable test, they are insolvent, he ete and hopelessly so. ane the I come now to the third proposition of my l I the friend, and I say that this road has committed the It h em acts of bankruptcy charged in the petition and in the ted the amended petition. I say, first-they franda- al rty lently suspended and felled to resume payment for the any more than a period of fourteen days, to-wit: from r the first day of February last down to the time ile >ad when this petition was fled. One of my friends adj of sid he did not see how thisb was commercial whl ose paper. Now, the allegation is, that they have the failed to pay these coupons. Your honor. Ipre- tha ion sime. is perfectly conversant with them, hbu as it rop her is abshort I will read it. pre "r's "The New Orleans. Opelousas and Great West- rec 33, ern Railroad Company will pay to bearer, on the I and first day of April, -, eight pounds, five shil obj ing ligs sterlinlg, if payable in London, or forty dolt pet orlars, if payable in New Orleans or New York, trn ilk being the mterest of that debt on their bond rati nld INo. -. " nst md Now, that is simply a note of hand, payable to act ve hearer; and I ask the gentlemen if they are se- leg g rious in saying that that species of written prom the -Ise to pay whch wau first called commercial pa- and ns per, which is last called commercial paper, and al od which Is everywhere called commercial paper, is 5 ad, ,ot commercial paper? deb a Then, they say that they are not merchants, oo be traders or bankers. nla what way does this act gs ai- apply the provisions of it to corporations? I will ci of read: abl y " 2 be provisions of this act shall apply to all this an monled business or commerclta corporations and But :a jroint stock companies, * * * and all the pro- fie of visions of this act which apply to the debtor * tion ve shall in like moanner, and with like force. ereot les ate and penalties, apply to each and every officer of no I vs snch corporatlion or copa * C and the the c- money, and businemeand commerolul corporations con e- subject to the provisions of that act, is It reaon- rev able-is it not almost Lmpossible to suppose that hai n- they went on further; and said: "We will apply pri to certain provisions of that act to monied corpora- deb lii tions, certain provistons to bnaasine corporations, Enl m certain others to commercial?" No; toey maid, Ex re and In very clear language, " we apply alL the pro'- 1, G to visions of that act toe rery one of the corporations B - which we have above mentioned." So much for in ti It, that. Then, these coupons being commercial i tl se paper, and the provisions of the actof bankruptcy 'ii nt, being applicable to allof these corporations, with- debt is out reference to what their business is, they are, I ae I am sure, included within the act. too in N'ow let nu -a If they fraudulently sspended, quir re od did not rensume within fourteen days, payment jeci I of this paper. And here, with the permission of oath of the court, a.d the presumed consemt of my frienad, ansi 1e I wish to read from the opinion of Judge Blatch rest r. ford-not a case were fandulent suspension from a was allegred--but where the qnestion was whether fIrm all theae hd been a "gerig" of the propeatyto The J- be levied upou. with tinteat to give a preference. pro it "- o. also, wth regard to the question of sbr- aile at logprprty to betaken o legalprooes, * they ._ (and itm ssbe qmaily tre-ift e to pi to violation alleged s hernwere active one) "he por Scould have prevnted the preferemnce by fling his pr f voluantary petition i buakrnptey. * Beingae a - able to prevent the preference, he mnust, not hay- tbis a fog prevented it, be he l to have medred it within are I at the meing of the act." Ia re Black L and eor. then e vold. I, Law Times, Bktcy, R. ting Wd hat I deire to call t hoser's atteati to coup a parti uO rlyis tJa g J eBlatehford my "the Ia y alIeged t to he dons with thei to a Shltest toprefer this editue-beese he smid feel a ., boiig, daybyday, Ubeo el . tlha sord; the * Imnt toft hes ehat seed tie s *th d t* d s ; d n d by day e vidsL that Read IthlWhymbp hee ha pro- e•d thht was 0 inaSsehlo wn col- •d es over t e et for the of been their dit. to a : "They also serve, Mr. who only sad • ee, w it i eqully tree tbis that they else -ioltde, wis e n seiytes d welt. in- A crpaJon, of itself, bt navity; ad haw S in it ln their power to have put into the hands of and their creditors every dollar of them earninge, w top thU pry of them oamwe, to senim t mros atthe Irt of ary down to the tim when this th peuitioa w lied-I my that i the eye of the body aw by so dolng they have fraundlently suspended cov- pameat. 00- I do not mean by that that there was any acto- the ally wrongful purpose is the minad of thene di- very rectore-not at all-but I mesa that the bankrupt any law having said to them : "1If you are insolvent, pro andyou srespend the payment of your paper, and Iver do not re•me it for fourteen days., that I. an act ap- of benkruptcy." That if they aere insolvent, will they had the intent not to coaform to the law. ti- That is allthe fraud the nlwmaess. Ae l read the ),000 bankrupt law, a person who is Insolvent, and who. for. upon the petition of his creditors, ls proved to be From insolvent. any inaction with funds in the debtor's he hands, and his note.s verdue. any actioe by way eas. of paying one creditor and not others, l an act of tell, bankreptoy. Mr. James says In his notes that this "he is a very strange provision about fraoddulent see- it be pension. So it sl, but be it etrange or be It com- in mon, there it is, and when taken In eonueetio tade with the provision prohibiting a prefereeoe sad aid ? payment-because a payment on the part of an mnsolvet is a preference-there kvese but one Mr. thing for him to do, namely, to come into beak. rere ruptoy, and that Judge Blatohford says, n effeot. hat Thean may they fraudulenly seded. ee I We come then to the adoad set of beank- ws." ruptcy oharged In the petition ; and that is, the Don- payment of these $3000 of coupoma some time him February last. It is said that a sit had been ear. commenced on one or all of these coupoes. We aof do not deny it. It is aid that after suit was the commeneed a note or notes were gives, and they the were paid ; and that that is not a prefereoce, one "because you sued us." Then if you sue me ght and I se you are going to get your judgment, ose ad I pay you, that is not a preferenoe. Well, oid- now, if the court please, it is a preference. I mId know there are anthorities, and there are a ad: great nsony authoritie to that eseet--under not some bankrupt laws. But t is not the case with under our bankrupt law-auder the law whie with we are now cosidering; becaus dewn to the hat last instant before the execution is levied, be- o fore the levying officer has placed a lien upon lef. the property, the debtor has one way of avoid- hey lag a preference-to come into court and pre- the ment his voluntary petition. Now, if the view lish of the law which they contend for be correct, is twht isthe utility of the bankrt law ? The la de But clare it object. It is to secure an exactly equal - nly and rateable distribution of the property of the ne- debtor; but If, by virtue of being sua~l a may lee. go on and pay one after an e cldtors - the and Judge Blatchlt[ome • premy in that doe. •ay cnMajn e u mWarupt law was dedgned to pre- ce all rse of diligence betwean creditors-if ak- their view be true then it muot follow that he may hat go on paying, as fast as he is sued, creditor after and creditor, until one-fourth, perhaps one-third in um- number of his creditors being paid, his property art is exhausted. What sort of application of the for bankrupt law is that, the law declaring that its to, object is, the moment it goes into execuntion, to his secure to these creditors an equal and rateable ul. distribution of this property, which can be de. t- feated merelyb by bring suit against the led debtor? No; they had a choice; they could tas have come in here into bankruptcy, and let ng this creditor, who was suing, follow them here. of But because they did not-becaun they paid- re, b virtue of that payment they committed soan act t of bankruptcy. The more we look at it the clearer an and more certainly correct will be that view. Be. his cause I wish to impress upon your honor that if tat the contrary is true-if when I am sued and In D en solvent. I can go and pay creditor number one rn, when he sues me, creditor number two when he rd. nees, and so on, and if creditor number three ex- Io hausts all my property-that that would be the le best way of avoding the force of the bankrupt ts law n the world. The bankrupt law was too wise Ily in its provisions to admit of each a construotion. of It says: " If they hall prefer a creditor ;"-pr. he fer, or do what ?