rying over those steps which happen to be peculiarly familiar to yourself. You must thoroughly enter into the ignorance of others, and so avoid forestalling your conclusions. The best teachers are those who can seem to forget what they know full well; who work out results, which have become axioms in their minds, with all the interest of a beginner, and with footsteps no longer than his.

16. It is a good practice to draw up, and put on record, an abstract of the reasons upon which you have come to a decision on any complicated subject; so that if it is referred to, there is but little labor in making yourself master of it again. Of course this practice will be more or less necessary, according as your decision has been conveyed with a reserved or with a full statement of the reasons upon which it was grounded.

17. Of all the correspondence you receive, a concise record should be kept; which should also contain a note of what was done upon any letter, and of where it was sent to, or put away. Documents relating to the same subject should be carefully brought together. You should endeavor to establish such a system of arranging your papers, as may insure their being readily referred to, and yet not to require too much time and attention to be carried into daily practice. Fac-similes should be kept of all the letters which you send out.

18. These seem little things and so they are, unless you neglect them.

MERCANTILE LAW CASES.

DIGEST OF AMERICAN CASES.*

BANK ACTION.

A BANK that receives from another bank, for collection, a note endorsed by the cashier of that bank, is bound to present the note to the maker, for payment, at maturity, and, if it is not paid, to give notice of non-payment to the bank from which the note was received; is not bound, unless by special agreement, to give such notice to the other parties to the note. Phipps vs. Milbury Bank.

2. A party who brings an action against a bank that is afterwards restrained by injunction, from further proceeding in its business, and whose property and effects are put into the hands of receivers, does not, by proving his claim before the receivers, but without receiving a certificate thereof, or taking a dividend, bar his right to proceed in the action. Watson v. Phonix Bank.

3. In a suit on a demand due from a bank, the plaintiff is entitled to recover interest thereon from the time of action brought, although the bank is afterwards restrained, by injunction, from proceeding in its business, and its property is put into the hands of receivers. Ib.

BILL OF EXCHANGE.

When the drawee of a bill of exchange, who resides in New York, writes a letter there to the drawer, who resides in this State, accepting the bill, which was drawn in this State, the contract of acceptance is made in New York, and is governed by the law of that State; and the bill must be presented there to the acceptor for payment. Worcester Bank vs. Wells.

2. By the law of New York, an acceptance of a bill of exchange, "written on a paper other than the bill, shall not bind the acceptor, except in favor of a person

* Selections from Massachusetts Reports.

to whom such acceptance shall have been shown, and who, on the faith thereof, shall have received the bill for a valuable consideration." A. drew a bill on B. in New York, and procured it to be discounted at a bank: B. afterwards wrote a letter to A., accepting the bill, and A. exhibited the letter to the officers of the bank. Held, that the bank could not maintain an action against B. on his acceptance. Ib. 3. A promise to accept a bill of exchange is a chose in action, on which no one besides the immediate promisee can maintain a suit in his own name. Ib.

MARINE INSURANCE.

When a part owner of a vessel or its outfits, effects insurance thereon in his own name only, and nothing in the policy shows that the interest of any other person is secured thereby, an action on the policy cannot be maintained in the names of all the owners, upon parol evidence that such part owner was their agent for procuring insurance, and that his agency and their ownership were known to the underwriters, and that the underwriters agreed to insure for them all, and that it was the intention of all the parties, in making the policy, to cover the interest of all the owners. Finney vs. Bedford Commercial Ins. Co.

2. When insurance is made on a vessel to her port or ports of discharge, the voyage terminates at the port where the cargo is substantially discharged. Upton vs. Salem Commercial Ins. Co.

PARTNERSHIP.

When money is lent to part of the members of a firm, who give a note for it in their own names only, the lender is not a creditor of the firm, although the borrowers apply the money towards payment of the debts of the firm. Green vs. Tanner.

PROMISSORY NOTE.

In a suit on a promissory note, fairly and intelligently given, by way of compromise of a claim on the maker for rent of land occupied by him, he cannot defend by giving evidence that he was in peaceable and adverse possession of the land more than twenty years next before the giving of the note. Cobb v. Arnold.

BLOCKADE-DECISION IN THE CASE OF THE PRIZE BRIG NAYADE.

United States Court (Louisiana.) His Honor Judge McCaleb delivered an opinion at length in the case of the brig Nayade, libelled as a prize, by the officers and crew of the United States brig of war "Somers."

