book debts to be collected by Battersby, and applied by him in payment of the debts owing by the firm; that the property which had been removed by Battersby, (and which I understand to be the same as that referred to in his separate balance-sheet, and valued at the sums of £90 12s. and £36 2s. 9d.,) should be taken by him at the market price of the day, (valued as before), the purchase money to form funds in his hands for payment of the debts, and Telford was to pay Battersby the value of the property removed by him at a like price, and which I presume formed part either of the goods sold by Messrs. Tonge, Curry, & Co., or of those consigned to Messrs. Booker. That Battersby was to assign his interest in the fixtures and stock to Telford on having a mortgage over them, and an assignment of a policy of insurance on Telford's life for £1,100, or whatever might be due, and a judgment for the amount of Battersby's interest, (deducting a sum of £300, which Battersby was to sacrifice.) On the dissolution, it would seem that all their joint properties, with the exception of that part which had been removed by Battersby, was in the possession of Telford, and all which, with the exception of such parts as had been sold or disposed of by Telford, continued in his possession until the sale thereof by Messrs. Tonge, Curry, & Co., or as to such of them as were comprised in the consignment to Messrs. Booker, until such consignment thereof. The valuation of the stock and fixtures seems to have been made according to the agreement on the dissolution, and Battersby has received part of the partnership debt, but no assignment of the stock by Battersby, or mortgage thereof, or assignment of life policy by Telford, or judgment, appear to have been made or given according to the terms of the dissolution. Now, although under agreement of this nature by which the joint assets of a partnership firm are proposed to be made over to the respective partners, it has been held that such assets have become converted into the separate estates of each partner, and the joint creditors have no control over the property so as to prevent such conversion from taking place to their prejudice; yet where such agreements are executory, and all the material terms of the contract have not been satisfied, such conversion has not been considered to have been effected. (See exparte Wheeler, Buck 25, and see exparte Rowlandson, 1 Rose 416, and exparte Barrow, 2 Rose 252.) Now, it appears to me that until the securities agreed to be given to Battersby were completed as legal securities, and not merely resting upon equitable construction, the agreement in this case must be deemed to be executory, and that such securities were of sufficient importance to prevent the absolute conversion of the properties in question into separate estate from taking place until they were thus completed; and, consequently, as these securities were given up to the time of the bankruptcy, no such conversion was effected, notwithstanding any dealings with them by the bankrupts since the dissolution.

With respect to the second ground upon which the claims of the separate creditors are founded, I have felt some difficulty in determining whether the general doctrine in bankruptcy as to reputed ownership with consent can be applied to such a case as the present, which appears to be attendant with some doubt; but considering that the possession, by each bankrupt, of the separate chattels was part of an arrangement, upon the faith of which such possession was taken and retained, after the dissolution, but which arrangement failed in being carried out up to the time of the bankruptcy, I do not think such a possession can be deemed to be attendant with the necessary consent and other circumstances requisite to bringing this case within the operation of the 125th section referred to in this subject; and with respect to the stock sold by Messrs. Tonge, Curry, & Co., the prohibition against the sale given by Battersby in July, 1850, before Telford's bankruptcy, and the withdrawal of such prohibition only upon the understanding given by Mr. Booker, on behalf of Telford, and which is referred to in this petition, must, I apprehend, be considered to have had the effect of withdrawing any consent or permission which might be deemed to have been previously given to these goods remaining in the order and disposition of Telford.

For these reasons, I think that the properties in question referred to in Battersby's separate balance-sheet, and such parts of the sums of £109 15s. 6d.

and £104 14s. 8d. referred to in the separate balance-sheet of Telford, as shall be ascertained to have proceeded from property which belonged to the partnership between the bankrupts at the time of its dissolution, must be considered to be joint assets, and distributed accordingly amongst the joint creditors of the bankrupts.

With regard to the question of costs, I think that under the peculiar circumstances of this case the costs of the assignees of, and incident to, this petition should be borne by the joint estate; and that the costs in this matter of Messrs. Finch, to whom with some separate creditors, it was thought expedient to give notice of this petition, but who alone appeared, and were heard by their solici tor, Mr. Hull, on behalf of the joint estate, these also, I think, should be borne by the joint estate.

CONCERNING PLEDGES OF PROMISSORY NOTES, STOCKS, MOVEABLE PROPERTY, ETC.,

IN LOUISIANA.

The following act passed at the last session of the Legislature of Louisiana has become a law of that State.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Louisiana, in General Assembly convened. That when a debtor wishes to pawn promissory notes, bills of exchange, stocks, obligations, or claims upon other persons, he shall deliver to the creditor, the notes, bills of exchange, certificates of stock, or other evidences of the claims or rights so pawned, and such pawn so made, without further formalities, shall be valid, as well against third persons as against the pledgors, if made in good faith.