-if he shall prefer instead of Bpi coming into the court of bankruptcy; and as long ty as there was that option left to these repoedeats, g and the pid they preferred. x. Then I say that the third act of bankruptcy was .d that committed in the presence of your honor, in e, the preence of us all, and in the fe of this oom C ot manity. 1't I was a little annoyed, perhaps, boeause I did lt not understand exactly what the gentlem msaid; To but there seemed to be a view that this third act at of bankruptcy was not before this court, bet if th the court examines the record, you will lod that n, by express agrmeat, and is order to avoid the at weariness and trouble of a second struggle, most oh wisely the counsel for the defendant said: "We at will go to trial on that iesse now, and try the we whole together." Now, what is that allegation ? That, with the intent to defeat and delay the oper- re ation of the bankrupt act, and with intent to pre- S 4, ter certain creditors, they tramsferred certain art property, to-wit : $1300 to these creditors. Did they transfer that property? No doubt about w that. But did they do it with t the intet to prefer e tbose creditors ? Why, they didn't attempt to pay be ri- anybody else. Then they did do itwith the latent o to prefer. They transferred; it went into the coe. rd tdy of the clerk, and we could have taken it in ie one of those days; and it is now in Mr. Cohen's a? pocket, merely as the custodia of the court, not y as his mosey. Will the gentleman make a legal t. tender, and then put the moasy In his pecket as d his owpr That money is in the hands of the I- court, and in the eye of the law stayc with the e court. Became the party refues the tender, that does not revest the money in the party tenderlag; t, he merely holds it as the custodian of the cours ; and they jut as truly transferred it, when it was y in his p et, as f it had said In his pocket, m'lf wt Sit had staeidinthe bank. And I say they did ith w inthe intent to prefer these two creditor; and Isay y o. also they did it with the intent to defeat and delay et ar the operation of the bankropt ant. n What else did they do ? Here was a petition e filed, the prayer of which was that they should be sse I adjudgedbenkrupts; and to defeat that potitios- m- l which in nothing but defeating the operetion of e the bankrupt act Itself-they come io and make Sthat tender! Then there was an act of bank. It ruptcy, they being insolvent, committed in the preeence of your honor, and is a part of the A I records of this very case. e I paes now toconsider, in the fourth place. the I* objection they have urged to the standing of the I. petitioners before the oonrt. They say, if it be , true, that the bankrupt law inolude this corpo- d ratio -if it be true that they were and have been insolvent-If it be true that they have committed o acts of benkruptcy-the acts of bankruptcy al- leged in the petition and amended petition-still, R the pettitioning creditors in this cams, Mr. Tucker and Mr. Conand, cannot stand before this coart to d allege thee fets. Y a Now, the first objection they arge is that this ic debt is not provable. Their reason is that this rt , oupon carried witlh it the privilege of a mort- t grge, but the very filing of thisL petition and a ii claiming this whole debt, wearing that it is prov. p- r able is a complete renunclation of this prirvilege, II this charge, for it is that rather than a privlege. d But in additionto that here is a formal relear filed and made a part of the record. The objec- tion which I supposed they would urge to the re-. t leae, either implied or expresed, is that there is no assignee. But thee isa general assignee. If the debtors are bankrupts the release operatec o competent for trhe petitomer b. a deed poll, " renouncig to whomever it m t concern, to wih t havre extinguished effectually and forever this r privilege or charge. By the adavt that the debt is "provable" they have renounced. The . English authorities on this point are oonelusive. Ex parte Spotteswood. Font.; E parte Bolioman 1, Glyn. and t., page 93. a By the Court-" I have decided heretofore, tbhat r this State a mortgage, so-calle, leaves the fee SIn the mortgegor, the mortgage is not the debt, 'ie but an adjunct. The creditor proves his po Mr. Bilings-Pasemlg that point, then, uasbeinog tbo clear in your honor's view and in fact, to re- a quire further comment, we come to the last ob. eM jection, "that the petitioners cannot take the oath." My friend, Mr. Grant, made a complete hies answer to that yesterday. when he mid that it rested purely on the misteke of couml, reultlng from their confounding two of the preseribed l f,,rms of asdsvlt--but there is soter aneswer. The petitionoers have alleged that tteir debt ei s provable, and have iled the proob thet t th - llegation; then they have ewerua proved that they can take any oath which i meemary In order to prove therdebtm, The hervt act, pege22d, polride that onless the alebged pt dib kr prvte the ellegetione of the petlou, that he shall oej a. adjudicated a nkrpt 9 rpodte in this cuae eobred no evideeoeea this pclat-the are therefore concladed; tI burde oft Wo the on them, and they sred nea. Fr a•y thing that appers, the pleieme heid them in coopoea before the bkt aet was paced. I em throngh with the mygpeUoee wihen I hatve to make upn the mema ivolved aintb eme. I b feel osidast that I haw sbown that the respo. em dents are withi the eporatle of the beakrpt th h~ey sow ead havn been for years W laeolye that they bay eemudhed the aci of bankruptcy eyraet emd that the objse to I wuld, In eeeleie, enk yorheaor if them ine are leaels em, qpe the law ad the , u, thtpu mdli b ms Lby yoer known 1 a the ilfare of thiy oomeaulty and this I•te, swifty enter up the doore sad will fol law itk U ma orders as will at the earliest poe- dde t lt• e this road is the market for sale,. Ierve, eder skuch clreamtanoes that the capital of the true coarymay compete for its purchase, to the end wa that s rod masy pas erammered Int the I hae had of those who will I the hboqtest spse of id e of e extend it, not alobe thoh the vet aid far. lage, We region of Texas, but through those that lie fre earhe" es, shbeasby ashtt .e.s terter, this as by nature it was deeigned, sad of right it the ought to be, a mighty tributary beto the growth and laded prosperity of the city of New Orleans. The court reserved his decisio n in the case. SDo TILL.-Why is Phalon's Flor de Mayo, the crpt new perfume for the haadkerohief, like an errand OOMMIZIKON-- M O W AADINO. ben STw asiT, sALsmeATrs ba yIZEaM 4"'s (Anesw iawvaa. Nw o--W, s. w~an-W s. on- way t amaTr--Jonx C.FTUNS, Memphis,) lt of dsers and Oedroserl mmlissst Lak. No 11aUn)n streak lba AUDId Tn . MetheH MR whot boe .. e..........UlroW IhRssfar ........ to bNbr'se (AenwS ow Orm.le a. r a'tAe, , Fra n ndsTrpeW ar of o co.r.- a (W. . asr-Joa-Wa . a•s.,ow 0 Fasp a, Me nctof toa Io•ern sad Seeeml Cwe]elslsa te m * Mereet or the Pseehse me Wae. 44 and s Common Stree, Now Orlteaws . I (W. . H. aAms, W. F. MUw say, DA'L. P. Loacas.) rt .... . . Caro. a•t oUea. N aw Orseas. ahi* We 11 L' n e Tore s s. es. the ATMAR A 0o be- "OJ.za" u, otimd OOMAIsXoD MAYCRANT4L pre oer the Fome or wse aeo. wardlnl ad s~ Le ... gay SIL IMSAD. ,. T. ATOOO OB eotianluRs. re _ muassusse t o. w1ta s Co..) d.thO W* e Bom. lo ad ssanan I-If OS4e. M oass and sheet. W C Cramee, a tree New Orleansu n a yos I.[ o ANDiao u az , uder N.. SI Cmrr d~su s stes, Nw Oriellse, the AROU I. WINES a nET to . GT OLEsAL La* IRE. M o. Coid- OODMh is" 4 uiEdC1THA O•r rhe ere te alnoi set W bTYWoC LADIx, INEW1 OLgS. TOL d-a sm. m commo- w a os s ,, ass mr D. . eIT!. AOOaE E o0..i m. DISTILLErS LGUTSr , ABmTIIEe S OW i rlnRIT, oIOMe Pe -W5 en nes-sme I DI S WHOLESALE LIQUOR DEALERS, ite the n,7 eeL, s 7.of s eanse's m eas..rtr -n" Din. As. WT. to rrnd at ease ear. t, m act s lee, 8 ce r d Oass ad Fall D I AGN OnRLmAN LA Ot ise ahem-IPe It nt. •o e d •.• Wdwu d; .A s we r :lant wlwas ::: w' as wgef1 ihe *e OE LUR DLs.. ••t P.. = .s ss follwn cahronui dl. , amsaem Ch CM - 'A -ost rlsanM s r Iat th. rI i ,at a nd etbo. C t **elek day ta 12 at Odems Medgial F.astlitat PARICIAN PALRFUMERY, ea by the pres e tbs Preah. tad estrdveM • erity. o GAUD O 'L - Tely Wer. li - sU Ls f AQS FOMASUM, mer pOerl.L w_-•. .i.. " Nm d.e_ sfte s. mesuan• .w me fatt OA th u • - eek, 8,see . 1O-iW ile s lanersee, uea svJ i lo.-o- t mamo smswy eyd fom tn 2 oe.. •..,a•-=•. ho No.5_ R••ane, . w oJLo a Betwr 0sd enie. , hoe m Tesd ltaimo *eynes t *h*e hEqa: d.: blC~;Z~C~i~ss -ii~ SWOWWo,~ S ANM --- id en m RpWen~ estss S e.

