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which concurred to produce this injury, the defendants are liable. Verdict for plaintiff, $4,000.
ACTION TO RECOVER MERCHANDISE WRONGFULLY DETAINED. In the Superior Court, New York, May 4th, 1852, before Judge Oakley. David Dows and Ira B. Care James B. Perrin and M. M. Caleb.
This was an action to recover possession of 4,822 bushels of corn wrongfully detained by defendants, as alleged in complaint.
The defendants answer, denying any title to the property in the plaintiffs, but affirming that it belonged to one L. W. Brainard, and that defendant Perrin was captain of the canal-boat, on board of which the corn was shipped.
It appeared that, August 7th, 1848, one Bloss negotiated with Niles & Wheeler, produce and forwarding merchants at Buffalo, for this corn, agreed upon the terms, and obtained the refusal of it for a few days. Soon, Bloss returned to the store with one J. F. Mack, and took from the clerk of Niles & Wheeler bills of lading of the corn, in the name of Mack, and consigned to the plaintiffs. The corn was shipped to New York in the boat of defendant Perrin, and the bills of lading were transmitted to the plaintiffs, who thereupon made advances to Mack, to the amount of the value of the property, upon the agreement that the same had been forwarded to them. Soon after Mack, who had for ten years before been engaged in business in Rochester, and dealing with plaintiffs, absconded. Niles & Wheeler then telegraphed to plaintiffs that the corn had not been paid for, and, requesting them to hold the same to their account, inmediately resold it to P. Durfee & Co., and gave them the bill of lading, which by intermediate indorsements came into the hands of Brainard, whom defendants claim to be the owner. The defendant, Caleb, is the partner of Niles & Wheeler, in New York.
It was contended that the clerk of Niles & Wheeler had no authority to make out the bills of lading, and consequently the sale to Mack was invalid.
The Court charged the jury that Niles and Wheeler, by giving these bills of ladiog, transferred the property to Mack; and that as the plaintiffs had made advances upon these papers, the sale was to be deemed valid if the clerk had the power to sign the papers. The jury were, therefore, to consider whether the aet of the clerk, in signing the papers and delivering them to Mack, was done by authority of Niles and Wheeler, either express or implied. No express authority is shown; but if he was held out to the world as an agent, in doing acts countenanced by the principal; if he was in the habit of signing and delivering such papers, the law implies an authority. Again, the law implies an authority where there is a recognition of an act after it is done. Niles & Wheeler, in this case, telegraphed to plaintiffs that they had stopped the corn, and that it had not been paid for. The jury will consider whether this amounts to a recognition of the right of the clerk to ship the corn, and make the proper papers to the plaintiffs. If
, from all the facts in the case, you conclude the authority existed, you will find for the plaintiff's.
Verdiet for the plaintiffs, $2,794 for amount, and $723 damages for detention.
In the Superior Court, May 24, 1852, before Judge Sanford. John D. Williams vs. Isaac T. Storm and others.
This was an aetion upon five promissory notes, made by the Empire Mills, December 10, 1850, amounting to $10,000, payable to defendant, indorsed by defendant and Austens & Spicer, to plaintiff.
The defendants contend that the notes were indorsed for the accommodation of the makers, without consideration, and that they were negotiated at usurious rates of interest.
It appeared in evidence that there had been previous dealings between the makers and indorsers; the makers having consigned to the indorsers large quantities of wool, for which the indorsers of these notes had given their acceptances to the Empire Mills, the makers in this case; that at length the indorsers had told them that they could not take any more, and thereupon charged the balance on hand to them. The Empire Mills then made these notes, declaring on the face of them, that they were given for this wool, and got them discounted at 12 per cent.
Upon this evidence the Court directed a verdict for plaintiff, subject to the opinion of the Court.
COMMON CARRIER--BILL OF LADING.
In the Supreme Court, New York, April 26, 1852. Before Judge Roosevelt. Henry Gilbert rs. Charles Folger and others.
The plaintiff alleges that he delivered to defendants twenty-seven packages of goods to be forwarded by them to Buffalo, and shows a bill of lading, signed by defendants, acknowledging their receipt; but alleges that only twenty-five reached their destination. He brings suit to recover for the value of the two missing packages, and damages.