SEC. 2. Be it further enacted, etc., That all pledges of moveable property may be made by private writing, accompanied by actual delivery; and the delivery of property on deposit in a warehouse, shall pass by the private assignment of the warehouse receipt, so as to authorize the owner to pledge such property, and such pledges so made, without further formalities, shall be valid, as well against third persons as against the pledgors thereof, if made in good faith.

SEC. 3. Be it further enacted, etc., That if a credit not negotiable be given in pledge, notice of the same must be given to the debtor.

SEC. 4. Be it further enacted, etc., That in all pledges of moveable property, it shall be lawful for the pledgor to authorize the sale, or other disposition of the property pledged, in such manner as may be agreed upon by the parties, without the intervention of courts of justice.

INFORMALITY IN A PROMISSORY NOTE.

In the District Court, (Philadelphia.) Before JUDGE SHARSWOOD. (Sept. 27, 1851.) Higerty vs. Higerty.

Rule for Judgment. The note sued on is in the singular number, "I promise," but signed by two persons. Such an obligation is joint and several, as has been held in Kinsely vs, Shenberger, 7 Watts, 193. The defendant one of the prom issors, alleges that he signed the note only as security for the other, and he adds, "that it was fully and distinctly understood at the time of the said signing, by all the parties, including the plaintiff, that he so signed not as maker, but as security." He then proceeds to aver that no legal steps had been taken against the principal. The distinction between a surety and a guarantor, is well settled. The latter assumes but a collateral contingent liability. The engagement of the former is an absolute, direct one, though in his character of surety, he has certain equities which distinguish him from a principal debtor, in favor of whom the consideration moves. Rudy vs. Wolf, 10, S. & R. 79; Johnson vs. Chapman, 3 P. R. 48. The only mode to be pursued by a surety, is a distinct positive call upon the creditor to pursue the principal, with notice that unless he does so, the surety will consider himself discharged. Cope vs. Smith, 8 S. & R. 116; Gurdiner ts. Ferns, 15 S. & R. 117; Greenawalt vs. Kreider, 3 Barr 267. All that the defendant alleges, therefore, would not alter the case. He has certainly be come a party to a direct engagement to pay the money, and admitting that he was a mere surety, and that it was so understood by plaintiff, that cannot operate to

change his positive, direct promise into a collateral one. In Craddock vs. Armer, 10 Watts 258, it was decided by the Supreme Court, that the marginal annexation of the words "security for the fulfillment of the above" to the name of a joint promissor in a note, will not change his character of promissor to that of guarantor. And the Court there expressly put it on the ground, that these words are not inconsistent with a direct engagement. "They serve to note that he had signed not as a guarantor, but as a security. They are not technical words in a contract of guaranty, and the juxtaposition of the signature as well as the absence of apt words to indicate a contingent responsibility, shows that the parties intended to be jointly bound." Rule absolute.

COMMERCIAL CHRONICLE AND REVIEW.

SPECULATIVE MOVEMENT IN STOCKS AND BONDS-INVESTMENTS ON FOREIGN ACCOUNT-EFFECT OF EUROPEAN CAPITAL UPON OUR PROSPERITY-ILLUSTRATION OF THE ADVANTAGES OF BORROWING WHEN A PROFITABLE USE CAN BE MADE OF THE MONEY--SPECULATIONS IN REAL ESTATE HISTORY OF THE SPRING TRADE, WITH ITS PRESENT CONDITION AND FUTURE PROSPECTSCHANGE IN THE VALUE OF LAND WARRANTS-GENERAL CONDITION OF THE BANKS-LEGISLA TION IN VARIOUS STATES ON THE SUBJECT OF BANKING-ACTION OF CONGRESS IN REGARD TO CB INGING THE STANDARD OF VALUE-DEPOSITS AND COINAGE AT THE PHILADELPHIA AND NEW OR LEANS MINTS FOR FEBRUARY-IMPORTS AT NEW YORK FOR FEBRUARY-DO. FROM JANUARY 1STIMPORTS OF DRY GOODS-DECREASE IN STOCK WAREHOUSED-RECEIPTS FOR DUTIES-EXPORTS FROM NEW YORK FOR FEBRUARY-COMPARATIVE EXPORTS OF DOMESTIC PRODUCE-DECLINE IN PRICE OF BREADSTUFFS ABROAD-INCREASED CONSUMPTION OF CEREALS STIMULATED BY LOW PRICES.