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Tbaby in Austrian expedition to explore Oriental orAersa, has aied from Treiete. co

Geo. Ellir day or laid on or table a copy of Christ wmters .e could. Have endedyour buttons well fastened-ten wCbdoenuy a copy nd red it. ad

The Greensboro (N.iC.) Times have receIed a gepholmpin weighing a conventy-two ponds, and in. thecacends to h ae it mde into a pie for Christmas. byMrs. Pattie B. Johnson demands $25,000 of a horatheyilrod company in Indianatogether. for killing her latehusband. ral

NTherll s. oster, w considerbled movesuddenlyt stoward, aswhere he ias ttendintin the roman's suffrage oldconvg terests.ntion, Parts husbnd of have recently Fostner. of

Alldown to the cottons ofr New bryport p•ssthore, tctober divirrdends, he bveteralanc printer on Ohio mrong st de of the ledger. yon the seventSchuyler Colft-ix , ice president elect, spent to

thearnksgiing dy been forooemayn, the gest of BnjDemo bt.W. Detlamter. we

The ovSt. Lofuis Democrt thas wrist that cityill do more Insg to the porLegklatre allne thisat needs t

thn either Cincad ayinnag ti or Chicago. nly oocSuper intendent Defrs disbursed for the newspapers.blic theLong

printing, binding ad pW.per, dHarding the lchat pionl delyehar,onp of the,630. theworld, Deceber 0, at th

A Troy, New York, conductor found a side.sertdbaby in is trkwehavn, the other day, nmber of thessen for

AOld Guard. Cotents: What Nexty-e? Demoetie i

ther dy for the prolicy, o fartng as Developsed; toterlysbee 8ld. et; Dead thUndter the Ross; Inteendoe• n-Clabur; Finacil and Co e tg

Th dentists of reder direted tte to the been '

holding f Mconensrsti John forT. Handy & Co., tommihe ionhimrchants and wolfle dein some mein whereby, iqurs

Therse noubt r consemembderbl the time when Mr.d IIrscndy octln the Norm the ofin coppe Mr. Sewell T. h

Taylor, and was for msay years hls conidentlal

frierdad basleres companion, I commencin"b.a s for Bumself he veternds, of old, to merit L

die coatdenla on thoe :who ltr stsn their snter.ieth pear to fhis are. He will bnuy or employed t poom-

his cae •sfrn s yerviea for this ltne sy covndey rely aspes is prompt o nf ftihmuly D mtiort.

;apt. Brows, of the iorm, hof wrtten asn ay ofnn

m servs, wI be hgppy to the serve i frlel at needs Isto eal ai sd sinprompt eltlle. All ioh onl oon o-

-nillam Long, the chwaph iP lion ditaonce run- whiner oh. Enid, and W. din another chma ao prhthrlust to te fosr om Almeao hts avte, igned nti wi

eilte wg wrie rea t to run oe hUril avi e r -the

.chamionhp of t orld, D........mber , a t t ipsht II a. x.re, Ne Yor, for (T. a aid, em. la

N T eork, e haed. Th Decemben mb eerothe theOld emard. Contents: WRhat Next' Democratio sBas

the 4 bollteon Policy, far D lpd

T. TgE UTLUVas*Me mtates 3se4~e e•ms.

S. ArouesSt Ino case of James T. Tucker vs.the New Orlease, Opelouses and Great Western-Railreed was centaned.

, AUtm5Tr Or E. C. BILLIIGS, FOR PLAINTIFF.

May It please the court, the able sad protracteddiscusion, both on the part of my associates andos the part of my opponente In this case. hasaided me is the duty which I must now perform.in that it has helped fix, by clear lines of demar-cation, the questions that are here involved. Be-Pos fore entering upon the discusios of the legal

:t questions presented, I desire to all the attentionof your honor to what seems to have been afundamental and continual error on the part ofthose who represent this railroad-as well thosewho represent it directly as those who representmhe it by virtue of the interest which others tLae in it

as stockholders or bondholders.It seems to have been insisted upon to theas court, and there has been a sort of melo-dramatic

effort made to continually press that considerationupon the court, that here was a something beforethe court which your honor was asked to put intobankruptcy, and that being was so situated that, agreatdeal of sympathy should be extended to it.S ow idle is such a pretense ! If the prayer ofthese petitloners be granted, and if this railroad,corporation be adjudicated a bankrupt, there isno funeral, there is no crape, there are no tears.The administration of a great public trust--orthat is the whole of it, when we take an enlarged-view of the matter--puasses by the operation of

law from certain Individuals to others, and that,as I think will be made evident to your honor,under such eircumstances as will certainly advancethe purpose of that trust.

In the order in which I shall consider thevarious propositions 1 shall follow that of myesteemed friend Mr. Cohen, whose order of din-coision seemed to me admirable for its clearness tand logical method.