The facts of the case, as proved, are these: The Nayade left the port of Hamburg on the 5th of June, and arrived off Vera Cruz on the 27th of August, when an officer from the Somers boarded her, notified her of the blockade, warned her off, and inquired whether she stood in need of provisions or water. To this inquiry the captain replied that he was not in want of anything. The captain of the Nayade then steered for Havana. His chief reason for selecting that port was, that he had been there before, and could enter the harbor without a pilot; besides which, he was informed by the boarding officer, that another Dutch ship, warned off, had gone to that port. After sailing towards Havana forty-eight hours, and having progressed only 50 miles on her course, the brig was totally becalmed. The captain became alarmed lest, from the calm, the adverse current, the very bad sailing qualities of his vessel, and the distance (near 1,000 miles) to Havana, he should be short of water, and determined to return to the Somers to ask the supply of water that had been offered and declined. He accordingly turned, on the morning of the 29th August, towards the squadron, and on the evening of the same day came within sight of land, and shortened sail, so as to keep off shore till morning, when he hoped to see the Somers, or some other vessel of the squadron. On the morning of the 30th he saw the Somers between him and Vera

Cruz, and steered directly for her, varying her course as the Somers bore off, so as continually to head towards her. On getting within hailing distance of the Somers, the captain of the Nayade put out his boat and asked leave to go on board the former, which was granted. He went on board, asked that his passengers (four in number) be taken off, and a supply of water be given. The captain of the Somers replied, that having returned after being warned off, his vessel must be seized as a príze. The Nayade was then taken to Green Island, her passengers and commercial letters having been handed over to a British vessel to be delivered in Vera Cruz. After putting 240 gallons of water on board, in addition to what she already had, she was given in charge of a prize crew, and sailed for New Orleans on the 1st of September. On arriving at the Balize, on the 16th September, only 100 gallons of water were left. Notwithstanding a favorable wind during the whole course from Vera Cruz to this port, so slow a sailer was the Nayade, that she was 16 days on this voyage. There were 14 persons in all, on the Nayade, on her voyage from Hamburg, and 15 on her voyage from Vera Cruz to this port.

The above facts are proven by the testimony both of the captors and the captured-there being no conflict between them.

The crew of the Nayade further testify, that there were about 250 gallons on board when they turned back towards the squadron for water-that they had about 1,500 gallons when they left Hamburg.

His Honor, in the course of his opinion, first stated the general principles of law applicable to the case, which seemed to demand a condemnation. He next commented upon the cases cited by the counsel, and the testimony offered. The fact that made most strongly against the Nayade, was the declaration of the captain, at the time of being boarded, that he did not want anything. But the boarding officer himself testified that he staid on board a very short time, and that the captain seemed quite bewildered, and at a loss what to do. It further appeared that this was the first voyage on which he had acted as master. Taking all the circumstances of the case together, as proved, the Court saw no evidence of bad faith, nor anything to discredit the testimony of the crew, and concluded that it was a case of urgent necessity, and that the captain was justified in returning to obtain a supply of water.

The judgment is, that the cargo be restored free of costs; and that inasmuch as there was probable cause of seizure, the vessel be restored upon payment of costs and expenses.

ADVERTISING LIABILITIES.

An action was recently brought in one of the Rhode Island Courts by the publishers of the Providence Herald against Dr. L. S. Comstock of this city, whose "Magical Pain Extractor," "Balm of Columbia," and other preparations, are advertised continually all over the country-from away down-east to the Rio Grande; and its object was to recover the amount of certain bills for advertising, which had been run up by Dr. Comstock's agent in Providence. The defence set up was that the orders for the advertisements had been given by the agent on his own responsibility, and that the publishers could look only to him for payment; but the Court ruled that, as the recognized agent of Comstock & Co., he had authority to make his principal liable for expenses incurred in the management of the business, and that if his authority was limited, Comstock & Co. must show that they had given the publishers notice to that effect.

It is probable that the agents of Comstock & Co., in various parts of the Union, have run up advertising bills to the amount of thousands, for which, under this ruling, Comstock & Co. are liable. So with Dr. Brandreth, Messrs. Sands & Co., and other dealers in patent medicines. If any of their agents are bad paymasters, they may expect to have plenty of bills pouring in upon them.

COMMERCIAL CHRONICLE AND REVIEW.

STATE OF THE MONEY MARKET-TARIFF-COMMERCE OF NEW YORK-IMPORTS AND EXPORTS -MR. WEBSTER-LOANS-MEXICAN WAR-TREASURY NOTES-TOLLS ON NEW YORK AND PENNSYLVANIA CANALS-PRICE OF LEADING PRODUCTS-BOSTON BANK DIVIDENDS-NEW YORK BANK DIVIDENDS-COMMERCIAL PROSPERITY-EXCHANGES ON NEW YORK-PRECIOUS METALS-LEADING IMPORTS AT NEW ORLEANS, ETC., ETC.