The defendants answer that only twenty-five packages were in fact received by them, and aver that they gave a bill of lading for twenty-seven by mistake.
The court instructed the jury that the bill of lading was not conclusive, but between the parties, was open to explanation and alteration. But it is incumbent on the defendants to show that it was made by mistake; and it is for you to consider whether they have conclusively explained it. You bave the testimony of the carman that he delivered twenty-seven packages; wolle opposed to this is the written evidence of the pass-books and the manifest, together with that of the captain of the barge, showing that there were only twenty-five. It further appears that plaintiff requested defendants to enter twenty-seven instead of twenty-five in the bill of lading, although in fact the remaining two had not been brought down to them, as he was in haste to leave that evening. If you conclude that the bill of lading is wrong, the defendants are not liable. Verdiet for defendants.
LIABILITIES OF HUSBANDS FOR DEBTS, ETC., OF THEIR WIVES. The following are sections of an "act in relation to the liabilities of husbands for the debts and contracts of their wives contracted before marriage," passed at the last session of the Legislature of Maine, and approved by the Governor April 26, 1852.
Sec. 1. Hereafter when any man shall marry, his property shall be exempt from any and all liabilities for the debts or contracts of his wife made or contracted before marriage; but an action to recover the same may be maintained against such husband and wife, and the property of said wife held in her own right, if any, shall alone be subject to attachment, levy, or sale on execution, to satisfy all liabilities for such debts and contracts, in the same manner as if she were unmarried.
Sec. 2. In any such action the wife may defend alone or jointly with her husband, but no arrest of the person of such husband er wife shall be authorized upon any writ or execution arising under this act.
Sec. 3. Any married woman under the age of twenty-one years shall have, and may exercise, all the rights, privileges and powers enumerated in the several acts now in force, securing to married women their rights in property, in the same manner, and with the same effect, as though she were of full age.
Sec. 4. This act shall take effect and be in force from and after its approval by the Governor.
COMMERCIAL CHRONICLE AND REVIEW.
ADUNDANCE OF CAPITAL AND GENERAL PROSPERITY-SALE OF RAILROAD BONDS-EFFECT OP TIK
The past month has been characterized by unusual commercial activity, considering the lateness of the season, and by a general buoyancy in monetary affairs. Capital continues abundant, and even under the increased demand from parties wishing to arrange their liabilities previous to their summer recreation, there has been no advance in rates of interest. This ease in the money-market has led to less recklessness in business thin was generally expected. Real estate has advanced in price, not only near all the great centers of business, but generally throughout the country. This advance, however, has been very different from that usually seen during the fever of speculation, when all sections have improved indiscriminately, or the highest price has been paid for fictitious investments. The sales of late, particularly near the large cities, have been to more discriminating purchasers, and few large prices have been paid except for a corresponding value. It is true that some property has improved more than others equally eligible, but there have been no active movements in "water lots" or fancy building sites in "cities" not yet incorporated. If any investments have gone beyond the bounds of prudence, the most noticeable are the purchases of railroad bonds, large amounts of which have been placed either by public auction, or by receiving proposals from competing bidders. Where a road has become established, and the money borrowed forms but a part of the saleable value of the property mortgaged for its security, the investment would seem to be a safe one, even if the net income were not immediately sufficient to pay the interest upon the bonds. But where the original subscription has all been sunk in unproductive labor, and the bonds issued represent nearly the whole saleable value of the road, then the prospect of an immediate permanent income becomes important, and a careful examination of the claims of the borrower would seem a matter of common prudence.
The problem of the effect the increased production of gold is likely to have upon the value of property has become still more interesting since the contribution of Australia has been added to the golden tide. We have never felt the same anxiety which has prevailed in other quarters, because we have believed that the increase of capital, under present circumstances, would so far augment the facilities of trade, and stimulate production, that the present balance between supply and consumption would not be greatly disturbed. Were gold so readily supplied without effort, that the mass of the people could secure a fortune in VOL. XXVII.NO, I.