The first proposition which I shall endeavor toestablish to the satisfaetion of your honor is thatthis road is amenable to the bankrupt act-thatthe provisions of the bankrupt law do include theNew Orleans, Opeloursas and Great Western Rail. droad. There have been two objections urged tlagainst this proposition. The first s that sice., inthe year 1789. when the Constitution of the United bStates was adopted, the term " bankruptcy '- wasborrowed from the English legislation, and thatthey had until that time Included only certainSclases of debtors; that, therefore, no bankrupt dact which Conrress could pass could add to thenumber of debtors, or alhase of debtors, whocould be included. But the grant of power on thepart of the States to Congress is ll inclusive; dCongrer is authorized to pass a uniform law ofbankruptcy throughout the United States. Thatbankruptcy was to enlarge or diminish, as theprogress of commeree should render it requisite. BAs well might the gentleman say that the rucceedJlg grant, that '"Congress shall have the power tos coin money," should be restricted to the kinds of ocoin then struck, as that a bankrupt law couldonly Include such classes of debtors as had before

S been included ! But when the Constitution says t1that Congress may pass uniform laws on the sub.ject of bankruptcy, and that it may coin money,it pote the whole subjects of bankruptcy andscoining money into the power of Cnaw'mI.. Bthe very instant, in the very year when this pro- nvision of the Constitution was adopted. the term"bankruptcy " was itself belog subjected to tchanges. It was paaing from floloding two or mthree clastes to nlocluding four or five. It was likea tree that was growing, and with its growth thewhole subject matter was placed within the powerof Congress. ciThen we come to the second objection urged, Mthat the terms of the bankrupt law do not includethis corporation. The terms of this law have beenread to your honor more than once; I will read olie only that part of the section which is definitive:

.' hbat the provisions of this act shall apply to allmonied. basiness, or commercial corporations and ie* joint stock companies." Then all monied, busi- atnees and commercial corporations, all monied, mbusiness and commercial joint stock companies are itincluded withip the provisions of this act. The wOpelousas Railroad is both a business corporation to.h and it is a commercial corporation. What is a itbusiness corporation? Every dictionary tells us: as. business corporation is one created for the pur- cpose of transacting business; that is, for the pur.pose of transacting one or more branches of the tha1 ordinary aflairs of mankind. That is a businesscorporation, nothing more, nothing less; and when Bwe see that this railroad is chartered for the pur. t.pose of conveying freight and passengers, whenwe come to define the substantive nstead of the nadjective, we see that is a common carrier. Will ve

a gentlemen say that that about which a common accarrier is employed is not business? If there is toanything that is a " businese corporation" it is ethat which is engaged, not only in business, but in tb

a business which is so extensive. But it is not only thto a bu1iness corporation, it is a com•,ercial corpo- . c

ration. I should like to have heard from the gen- intlemen on the other side what their definition ofn, a commercial corporation is. It is, and must be,re a corporation engaged in and about the purposes a

r. of commerce, whose grand distinctive purpose isS that of conducting commerce. And what is the tbusiness of this company but entirely that of com- tsIe merce ? As consistetly might it be urged before tyour honor-if Instead of this being a corporation btit to transport freight and passengers on land, it had

been one for the transportation of freight and depassengers from New York to Liverpool-that it fowas not a commercial corporation. Therefore I l

y say that not only is it included in the operation of orn this act, but it is included twice, and unanswera- th

Stat, says one of the gentlemen who presented anthe case on the part of the railroad-avoiding thedenition which the court certainly must give to crthese words, and indeed any definition - itcannot be true that a railroad s Included within bythis act, for the reason that a railroad is createdI for public convenience. True it is, that if the PLegislature granted tbisrailroad a charter for theShigh purposes for which a Legislature s presumed meto grant charters, they did so for the purpose of atpromoting the public convenience; but it can only bySbe a pubic convenience by virtue of its transact- 11inlog bousness, and therefore it is not only a ,si. hn~ss corporation, by reason of the clear detinl oftions of the term, but by reason of It. being on. wa ble to attain the purposes of its erueation, except thV by transacting business, and that day and night. th

The Code of Lounisaa-not with a view of dis-tinguolshing, as Congress has, but for the purpose ofof defining generally what corporations are-hasgiven a clasification of them. Articles 420 and tt421 of the Civil Code, while they classify on a bdifferent principle, give us the same result. hal

"Corporatiomns are of two kinds; political and pri- slivate; political corporations are those which have ferprincipally for their object the administration ofa portion of the State, and make a part of the lipowers the government hasr delegates ti thatSeffect; all others are private corporations. Pri- 0.tvate corporations are divided into civil and religi. noous; and this distinction resunlts as well from the me

sIalityof the persons who generally compose pee k*inds of corporations as from the difference wet

of the object of their establishment. Civil cor.poratious are thone which relate to the advance- rilment of commerce, agriculture," etc.

Thue if we follow the line of claslfication Iywhich the Code gives us, we see that this is a moiprivate. civil corporation. Now, taking the terms snyp which Congres used-" monied, bnusine~s and logcommercial corporations," It is clear that they -adesigned to inclsde all corporations except muni- eveoipal, eleemosynary, and those corporations re- frotlating to literary and selektifc nurposes. All that

the purview ithis st. aiBut let us see what the Legislature which core

crated this corporation said upon the subject. lessIt was organised under the general act which so. Nthorises that by filing a certain certificate there solshould spring into beingf these corporations. In tresthe general act of March 12, 18•52•. section 6, we recfind that" any corporation established under this react shall forfeit Itachaburter for lnsolvency revidenced notby a return of no property found on execution seeagainst such corporation; and in such case it forshall be the duty of the distrfct court of the dis- buttrict wherein such corporation exists, at the in- thastance of any creditor, to decree such forfeiture, orand to appoint a commissioner for the purpose of 814liquidation, whose duty it shall be to convert all sevethe sasets," eto. theiTbhe the powear that spoke this corpoetion into beel

bePrld to it: " Insted of being a public cor- looporation, or in the nature of a public corporation, thisyou are forever-mo far as your ereditors are con- willcerned-a purely priente corporation; and when Welyou do aot pay your debts you gr out of exb. thintence." Then I say that by thes terms used, lay- Anrtlag alonpgide of these terms the character ad pnr- lodpose of thie corporatIo, it is clearly withlan the thepurview of the set ahet

I come now to th sectal propositlio of my lodefriend, sad I say that the w•ed teas, at the time sellof the filing of the petitu of Mr. Tucker, and puthas bee inreo and hedheam or v yuer before forthat time, tsret. There is a legal deanition of stInolveacy upon which we mIht rest etirey- e Ithat gives, to alebe by thie corts of rlalnd. by duethe ooeurts of Mussehsett, bt as doeld by colthe United Stoate Supreme (3dort Ia the ease of ndBoetonghem vs. Melene, i 13 owrld; whleh is hin

that the meang of the wet solvencIy' is thatad to be tha asnte I whleb a mes i enable to t is

pea -• et ediny esge of b-alm, top

0 Made Pl rgp of his sing, hls a et ie a sohPw r . else

***yJ Kr. harler mM po Lwhem he tuyeir edthe eaort en tis p ele t s reps

aquseb which ginaed is a eb havi

Mrestod here, a corporatMte eS•ting here, we ,n eto determse the meaning of the trm " nla-vecy " by a referesnce to the L gaa eoieimsand the Loulaisa Code. Now, the LoLisiaa de-

s. cieonas do nothing more than reiterate sad applymr te strict definitlon which the Losliaas statutehas made for itsem w tate, and with reference toits own State proceedings: and that defiition an-

d donbtedly is that if a debtor's sets are equal tod his libilities, be is pot insolvent. But what hasn that todo with his quetion? Th question s:What did Congress mean b the term " insol-m. vency ." and the fact that e Legislature ofLouisiana has by an arbitrary dedition fixed thegal meaning of the word is contradistlmotion andal contrary to the opinion of the juisprrdents ofthe world can avail but little. It we were talkingSabout fixed, vested rights, the law of Louisianawould, of course, be ooncleilve; bat when we" are talking about the definition of terme, the

