12. Nor can the defendants legitimately avail themselves of limitation of time or staleness of the demand, without interposing a defensive allegation to the libel, either being applied as causes of bar to the action. (2 Brown, Civ. and Ad., 406, 414.)

13. The delay of this prosecution is reasonably accounted for by the pending of the case of Post vs. Jones, (19 How., 161.) in the Supreme Court, which related to this wreck and salvage, and involved substantially the merits of this case, and of which the defendants were cognizant; and also by the correspondence between the parties, and is sufficient to protect the libelants from the exception of staleness to their demand.

14. The testimony of the witnesses, Cheny and Carr, is admissible, ex necessitate, notwithstanding their apparent interest in the suit, they being salvors in the transaction, (2 Hagg., 151; ib., 145; 1 Summ., 400; ib., 329 ;) besides, their interest is mostly, if not entirely, cumulative.

15. The decision in the previous case, (19 How., 161,) having settled the character of this transaction to be one of salvage, I regard the award of compensation made in that case to the salvors a proper one to be adopted in this, to be reserved by the defendants out of proceeds which have gone into the hands of the defendants, and the same rule also measures one moiety of these proceeds as the amount they are bound to account for to the libelants.

16. The decree will be so framed as to secure the libelants a moiety of these proceeds, cargo, and materials obtained by the respondents from the Junior at New Bedford, after the deduction of freight and charges thereon from the Sandwich Islands to New Bedford. The salved goods lost by perils of the sea on the voyage from the Sandwich Islands to New Bedford are to be brought into the account.

Decree accordingly with cost, with an order of reference to ascertain and report the amount payable, if the same is not agreed between the parties.

For libelants, Mr. Lord and Mr. Moore. For claimants, Mr. Benedict and Mr. Hoxie.

BOTTOMRY BOND-LACHES-RIGHT OF SHERIFF TO INTERVENE.

In the United States District Court, in Admiralty, April, 1858. Before Judge Betts. Joseph Eneas vs. the schooner Charlotte Minerva.

This was a libel filed to recover the amount of a bottomry bond, executed on June 27, 1856, by the master and owner of the British schooner Charlotte Minerva, to secure a loan of $4,000 made to him by the libelant, by which that sum was to remain as a lien and bottomry upon the vessel, at the premium of five per cent, and lawful interest for the voyage. The condition of the bond was, that the loan and the premium should be paid at or before the expiration of 350 days after the arrival of the vessel at Harbor Island, Bahamas. She arrived there on July 12, 1856, after which she made two other voyages to New York, and one to Philadelphia. The last one to New York was about the middle of August, 1857. On the 8th of September she was seized by the sheriff of New York, under an attachment against her owner. On Sept. 16 the libel in this case was filed, and the marshal seized the vessel under the process, without opposition on the part of the sheriff, and the vessel was sold by order of this court, its proceeds being less than the amount of the bottomry debt. Judgment was obtained in the action in the State Court, and execution issued. The sheriff intervened in this action, claiming that the proceeds of the vessel are bound by the judgment and execution of the State Court, and should be applied first to satisfy it.

Held by the Court-That the sheriff is a competent party to intervene in this action, upon his official interest and possession in respect to the vessel, and claim the proceeds in the registry of the court. (The Panama, Olcott's Rep., 343.) That the bonds, though anomalous and singular in its provisions, yet in substance constitutes a maritime hypothecation of the vessel for a particular voyage and a specific period beyond its termination, and the money so loaned has been put in risk under the contract.

That this lien is paramount to and supersedes the attachment of the sheriff. That the remedy in this court might be lost for want of definiteness and certainty in the bond, or by laches of the bottomry creditor.

That a bottomry loan is equally valid when made on the lapse of a definite period of time, as if on the expiration of a specific voyage.

That the loan need not be for the necessities of the vessel, or cargo, or voyage. When the bond is made by the owner, he may employ the money at his discretion, and pledge the ship for its security, the lender retaining his lien so long as the ship bears the risk.

That there was no laches in the delay of a few weeks after the libelant's right of action was matured, which can impair his remedy. Nor does the prior attachment of a junior lien-creditor supersede his right.

Decree for libelant for $4,000, with the marine interest thereon to Aug. 15 and interest at 7 per cent from that date, and costs.

For libelant, Messrs. Benedict, Burr, and Benedict. For the sheriff, Messrs. Larocque and Barlow.

LIEN-SUPPLIES-MEANING OF THE WORD PORT-STATE LAW.

In the United States District Court, in Admiralty, April, 1858. Before Judge Betts. John D. Concklin vs. the steamboat Sylvan Shore.

This was a libel filed to recover the price of lumber furnished by the libelant to F. J. A. & L. H. Boole in July, 1856, and applied by them in building the steamboat at Mott Haven, in Westchester County. The steamboat was built under a contract between L. H. Boole and the claimants, the New York and Harlem Navigation Company, by which the hull and joiner work were to be completed before Aug. 17, and to be delivered at a wharf in New York city. The hull of the boat was taken to New York Aug. 22, and after receiving her machinery and making a trial trip or two she returned to Mott Haven, Oct. 25, and on Nov. 10 began her regular trips between Harlem and New York. On Nov. 5 the builder was paid the contract price in full. The lumber was not sold to or for the vessel, and the charges on the libelant's books were to the firm alone, not naming the boat. This suit was commenced Nov. 25, 1856. No specification of lien was filed in the County Clerk's office of Westchester or New York.

