Planters' Bank Procedings, 1 Aug 1858 in the Memphis Daily Appeal.
Planters9 Sans The Attorney Gsaeral Prs. csedsg against the BraaeS at Athens. Recently Geo. W. Bridges, Esq., Attorney General far tbe third Judicial District ef this Mate, presented a bill te Chancellor Van Drke, alleging that ther Branch ef the Punters' Bank at Athene is one of tbe Banks of Tennessee, doing business as sach, under ae act of incorporation incorporation passed by tbe Legilature of this (state that said Bank bad suspended specie payments and bad since declined io accept the provisions of the Acta of the taet General Ae- eemoiy, wim ihwmw . t nn,i, wherefore an injunction was a eked to restrain the Bank from detng basineesaesneh.and asking asking the appointment of a Receiver to take charge ef the at sets of the Bai k and appropriate appropriate tbem-te the payment of the holders ef tbe bills of the Bant ana other creditors. Tbe Chancellor declined to grant the injunction at once, bat ordered notice et the application ta he given te the Ileal: to appear before him at Chambers that tbe appiicatien might be resisted. resisted. Acecwdlagly, Satarday and Monday lasS the argnmeat was submitted; the poiats of which are Aaa presented by a correspondent, correspondent, to whom we are indebted for a notice of tbe vreceedlog: ... u xbe Attorney General contended that the Bank had Tlolated tbe 14th Section of its Charter Charter by sanpaneioB of specie payment, and that as the Charter was in the nature of a contract between the corporation and the State, a violation violation of Its terms by the , corporation abrogates .e contract, and authorizes the LejpjUture to niter amend er abolish tbe Charter-that the powers which a corporation may rightfully Kerciss are necessarily subordinate to the Mwerof the State, by which they maybe mod fied ar abetoebed-tbat good f aHh requirea the ataal obserwwoftfiearms of a contract f .tl,,rH. reinecUvelr. And therefore a DV UUV fc.a -rfv - . nmL turtles, of the stinula violation, by ooe( .a nf i releases the other party . r Mnaadfake: obligation. fSfflseen-ewaone . ,t.. ti..i, SJr F B Fogg, convenors . r .Trfera' Bank was not ae independent UzLtiZ I but was a mere agency of the prin- corpora tiOT , " aoa wt,fc-h was looted rHV . . th7t , git cenld net be mein- at J?2,UnV 1 ioc brought 'i rtW-ltSS tneAcTer aeatett 2.uLi -f nroreedinsr aeatnst J ctei he t,m' l a coWa. o fVo - te restrain a "" V Jr;.,.. r. i lb rwer essoinee in am had e J" . , ,77i r .' till k i he SIXSEZ by ee fvl.iw had 4eW.pierwlJh all Vn' . aitnoorn tetefcllsprc- tb M net sd their ae ,r,efl fof the' on waa re- f sed, bt permiMlfto wj 1. ..r.J Kla ths Attor- ot in what isms I