,it statutes of this State or the decisilo of this Stateare only one element, among numerous and con.he trolling elements, from which Congress derivedtic their definition and settled the meaning of the

word.on If Mr. Taylor's argument is true, there would bere one definition of insolveancy for LouisLana SandIO another for Massachusetts, under the administra-Stion of this law ; and instead of having a uniformsystem of bankrupty-which the constitution ren-aders imperative-we should have one as multiformand dissimilar as the different shades of judicialand legislative opinion in the various States. WhenSCongress sed this term " insolvency," they meanted insolvency u the Wurleprudence of the world,

Sthe day they passed it, bhad defined that, word, and that definition, with the single excep-tion of the statute of Louisiana, is such as I have* given it. That disposes of the question; for it

e will not be contended that this corporation has

ever been able to meet its liabilities in the ordi-nary course of buslnes.

7 But I go further; I say not only is this corpora-' tion insolvent in the legal sense of the word. but itSIs, hlelessly, remedllesly insolvent, aooording toto any practical definition which can be given, andat with reference to any action that men of unsemust take, and that upon their own testimony.

S Now, the liabilities of this corporation are be-1 tween twenty-six hundred and twenty-seven hun-rd dred thousand dollars-twenty-seven hundred

thousand dollars we will say, in ropnd numbers.

n That is admitted; it is not a matter of estimate,td but it is a conceded fact-a matter of bond sad

i coupon. Now, then, what are their properties?it By the evidence in this came, the company has notn in its possession twenty-seven hundred thousand

It dollars worth of property., The only evidenceie which has been introduced as to the value of theo property, is that of estimates. They have intro-a doced evidence of estimates; we have intro-

duced the same, and they are betore you.t What are these evidences in the way of esti-

mates ? They produced Mr. Segar, they producede Judge Roberteon, they produced Mr. Barley.

Both of the former witnesses based their opinionas to the value of this property upon the estimateof Mr. Bailey. But suppose all three had said,'for, in the view that I take of it. if thirty men, in-stead of one, had come forward and said that the.value of that property was thirty-eight hundreds thousand dollars, their testimony would beweighed by a vast oren ~..dA - UiRra ̀it Saom . , -'Mose thirty men shalltbe eompetent men-ase competent as I believe Mr.Bailey to be-and I have the profoundest admi-1ration for him; I believe he has been a true andn a faithful and devoted servant of that road, and0 that he gave his testimony with an honesty that noman ought to question; but it unfortunately hap-

e pens, as my friend Mr. Cohen remarked, that thise road is the child of Mr. Bailey, and when we re-r member the feeling that parents have toward their 1children, when we remember the long years thatMr. Bailey has devoted to the service of thisroad, hoping against hope and working for it in-Scessantly, we can well understand wh it is hed clings to the fond delusion that the road solvent,and believes-biased, prejudiced by that strong

1 Impulse which be would not be human if he did tnot have--believes that the road is of the valueat which he estimates it. But what are the esti- amates against Mr. Bailey's testimony ? We have ait from Mr. Segar and we have it from one othere witness of the defense-Mr. Squires, the screers

tary-and we have it as an admitted fact that the hfirst mortgage bonds of that road have been iselling for the last year for from forty to fifty tcents, and that they are to-day sold for 41L. c

Now here are bonds covering everything that rthis company has or ever can have, except its aright to extend the franchise beyond Berwick's FBay. These bonds bear eight per cent. interest: t

they have twenty-coe years to run; and it is a agreat object with the capitalist when he is invest-ing his money at eight per cent., to have the in- bvestment long; and if that road were solvent even caccording to the definition which they have sought ato enforce, if that property were worth thirty- eeight hundred thousand dollars, can it be thattbhse bonds would sell for 461 ? Is the capital of rthis country asleep ? Is the capital of New York, of bLondon-for these coupons and bonds are payable ain London as well as New York and New Orleans-and is the capital of New Orleans asleep? Not dat all; and by virtue of every sale of those bondsat 46+j per cent., the sagacity, the business nlatelli-gence of those who have thus parted with them otestify that the road is worth but 46} per cent. of eits first mortgage debt. There is no answer to it. oBay that that road is solvent and you Impeach thebusiness sagacity of the whole country. eBut what else do we find? There is the evi. b

deuce of a record in the Sixth District Court be. ffore your honor. That record shows that proceed- bings were taken for executory process, for selz- aare and sale of all the property of this road for atthe sum of about two hundred thousand dollars, Band that no answer was put in, and but for the tiinutnction, the mandate issued by your honor, this Sroad would now be in the hands of that mortgagecreditor. Nine witnesses have said that the ac- tition of that mortgage creditor was "precipitated" pby the efforts of these peitioners to bring these bparties into bankruptcy. Suppose it was, here atis a railroad powerless, utterly powerless, and thevery mortgage creditor who iLs uid to be the frmoving spirit, who is to relieve them, takes them aioto court; takes possession-unless interrupted tIby the mandate of your honor-of all the property lethey have. Can that be true, and this company mhave thirty-eight hundred thouand dollars worth tIof property ? I say it is impossible, if that road wwas not insolvent in every conceivable sense of uthe term, that the effort of Mr. Morgan to foreclose pthat mortgage should not have been resisted.

Now then that is the evidence on the question scof insolvency, coupled with which there is another isseries of facts to which I wish to call your honor'sattention. Here is a road chartered in 18.33, erbuildtng somewhere prior to 189 eighty-one and frhalf mires of its road, the part beyond that being litall that gentlemen hate painted before your honor, l.fertile benlod expresmiot, flowing with milk beand honey and everything that a railroad would Nlike to carry: and they have sat down quietly, andsince the year 1859 have not struck a blow, have hinot had a spade at work there-have done nothing rkto extend that road, are deiong nothing to-day- Istmean directly: I will speak about the negoatations Ptpresently-but they themselves are not today and wwere not in February, when the petition was filed, ion the line which the Legislature gave them aright to extend, they were not even preparing the triway for its extension; and when I asked Mr. B. splIy what was the regaon, be said, " The want of remoney." He could not and did not destre to sayanything else. Now Isy that by virtue of every en. mlogism they have passed upon te fertility of Texas jol-and I do not think they over-did it-by virtue of viievery advantage which this roes would derive shfrom an extension-and they did not over-state sathat either-but by virtue of everything they have muaid on that subject. taken in connection wit te

alone legal loolvency, not alone lasolveory sc- micording to their ewe defIItion, but utter, hope- soless. remediless insolvency. a