THE state of the money market is quite easy. That is to say, on proper securities, money can be borrowed at a price below the legal rate of 7 per cent. The banking institutions loan freely at 6 per cent, and short loans have been made "at call," at 5 per cent. This is, in some degree, owing to the causes which we have pointed out in former numbers, viz: the feeling of relief which we mentioned in our September number as the consequence of the final settlement of the commercial policy of the country, and the conviction that the panics anticipated, and partially effected, last winter, as the result of the adoption of the new commercial and financial policy, were but the baseless fears of the timid, and the bugbears of the politician. Although the tariff does not actually take effect until December 1st, its practical operation upon the currents of business was felt at the date of its passage. Goods immediately began to be warehoused for the benefit of low duties after December 1st, and buyers of those goods which are to undergo the greatest reduction hung back under the supposition that they would be cheaper in consequence. The duties on goods warehoused in Boston for September amounted to $240,000. The mere fact that such opinions were entertained, sufficed, in some degree, to insure their correctness; and prices of imported goods fell very low, involving a great sacrifice to the importers. The quantities imported also fell off to a very considerable extent. The following is a statement of the imports and exports of the port of New York, for nine months :—

COMMERCE OF NEW YORK.-VALUE OF IMPORTS AND EXPORTS.

It is observable that, up to the close of June, and during the time when great panic was manifested in certain quarters, in relation to the action of the subtreasury, and which panic ceased under the wise movement of Mr. Webster in asking certain specific questions of the finance committee in relation to its operations, the imports into the country were in excess of last year. That is to

say, from January to July, the imports were $2,500,000 more than in the same period of the previous year. Since the close of June, the imports have been less than last year; that is to say, for the quarter ending September 30th, the imports into the port of New York were $3,323,053 less than in the same quarter of 1845. This state of the import trade evinces the fact that the political apprehensions entertained from Congressional actions were not common to the commercial classes, whose operations were, until the definitive action of Congress, more extensive than in the previous year. The effect of anticipated low duties has been, not only to diminish imports, but to throw into warehouse those goods which bear high duties, to avoid the operation of the new law. The influence of this upon the money market has been to lessen the demand not only for remittances in payment of im-' ports, but for duties. Up to the close of June, the government collected in cash from the importers of New York, $9,494,430, against $8,744,200 last year, being an increase of $753,229. Since June, it has collected $5,395,724, against $7,377,367 in the same time last year, being $1,981,643 less; or, in other words, the importers of New York have had to pay the government, in round numbers, $2,000,000 less in the quarter ending September 30th, than in the same period of 1845. It is also true that, from the close of June, to the first of October, the gov ernment diminished its deposits in this city from $5,105,918 to $3,211,848, being $1,894,075 drawn from the banks, and sent to New Orleans for war expenditures. This money being drawn from the banks was necessarily by them called in from loans; and, so far from producing any pressure, money continued to become cheaper. In the first part of October, the Secretary made application for a loan, or rather intimated that he should want four to five millions before January, and the banks offered it at 6 per cent, and finally at 5; but more than 5 per cent was refused, inasmuch as that 5 per cent treasury notes were a preferable mode of borrowing, and several millions, bearing such a rate of interest, will float in the exchange with service to the community. When the Mexican war burst suddenly upon the country in May last, there was a surplus in the hands of the government of some $11,000,000, and which had been at the command of the treasury department for more than three years, and had been loaned by it to some fifty banks, free of interest, and, at the same time, the government had been paying 6 per cent interest on a similar amount of its stock outstanding. The circumstance of the war made it probable that that amount would be absorbed in extra expenditures, and that some $10,000,000 in addition would be required to meet current expenditure. Accordingly, on the twenty-second of July, a law was passed, allowing of the issue of $10,000,000 of treasury notes, under the limitation of the act of 1837. That is, the notes to be receivable for all public dues, to be paid at the end of the year, to bear not more than 6 per cent interest, to be "purchaseable" on presentation at the depositories of the government, and the interest to cease at the end of the year. For a temporary deficit, this was, undoubtedly, the best mode of proceeding; but it implied that the deficit should be but temporary, and that the treasury should be in funds in the following year, to meet the $10,000,000 of notes falling due. Should, however, the war unfortunately be prolonged, and the debt increased in amount, the treasury would be embarrassed by the constantly recurring maturity of these notes, and a stock loan for a term of years, would be the most desirable. Some $2,240,000 of the notes were, however, issued up to October 1st, at an interest of 1 mill per cent per annum, a