Held by the Court-That a lien was indisputably created in favor of the libelant by the purchase made by the builder, if the materials were obtained on the credit of the vessel, whether he procured them in the character of owner or builder, subject to the condition expressed in the statue of filing a specification within ten days after leaving the port.

That the term "port" used in this class of enactments has never been understood or employed in a technical or restricted sense, as limited to ports of entry, free ports, or those bearing any special qualification. These municipal lien laws especially are adapted to occasions which would naturally occur in places along the shores of our inland waters, wherever a vessel may need repairs or supplies, and the word "port" would naturally be used in its most famillar and popular

sense.

That the second section of the lien law of the State fixes the county within which the lien is created as the place where legal proof of it shall be recorded, and thus indicates unmistakably that when the vessel leaves such county, she departs from the port where the privilege accrued to her, and it is the same where her removal in point of distance is merely nominal, in going, for instance, into a port in the county of New York, as to one in Richmond or Suffolk County.

That the libelant, not having filed his specification within ten days after the departure of the vessel from the port, his right of action was barred in this case. Libel dismissed with costs.

For libelant, Messrs. Beebe, Dean, and Donohue; for claimant, Mr. Benedict and Mr. McGowan.

JURISDICTION-FREIGHT-CARTAGE OF COAL.

In the United States District Court. Before Judge Betts. John Gaughran vs. 151 tons of coal.

This was a libel to recover freight upon the coal brought by the libelant from Schuylkill Haven to this port, for $1 85 per ton. The libelant alleges that he brought the coal to this port and carted it to the claimant's place of business, for which he also claims compensation. The claimant sets up drafts paid by him on account of the freight to the amount of $169, denies any indebtedness, and alleges that, by delivery, the libelant has lost his lien.

Held by the Court-That the route necessarily including navigable waters lying between two States and waters, subject to the ebb and flow of tide, the locus is now within the jurisdiction of the court. Such actions have been sustained in this court by its familiar practice for years. That the libelant did not lose his lien by delivering the coal to the claimant in his coal yard on land. But as the bill of lading does not undertake to deliver the cargo in bulk at any specific place, it will not be implied that the owner was bound to transport it landwise across the city, or to any place of deposit from the ship, and there may be, at least, doubt whether that service, if expressly contracted for, would come within the protection of the lien, or can in any form become a ground for a maritime action; and the court will not allow the libelant to recover his charges for carting the coal from the vessel to the yard. Decree for libelant, with a reference to ascertain and report the amount due after deducting previous payments. But the price of cartage may be charged against advances made to the libelant, if clear proof is given by him that the cartage was done or paid for at the instance of the defendants.

SALVAGE-DERELICT.

In the United States District Court. Before Judge Betts. Peter Curtis, et al., vs. a quantity of wearing apparel.

This was a libel for salvage on a quantity of wearing apparel picked up derelict at sea in boxes by the libelants, the master and crew of the schooner J. T. Williams, in September, 1857. No one appeared for the goods, and they were sold for $250. The schooner and cargo were worth about $12,000. The salvage was made in a heavy sea, and under considerable risk and exertions on the part of the libelants and the schooner.

Held by the Court--That no circumstances are proved which call for an allowance of salvage exceeding the ordinary one in such cases of derelict. Decree, therefore, for the libelants for one-half the gross proceeds, and that the costs and charges be paid out of the other half-and that the salvage awarded be divided into nine parts, two shares each to the owner and master of the schooner, one-and-a-half to each of the mates, and the other two shares to be divided equally between the cook and the four seamen.

SUPPLIES-LIEN.

In the United States District Court. Before Judge Betts. Thomas Egleston, et al., vs. the bark Agnes.

This was a libel brought to recover $948 87 for the value of certain iron alleged by the libelants to have been furnished to the bark. The evidence shows that it was purchased by one Erskine, who was building the bark now owned by the claimant.

Held by the Court-That the iron procured from the libelants by Erskine, and used in building the bark, became a lien upon her, whether Erskine was owner of the bark, or builder, or agent of the claimant--the vessel not having left the port since she was built before the suit. The libelants are entitled to recover for whatever iron he shall prove to have been used in constructing the vessel, with costs.

COMMERCIAL CHRONICLE AND REVIEW.

