and deposited, on said sequestration, in the Citizens" Bank of Louisiana, upon which you have done me the honor to request my advice by your note of this date, I have considered.

If this deposit was now in its entirely with the Citizens's Bank, or had been paid over by that bank to the United States, it would be clear that, as between the Mechanics" and Traders" Bank and the Citizens" Bank and the United States, it would be proper that the bank, if paying the dividends to the stockholders, should be refunded by the Citizens" Bank or the United States. And it would be equally clear that on the contingency of the inability of the bank to pay the stockholders they should be paid by the Citizens" Bank or by the United States, as the one or the other might have the fund. At the moment the dividend was made each stockholder became a creditor of the Mechanics" and Traders" Bank for the amount declared on his particular stock; and if said amount was paid by the bank to a third party, with notice of the fact, he (the stockholder) would, at his option, have recourse to that party. If the money in such a case could be traced it would be the stockholder's specially; but he is under no obligation to resort to any one but the original debtor, the Mechanics" and Traders" Bank. The amount whilst in their hands was his property. With regard to it they were but his agents, bound to hold it for his benefit, and without authority to pay it to any one else. The payment, therefore, by the bank, under a totally illegal and unconstitutional order of a pretended government, whether made under decrees actual or apprehended, is without authority and wholly void. Such payment, consequently, is no answer to the stockholder, either morally or legally. The bank, therefore, is as liable now to the stockholders as they would be if the amount was actually in their vaults. They have no right to refer the stockholders either to the Citizens" Bank or to the Government of the United States. The onl after they shall have paid the stockholders. That being done, if the dividend should be in the Citizens's Bank, or should have been received in full by the United States, they would have a right to demand it of the one or the other, as the case may be; and should it be only with the one, or received by the other in part, then to demand it pro rata.

From the papers accompanying your note it is evident that the Citizens" Bank is not liable, as proper legal authority has caused them to pay it over to you as the duly constituted representative of the United States; and it is equally clear that, as between the latter and the Mechanics" and Traders" Bank, the United States not having received the whole fund, there will only be a proportionate responsibility on the part of the United States. What that proportion will be it is impossible, with the information in your possession, to ascertain; nor do I see how it can be satisfactorily done, except by a commission empowered to examine into the whole matter in detail.

My opinion, therefore, is that the bank owes the dividends in question to the stockholders; that these should be paid at once, and that the rights of the bank, as between themselves and the United States, must be left to future settlement.

I have the honor to be, your obedient servant,

REVERDY JOHNSON.