Gold & silver coin.
idleness, then the increased consumption would tend to enhance prices. This result, however, is not at all likely to follow recent discoveries, and there is little reason to fear for any undue advance in prices of productive property. Even in the past, the highest prices of breadstuffs or of real estate, either here or abroad, have not been realized at the period of the greatest stock of the precious metals on deposit or in circulation. A single stormy day in harvest time has more effect on the price of four than the arrival of millions of gold dust; at this very moment, with a production of gold from California up to this time of over $200,000,000, good flour is selling in New York at about $4 00 per barrel. The same absence of any general connection between the values of the necessaries of life and the supply of the precious metals, will be found on reference to statistics in Europe. The following will show the comparative population of Great Britain, the stock of gold and silver coin, and the price of wheat per quarter :
Price of wheat. 1500....
3,000,000 £34,000,000 8 shillings. 1600.
3,600,000 130,000,000 27 1700..
5,500,000 226,000,000 86 1809.
10,000,000 380,000,000 116 1829.
12,800,000 313,000,000 82 1849.
18,000,000 315,000,000 44 1852.
18,500,000 405,000,000 42 The high price in 1809 was owing to the combined influence of political troubles and unfruitful seasons, and in 1829 the latter cause, together with the sliding scale, produced a similar result, although not to the same extent.
There appears to be but little doubt, whatever the popular opinion may be upon this subject, that other causes have done far more to depress or inflate prices, since the year 1700, than the relative supply of the precious metals. The real source of a nation's prosperity is found in the blessing which attends upon national industry. A working people, where each is left free to enjoy the product of his own toil, need no "fostering” to become wealthy. In this, the friends of a high tariff and the advocates of free trade both agree, and from this point their views diverge. The latter believe that the people should be left free to choose their own pursuits and objects of toil; the former would compel them, as far as possible, to produce all they consume. If a man can earn two dollars in the business of his choice, during the time he can make a hat, which would cost him one dollar if inade abroad, free trade would give him the privilege. Tariff objects to this, because while the man is making the hat he can consume his neighbor's butter and beans, and pay' the latter a good price for it. In all this, Tariff loses sight of the fact that while the man is earning his two dollars at some other employment, he still consumes the produce and is in a better condition to pay for it. The only force in the high tariff argument would be found in the fact, if it existed, that the business of producing butter and beans was overdone, and that some must be driven out of it, and compelled to make hats. This is not true either in hypothesis or fact, for no business is overcrowded for want of protection, and if it were, partial legislation would not afford the rernedy.
There has been little fluctuation in foreign exchange during the month, and the demand in all sections of the Union has been less than anticipated. The fact that the portion of the cotton crop to be shipped has about all gone forward, and that but a limited quantity of new exchange could be made before next antumn, has kept up prices to about the specie point, but has not led, as hereinafter noticed, to any very large shipments of coin. Some farther exports will doubtless follow weekly, but the supply is fully equal to the demand.
The following will show the deposits and coinage at the Philadelphia and New Orleans Mints for the month of May :
83,000 $490,000 2,744,922 $4,210,358 We predicted that the deposits of gold up to the first of June would reach $20,000,000; the above, added to our previous report, shows an aggregate of $20,500,000. Since the first of June, about $4,000,000 have been received in addition to the above, so that the total coinage of California gold for the year will probably exceed $50,000,000.
The imports into this country from foreign ports for the month of May show a large decline from the corresponding month of last year, and a still greater decline from the same period of the preceding year. This falling off is seen more or less at all of the ports, but is most noticeable at the port of New York, where the difference will be seen in the following comparison :
IMPORTS ENTERED AT NEW YORK FROM FOREIGN PORTS FOR THE MONTH OF MAT.
Entered direct. Ent'd warehouse. Free goods. Specie.
$6,096,996 $453,109 $789,046 $380,584 $7,719,796 1851
8,942,711 1,148,428 788,326 111,443 10,987,908 1850
7,492,958 2,344,780 808,216 2,883,623 13,529,677 In the item of specie for May, 1850, a portion of the aggregate is made up of California gold received from Chagres, as from a foreign port. Exclusive of specie, the above table shows a decline in the imports from last year of $3,537,314. The withdrawals from warehouse continue in excess of the amount stored, so that the stock of goods in bond is now much reduced. The following will show the actuations at New York in this particular :