Now, if the court please, o• this qnestion of in- thesolvency u on all others that I discnse, I wish to cetreat this company with entire fairness. The di- tiorectors are gentlemen, every one of them, whom celI respect, and towards every one of them I have annothing but the kindest feelings; but I wish to viesee what method they themselves can resort to- w-for not only have I said that they are insolvent, thubut now I say they are insolvent to such a degree pathat nothing but bankruptcy can relIeve them, belor ever enable a blow to be struck beyond this ow81 miles of railroad. I purpose to consider the Iaseveral methods which have been hinted at intheir testimony for self-extrication. They have artbeen the artists who painted their own picture. I oflooked narrowly from the beginaninog to the end of thethis testimony for such a method. I think no onewill question the truth of aremark uttered by Mr. forWebeter, in one of his arguments, that " if a wthing wu to be done, a reasonable man could tell theune," and now I ask what one of the methods al- beluded to by the witnmase o that stad, has in itthe least of promise or Toreshadows anything but ilgsheer fallure. Mr. rgase's foreoleenre .was -loded to. If Mr. Morgan had been allowed to wiosell this property, then there would have been ccput In operation this excelent scheme of relief volfor this road. There is this unfortunate ircm. ablstance connected with Mr. Morgan's mortlgage : gHe holds a mortgage, the pdlnolpal of whiUh ts not thedue for twonty-one y ors, onermet with the Volcopons; nsad who is goia to oi pry so mldunder such a foreolosure! Whe but . organ parhineelf woes boy •t ? Who, except omebody ailsthat was bsree•ed in hel the rod ft where intit is,ad aw -therefore fi--not fo r his, dsire brto prchasm the road brt for deseroto arrest iih ezteirs-hwou be II to, rn that istrk? bat t anlmmre t•e• or- I sub

reposening e seseays eu he~ef welad me*have smiehel tb eeceados. of I

re m It W n it seeso to mae lly a t on the

iell part of Mr. mman to gE pemOnes of thatdiv. road fer the very pupor o e ppig Its pro-as de- I sauIra mrs hly Mmd wmaot in coi-pp bl w lth ;im; Iam sre that be has beenSalute honest ia his profeassoas of aatgeaism to Mr.tee to an.rgAs's sheme. A $urther ab•eolea to this

on an- plan is found is the fact that the mortgage in-al to iluded and the aole under the ate prooem

t has could have covered only the eighty-one miles and)p Is: not the right to extend. Beth ahold moeInsol. toge'her. So drope scheme number aen. Whatre of is the econd ? Leasing. Well, the terms of thed the leas wbhich they propose are, Ithat somebodyt and shall take this rood, and shall at the outest coy-v.

Its of snant to pay these overdue coopone-8600,000-alkiag and shall covensat further, that they will pay the

lana coupons that are to mature-80.000 for everyan we six months! s It not idle to sappose that any.,the body is going to do that ? They made that pro-

State politioe-published it to the world by adver-con- tisement some time last June, and it don't ap-rived pear that any cspitalist ia the wide world will

f the touch it. Mr. Price made ofers very paseit-factory-he didn't propose to pay that $600,000aid be debt! Somebody else made an offer-I have for.land gotten who. At last a proposition came fromisetr e General Fremont. He say--what? That heiform will accept that offer with certain modifications.a reo- What are those modifoationa ? They don't tell,

Iform but I can tell them. He said, I feel are, "hedisll would be very happy to lase that road, bot beWhen would not lease it with that $600,000 debt in i

neant cash, and the payments so enormous to be maderorld, every six months." What mane man would

that The second plan then mast prove a failure._eep- We come now to the third plan-that of Mr. Ihave Bailey. 1 said to Mr. Bailey: "If you werefor It made supreme in your control of that road, whata has wouldyon do?" Be said. "In the fret place I

ordi- would get the consent of the coupon-holdere." 1Well, your honor well knows that these coupon-pora- holders live in c'most every clime. I asked him I

built how long that w lid take. He sid about a year.mg to He said he woul,. hen collect the aubscription of, and the State, the subscription of parishes Aud the csense debt which is alleged to exist on the part of the

government of the United States. That, if dosee be. entirely. would take Mr. Baley 's lifetlme. I milht ahan- as well may that I would take any one of those adred plsas and go and arrest the flow of the magnifl- thers. cent river that passes by us, as to say that I would Inate, take any one of those plans and relieve.this rood: 1and and this brings me to what is the peat fact-not sties? with reference to their legal Inetlvency, not with ua not reference to their practical insolvency, but with i

sand reference to their hopeless isolvenoy ; and that Iilence fact is, that these $600,000 of overdue copons ftd the forever stand between this road and any relief. tntro- They never can extricate themselves; and if they Lintro- were left to their own management, so long as the a

sun should rise and nst they could not accomplish oesti- anything, because they can only manage It on the uneed theory and the effort to make nobody lose. But cley. somebody must lose; because the road not only aIsion will stand still, but will retrograde, unless some- d

nate body ksees. It is idle to talk about anything else. gsaid, This $600,000 ia the old man of the sea upon the ai, in- back of that road, andhe won't get off, and they ct the can't get him off by any conceivable meths, -

dred cept by walking straig ltLin a-su•o• bank- tlt. a,.e. . ,,D+my t honor, candidly, that p!were I to represent the State on this occasion and cishall in this suit, I should say to the officer that em- niMr. ployed me, 'Sir. if you send me to that court isdm- to act consistently with my views of what is for b+

and the Interest of this community and this State, oland instead of opposing, I will invoke-I will urge this sit no bankruptcy; I will do more, I will advise the ratl- dllisp- road corporation themselves to come in voluntat- fthis rily. For looking at the subject in an enlarged doSre- view, laying aside this love which everybody has heheir for having things to be as they have been, taking tthat up the subject as men who understand the laws of Bthis political economy and the administration of affairs, btin- we can come to but one conclusion; that is, that o

he if your honor shall fnd that this corporation can asant, not go into bankruptcy, you have found for this cm-ong whole community that there is no relief-that thdid there is no extension of that road; and when soslue people think on this subject, the tables will turn, wlsati- and it will be seen that he who uttered one word, moave and did one thing towards pushing this road into hather bankruptcy, did it in the Interests of this whole be

cre- community, and I do not think those interests Isthe have been or can be overstated. I concur fully inIen In the ocinion that this road is the great artery of Itlifty this city and this State. It is its all-except the fel

commerce which comes to it from the Mississippi cothat river; and its future depends largely, not only asSIts upon having that road extended, but upon having anck's it extended immediately, and upon having it ex-set: tended in the hands of those who will command thi

Is a a capital which can defy competition. Therefore, theest- it your honor should decide that this road can not mtin. be forced into bankruptcy, and if they won't

yen come in themselves, it is to my mind the most noght calemitous result that ever befel this city. No berty- event of the war has been as calamitous as that ofthat would be. This consideratien I urge, not all with the