STATE OF BUSINESS-ACCUMULATION OF BUSINESS-WANTS OF GOVERNMENT-ESTIMATES OF EXPENDITURE-INCREASE OF DEFICIT-NEW LOANS-NEGOTIATION OF TREASURY NOTES-NEW YORK STATE LOANS-OHIO LOANS-MICHIGAN LOANS-CITY OF DETROIT-RAILROAD WANTS-EXCHANGES, RATES OF-SPECIE MOVEMENT-RECEIPTS OF GOLD-EXPORTS FROM NEW YORK-ASSAY-OFFICEMINT RETURNS-COIN IN BANKS-COMPARATIVE LOANS-RATES OF MONEY-CLEAKINGS IN NEW YORK FOR THE YEAR, PROGRESS OF-DECLINE OF BUSINESS-RATIO OF TO LOANS-BANK TABLESRESUMPTION AT THE SOUTH-KENTUCKY BANK LAW-TENNESSEE LAW-SMALL NOTES-STATE OF CIRCULATION-LOW PRICES REQUIRE LESS MONEY-STATE OF CROPS AND GOODS-IMPORTS FOR THE SEASON-VALUES PUT ON THE MARKET-GOODS IN BOND-SHORT CREDITS-BACKWARD BUSINESS --SMALL PURCHASERS — HIGHER PRICES ABROAD MANUFACTURES MORE ACTIVE-CONSUMPTION OF COTTON-LOWER PRICES OF MATERIALS.

THERE has been no improvement during the month, at home or abroad, in the general tone of business, or anything which leads to a renewed demand for money. The wants of the Federal Government, resulting from the diminished customs revenues, have been chiefly felt in the demand upon the banks for specie in exchange for treasury notes. The large accumulation of specie in the banks, amounting to $64,000,000, in five cities, May 1st, made the treasury notes a very welcome investment in the absence of the ordinary supplies of business paper. On the other hand, the specie supplied to the government on these notes, only passes through the treasury into general circulation, thus operating in favor of general business. The wants of the government have, however, increased, because business has not revived to relieve it, and because wars and rumors of wars have increased the expenses. In December last, the Secretary estimated the Federal receipts and expenditures, as follows :-(Page 81, vol. xxxviii., No. 1, Merchants' Magazine.)

This estimate involved a loan of $5,000,000, which is the amount necessary to keep on hand to make the treasury work well. The government, however, December 23d, 1857, authorized $20,000,000 of treasury notes, which have been negotiated. The Secretary, under date of May 19th, states that, owing to the continued stagnation of business, the receipts have fallen $10,000,000 below the estimates, and Congress, for various causes, has enhanced the expenses $10,000,000; whence, the $20,000,000 authorized are absorbed, and the fiscal year, 1859, commences with nothing in the treasury, and with estimates of $37,000,000 to be paid in the first two quarters. To meet this, the Secretary estimates the receipts of the treasury at $25,000,000, and asks for a loan of $15,000,000 in a six per cent stock, ten years to run. The act finally authorized a loan of $20,000.000, interest not to exceed six per cent, fifteen years to run. The expenses will be cut down, and inasmuch as that the Mormon war has come to an end, a good deal of the expenses anticipated in that quarter, will not take place. The anxiety in relation to the English visitation of American vessels

has also subsided, but has, in some degree, enhanced the expenses. Trade will probably not revive so as to aid the Federal revenues, in any great degree, before the third quarter of the year. It is pretty certain, therefore, that the government will be a borrower for some 15 a 20 millions, an amount which cannot now effect the market much. Besides the Federal Government, New York offers for three distinct loans, proposals for which were received until the 24th June, as follows:-$100,000, five per cent, redeemable July 1st, 1875; $200,000, five per cent, redeemable in 1860; $1,500,000, five per cent, redeemable in 1868; total $1,800,000, of which $1,500,000 are for the redemption of a part of the canal debt, become due on the 1st of July, instant, and the remainder is an addition to the present indebtedness of the State.

This was not, therefore, an increase of debt. The State of Ohio, for a similar purpose, offered, through the commissioners of the sinking fund, a temporary loan of $500,000 of Ohio six per cent stock, due in 1860 and 1861, and was

The average premium was 6.10 per cent. The entire amount of bids was $1,260,000. There were two small bids at par, and two bids each for the whole amount.

The law which authorizes this loan authorizes also a tax sufficient to pay it off at maturity. There are $200,000 yet to be offered under the same law.

For a loan of $216,000, authorized by the extra session of the Legislature of Michigan, was awarded to E. H. Hazelton & Co., of Detroit, at 1 a 1 1-16. The aggregate amount of the bids reached $833,000. The premiums on the account of the loan amount to something over $2,000.

The city of Detroit offers for a water loan of $150,000, in a seven per cent stock, redeemable in 1893, interest payable in New York. The Milwaukee and Chicago Railroad asked for a loan of $400,000, in eight per cent bonds, but did not succeed in obtaining it.

There is little fresh borrowing for company purposes, while the continuous depression of business, accompanied by large stocks of produce, with the prospect of large crops, and consequently of a downward tendency in prices, prevents the return of much disposition to invest in goods. Our customary tables of monthly business, annexed to this report, show the ratio of imports as compared with last year, giving a heavy decrease in the amounts to be paid for, while the exports do not show any material falling off. The effect upon exchange has been felt, as a matter of course, and the rates during the month have ruled as follows by each packet :—