George Shiras, Jr.

“ There it was contended on behalf of creditors, the plaintiffs in error, that an alleged assignment was conclusively fraudulent as to them for want of an immediate delivery, followed by an actual and continued change of possession, of the goods assigned; that their right so to treat the assignment, although such right was specially set up and claimed, was denied; and that, consequently, they were denied a right arising under an authority exercised under the United States. ”

“ The case was brought to this court, where it was argued on behalf of the plaintiff in error that a composition act was, as to debts existing prior to its passage, void and in contravention of the constitution of the United States, and that a creditor, where demand is saved from the operation of a state statute or of a state decree by the constitution of the United States, does not waive the benefit of this constitutional immunity by accepting the part of his demand which the state statute or decree says shall constitute full satisfaction. ”