I of reference to its influencing your honor's decision, by, of but only as showing that by virtue of these great weable advantages, by virtue of the publio spirit which wis-- I concede resides in the breast of every one of that wiNot directory, and by virtue of their having for five wi

d years exhausted every effort to extend this road- Tballi- by virtue of these facts, we of New Orleans, we atem of Louisiana, are powerless to extend this road, let. of except through the Instrumentality of this court pr

it. of bankruptcy. thethe I urge it simply as showing bow thorough, how thicomplete is the bankruptcy of that road-if the tbtevi- bondholders have felt that they were being mscri- an

be ficed by this attempt to force this company into toed- bankruptcy, why have they not stepped forward todezi- and raised that 1600,000' If they believe in the one

for solvency of this road, why have they not dose this? poere, By virtue of their not having done anything. I sy asthe they confes they know that the road as insolvent. tet

this Bo much, then, for the question of insolvency, and hisage I submit that not only upon the technical def8ll- co

ac- tion which the jurists give--not only upon the cotd" practical definition which men of businees give- dotese but by every conceivable test, they are insolvent, heete and hopelessly so. anethe I come now to the third proposition of my l Ithe friend, and I say that this road has committed the It hem acts of bankruptcy charged in the petition and in theted the amended petition. I say, first-they franda- alrty lently suspended and felled to resume payment for theany more than a period of fourteen days, to-wit: from

r the first day of February last down to the time ile>ad when this petition was fled. One of my friends adj

of sid he did not see how thisb was commercial whlose paper. Now, the allegation is, that they have thefailed to pay these coupons. Your honor. Ipre- tha

ion sime. is perfectly conversant with them, hbu as it ropher is abshort I will read it. pre"r's "The New Orleans. Opelousas and Great West- rec33, ern Railroad Company will pay to bearer, on the Iand first day of April, -, eight pounds, five shil obj

ing ligs sterlinlg, if payable in London, or forty dolt pet

orlars, if payable in New Orleans or New York, trnilk being the mterest of that debt on their bond ratinld INo. -. " nst

md Now, that is simply a note of hand, payable to actve hearer; and I ask the gentlemen if they are se- legg rious in saying that that species of written prom the

-Ise to pay whch wau first called commercial pa- andns per, which is last called commercial paper, and al

od which Is everywhere called commercial paper, is 5ad, ,ot commercial paper? deba Then, they say that they are not merchants, oo

be traders or bankers. nla what way does this act gsai- apply the provisions of it to corporations? I will ciof read: abl

y " 2 be provisions of this act shall apply to all thisan monled business or commerclta corporations and But:a jroint stock companies, * * * and all the pro- fieof visions of this act which apply to the debtor * tionve shall in like moanner, and with like force. ereot lesate and penalties, apply to each and every officer of no I

vs snch corporatlion or copa * C and the the

c- money, and businemeand commerolul corporations cone- subject to the provisions of that act, is It reaon- rev

able-is it not almost Lmpossible to suppose that hain- they went on further; and said: "We will apply prito certain provisions of that act to monied corpora- deblii tions, certain provistons to bnaasine corporations, Enl

m certain others to commercial?" No; toey maid, Exre and In very clear language, " we apply alL the pro'- 1, Gto visions of that act toe rery one of the corporations B-which we have above mentioned." So much for in ti

It, that. Then, these coupons being commercial i tlse paper, and the provisions of the actof bankruptcy 'ii

nt, being applicable to allof these corporations, with- debtis out reference to what their business is, they are, Iae I am sure, included within the act. too

in N'ow let nu -a If they fraudulently sspended, quirre od did not rensume within fourteen days, payment jeciI of this paper. And here, with the permission of oathof the court, a.d the presumed consemt of my frienad, ansi

1e I wish to read from the opinion of Judge Blatch rest

r. ford-not a case were fandulent suspension froma was allegred--but where the qnestion was whether fIrmall theae hd been a "gerig" of the propeatyto TheJ- be levied upou. with tinteat to give a preference. pro

it "- o. also, wth regard to the question of sbr- aileat logprprty to betaken o legalprooes, * they

. _ (and itm ssbe qmaily tre-ift e to pito violation alleged s hernwere active one) "he por

Scould have prevnted the preferemnce by fling his prf voluantary petition i buakrnptey. * Beingae a- able to prevent the preference, he mnust, not hay- tbis a

fog prevented it, be he l to have medred it within are Iat the meing of the act." Ia re Black L and eor. thene vold. I, Law Times, Bktcy, R. tingWd hat I deire to call t hoser's atteati to coupa parti uO rlyis tJa g J eBlatehford my "the Ia

y alIeged t to he dons with thei to aShltest toprefer this editue-beese he smid feel a

., boiig, daybyday, Ubeo el . tlha sord; the* Imnt toft hes ehat seed tie s*th d t* d s ; d n d by day e vidsL

that Read IthlWhymbp hee hapro- e•d thht was 0 inaSsehlo wncol- •d es over t e et for the ofbeen their dit. to a : "They also serve,Mr. who only sad • ee, w it i eqully treetbis that they else -ioltde, wis e n seiytes d welt.in- A crpaJon, of itself, bt navity; ad hawS in it ln their power to have put into the hands ofand their creditors every dollar of them earninge,

w top thU pry of them oamwe, to senim t mrosatthe Irt of ary down to the tim when thisth peuitioa w lied-I my that i the eye of the

body aw by so dolng they have fraundlently suspendedcov- pameat.00- I do not mean by that that there was any acto-

the ally wrongful purpose is the minad of thene di-very rectore-not at all-but I mesa that the bankruptany law having said to them : "1If you are insolvent,pro andyou srespend the payment of your paper, andIver do not re•me it for fourteen days., that I. an actap- of benkruptcy." That if they aere insolvent,will they had the intent not to coaform to the law.ti- That is allthe fraud the nlwmaess. Ae l read the),000 bankrupt law, a person who is Insolvent, and who.for. upon the petition of his creditors, ls proved to beFrom insolvent. any inaction with funds in the debtor's

he hands, and his note.s verdue. any actioe by wayeas. of paying one creditor and not others, l an act oftell, bankreptoy. Mr. James says In his notes that this"he is a very strange provision about fraoddulent see-it be pension. So it sl, but be it etrange or be It com-

in mon, there it is, and when taken In eonueetiotade with the provision prohibiting a prefereeoe sadaid ? payment-because a payment on the part of anmnsolvet is a preference-there kvese but one

Mr. thing for him to do, namely, to come into beak.rere ruptoy, and that Judge Blatohford says, n effeot.hat Thean may they fraudulenly seded.ee I We come then to the adoad set of beank-

ws." ruptcy oharged In the petition ; and that is, theDon- payment of these $3000 of coupoma some time

him February last. It is said that a sit had beenear. commenced on one or all of these coupoes. Weaof do not deny it. It is aid that after suit was

the commeneed a note or notes were gives, and theythe were paid ; and that that is not a prefereoce,one "because you sued us." Then if you sue meght and I se you are going to get your judgment,ose ad I pay you, that is not a preferenoe. Well,

oid- now, if the court please, it is a preference. ImId know there are anthorities, and there are aad: great nsony authoritie to that eseet--undernot some bankrupt laws. But t is not the casewith under our bankrupt law-auder the law whiewith we are now cosidering; becaus dewn to the

hat last instant before the execution is levied, be-o fore the levying officer has placed a lien uponlef. the property, the debtor has one way of avoid-hey lag a preference-to come into court and pre-the ment his voluntary petition. Now, if the viewlish of the law which they contend for be correct,

is twht isthe utility of the bankrt law ? The la deBut clare it object. It is to secure an exactly equal -nly and rateable distribution of the property of thene- debtor; but If, by virtue of being sua~l a maylee. go on and pay one after an e cldtors -

the and Judge Blatchlt[ome • premy in that doe.•ay cnMajn e u mWarupt law was dedgned to pre-ce all rse of diligence betwean creditors-ifak- their view be true then it muot follow that he mayhat go on paying, as fast as he is sued, creditor after

and creditor, until one-fourth, perhaps one-third inum- number of his creditors being paid, his property

art is exhausted. What sort of application of thefor bankrupt law is that, the law declaring that itsto, object is, the moment it goes into execuntion, tohis secure to these creditors an equal and rateableul. distribution of this property, which can be de.

t- feated merelyb by bring suit against theled debtor? No; they had a choice; they couldtas have come in here into bankruptcy, and let

ng this creditor, who was suing, follow them here.of But because they did not-becaun they paid-re, b virtue of that payment they committed soan actt of bankruptcy. The more we look at it the clearer

an and more certainly correct will be that view. Be.his cause I wish to impress upon your honor that iftat the contrary is true-if when I am sued and In Den solvent. I can go and pay creditor number onern, when he sues me, creditor number two when herd. nees, and so on, and if creditor number three ex-

Io hausts all my property-that that would be thele best way of avoding the force of the bankruptts law n the world. The bankrupt law was too wiseIly in its provisions to admit of each a construotion.

of It says: " If they hall prefer a creditor ;"-pr.he fer, or do what ?-if he shall prefer instead ofBpi coming into the court of bankruptcy; and as long

ty as there was that option left to these repoedeats,g and the pid they preferred.

x. Then I say that the third act of bankruptcy was.d that committed in the presence of your honor, in

e, the preence of us all, and in the fe of this oom Cot manity.1't I was a little annoyed, perhaps, boeause I didlt not understand exactly what the gentlem msaid;

To but there seemed to be a view that this third actat of bankruptcy was not before this court, bet if

th the court examines the record, you will lod thatn, by express agrmeat, and is order to avoid theat weariness and trouble of a second struggle, mostoh wisely the counsel for the defendant said: "We

at will go to trial on that iesse now, and try thewe whole together." Now, what is that allegation ?

That, with the intent to defeat and delay the oper-re ation of the bankrupt act, and with intent to pre- S4, ter certain creditors, they tramsferred certainart property, to-wit : $1300 to these creditors. Didthey transfer that property? No doubt about

w that. But did they do it with t the intet to prefere tbose creditors ? Why, they didn't attempt to pay beri- anybody else. Then they did do itwith the latento to prefer. They transferred; it went into the coe.

rd tdy of the clerk, and we could have taken it inie one of those days; and it is now in Mr. Cohen'sa? pocket, merely as the custodia of the court, not

y as his mosey. Will the gentleman make a legalt. tender, and then put the moasy In his pecket asd his owpr That money is in the hands of theI- court, and in the eye of the law stayc with thee court. Became the party refues the tender, that

does not revest the money in the party tenderlag;t, he merely holds it as the custodian of the cours ;and they jut as truly transferred it, when it wasy in his p et, as f it had said In his pocket, m'lf wtSit had staeidinthe bank. And I say they did ith winthe intent to prefer these two creditor; and Isay yo. also they did it with the intent to defeat and delay etar the operation of the bankropt ant.

n What else did they do ? Here was a petition

e filed, the prayer of which was that they should be sseI adjudgedbenkrupts; and to defeat that potitios- m-l which in nothing but defeating the operetion of

e the bankrupt act Itself-they come io and makeSthat tender! Then there was an act of bank.It ruptcy, they being insolvent, committed in the

preeence of your honor, and is a part of the AI records of this very case.e I paes now toconsider, in the fourth place. theI* objection they have urged to the standing of theI. petitioners before the oonrt. They say, if it be

, true, that the bankrupt law inolude this corpo-d ratio -if it be true that they were and have been

insolvent-If it be true that they have committedo acts of benkruptcy-the acts of bankruptcy al-leged in the petition and amended petition-still, Rthe pettitioning creditors in this cams, Mr. Tuckerand Mr. Conand, cannot stand before this coart tod allege thee fets. Y

a Now, the first objection they arge is that this icdebt is not provable. Their reason is that this rt, oupon carried witlh it the privilege of a mort-

t grge, but the very filing of thisL petition and aii claiming this whole debt, wearing that it is prov. p- rable is a complete renunclation of this prirvilege,II this charge, for it is that rather than a privlege.

d But in additionto that here is a formal relearfiled and made a part of the record. The objec-tion which I supposed they would urge to the re-.t leae, either implied or expresed, is that there isno assignee. But thee isa general assignee. Ifthe debtors are bankrupts the release operatec

o competent for trhe petitomer b. a deed poll, "renouncig to whomever it m t concern, to wiht havre extinguished effectually and forever thisr privilege or charge. By the adavt that thedebt is "provable" they have renounced. The .English authorities on this point are oonelusive.Ex parte Spotteswood. Font.; E parte Bolioman1, Glyn. and t., page 93.a By the Court-" I have decided heretofore, tbhatr this State a mortgage, so-calle, leaves the feeSIn the mortgegor, the mortgage is not the debt,'ie but an adjunct. The creditor proves his po

Mr. Bilings-Pasemlg that point, then, uas beinogtbo clear in your honor's view and in fact, to re- aquire further comment, we come to the last ob. eMjection, "that the petitioners cannot take theoath." My friend, Mr. Grant, made a complete hiesanswer to that yesterday. when he mid that itrested purely on the misteke of couml, reultlngfrom their confounding two of the preseribed lf,,rms of asdsvlt--but there is soter aneswer.The petitionoers have alleged that tteir debt ei sprovable, and have iled the proob thet t th -

llegation; then they have ewerua proved thatthey can take any oath which i meemary In orderto prove therdebtm, The hervt act, pege22d,polride that onless the alebged pt dib krprvte the ellegetione of the petlou, that he shalloej a. adjudicated a nkrpt 9 rpodte inthis cuae eobred no evideeoeea this pclat-theare therefore concladed; tI burde oft Wothe on them, and they sred nea. Fr a•ything that appers, the pleieme heid them incoopoea before the bkt aet was paced.

I em throngh with the mygpeUoee wihen I hatveto make upn the mema ivolved aintb eme. I bfeel osidast that I haw sbown that the respo. emdents are withi the eporatle of the beakrpt

th h~ey sow ead havn been for years Wlaeolye that they bay eemudhed the aci ofbankruptcy eyraet emd that the objse to

I wuld, In eeeleie, enk yorheaor if themine are leaels em, qpe the law ad the

, u, thtpu mdli b ms Lby yoer known

1 a the ilfare of thiy oomeaulty and thisI•te, swifty enter up the doore sad will fol

law itk U ma orders as will at the earliest poe-dde t lt• e this road is the market for sale,.Ierve, eder skuch clreamtanoes that the capital of thetrue coarymay compete for its purchase, to the end

wa that s rod masy pas erammered Int theI hae had of those who will I the hboqtest spse ofid e of e extend it, not alobe thoh the vet aid far.lage, We region of Texas, but through those that lie

fre earhe" es, shbeasby ashtt .e.s terter,this as by nature it was deeigned, sad of right itthe ought to be, a mighty tributary beto the growth and

laded prosperity of the city of New Orleans.

The court reserved his decisio n in the case.

SDo TILL.-Why is Phalon's Flor de Mayo, thecrpt new perfume for the haadkerohief, like an errand

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