THE last month has witnessed a marked increase in the spirit of speculation, not only in stocks but also in Real Estate, and other investments. In all of our principal cities, the transactions in stocks and bonds for account of private capitalists, have been unusually large, and in a majority of cases, made with the hope of realizing a profit from advanced prices. Few of these purchases were made at the lowest point, and the market has yet to improve materially before great fortunes will be realized. All well secured railroad bonds have improved, and so long as the European demand continues, there can be little fear of any important reaction. Money in Europe has become so plenty, that it is difficult to find safe investments at two-and-a-half per cent per annum. In this state of things it is not to be wondered at that Erie first-class bonds, secured by a mortgage upon property worth eight times the amount, and paying seven per cent interest upon their par value, should have gone up to 115. The second-class bonds of the same company, which for all practical purposes are almost equally secure, but which have less time to run, are also selling considerably above par. Various City and County bonds are inquired for by English capitalists, and will doubtless be more in demand. When Europe finds that we have provided more effectual safeguards against repudiation, than we had previous to our former period of commercial disaster; and that most of the enterprises for which these bonds are now issued, are based upon the actual development of new resources of wealth and prosperity, we may look for a still greater influx of foreign capital. This indebtedness abroad is a constant source of alarm to some who have been accustomed to regard the dependence as all on one side; and who are never weary of predicting ruin when "pay day" arrives.

It does not however necessarily follow, that the borrower of capital is less prosperous than the lender. A man who buys a farm which will produce but 5 per

cent upon its cost, while he has hired the purchase money at 6 per cent, is certainly growing poorer. But if the farm will produce 10 per cent beside paying for the labor, then the hire of the money is a positive advantage, and the laborer need not be afraid of the day of settlement. In our own case we own the farm, but need a little extra capital to fence, and drain, and ditch it, and build roads across it. Every dollar, thus expended, returns more than the interest upon the sum borrowed, so that our means of payment are constantly accumulating.

In addition to the purchases of stock by European capitalists, large sums are now being invested in this country on bonds with mortgage security upon real estate for the same account; and for timid persons who wish to place their money beyond the casualties of commercial affairs, this is perhaps the most desirable. There is also, as we hinted above, a speculative movement in real estate, but this is chiefly carried on by our own capitalists. In the neighborhood of our large cities, and particularly in New York and vicinity, large parcels of property have changed hands, and in some cases at prices very much above former limits. In many instances this has followed the progress of actual growth; in others it has anticipated, but for a short time, the increase of business and population; while in a few cases it has been wildly speculative and visionary.

The demand for goods from the far South and South-West was light as heretofore noticed; but it was generally expected that the Western and Northern would show an improvement over the trade for last year. This has not yet been realized, owing to the severity of the weather, which has impeded the opening of navigation and kept the merchants icebound at their homes. Collections in these quarters, however, have improved, and there have been very few failures to notice. The interior is very bare of goods, and this scarcity must ere long be supplied. Those who charged us with taking too favorable a view of affairs on the opening of the year, and predicted a host of disasters before the close of March, have worn their sackcloth in vain, for the month has witnessed no disturbance of credit, and the prospect is now even fairer than when our predictions were first called in question. Money is in active demand owing to the pressure of public and private speculations, and the increase of business; but it is easily obtained at simple interest. Any securities of undoubted value are readily sold at a fair price. The authorities of Texas have advertised for proposals for one million of dollars of the U.S. Loan, issued to that State by the General Government. Were the business to be transacted at a point nearer to where the bulk of the capital is likely to be obtained, more interest would be excited, and a higher price doubtless obtained. The act of Congress making land-warrants assignable, will add to their value, but as a large portion of them are already owned by specu lators, will not excite any extraordinary activity in them.

We find upon a comparison of the various bank returns throughout the country, that these institutions are again expanding their loans and circulation, but as the specie basis has also increased, their comparative safety is not lessened. Seyeral of the States have taken up the subject of a general banking law, and there can be little doubt but what, ere long, nearly every State in the Union will adopt nearly the same system in this respect. New Jersey has just passed a stringent amendment to the general law, by which banks of mere circulation located within her limits but owned in other States, can be made more responsi ble, and be compelled to interfere less with legitimate banking. The subject of

changing the standard of value in the United States, to which we have severa times invited public attention, is now before Congress, and we hope its consider ation will lead to some efficient action to preserve the silver coin in the country, and prevent the constant fluctuation in the nominal value of gold and silver. There can be but one real standard of value at a time; for if payments be allowed in coin of both metals, only that will be used which is the cheapest. There are many reasons why gold should be selected by our government, but as we have frequently urged this, we need not repeat our arguments. Great Britain takes a seignorage of about 10 per cent from her silver coin, the mint value being but 5s. 6d. per oz., while the market value is about 5s. The bill before Congress proposes a seignorage of about 7 per cent, which would give general satisfaction. If this were once adopted, silver change would become plenty, without at all affecting the premium value of present silver coin; ragged one dollar notes and shinplasters of various descriptions would disappear from circulation, and the general character of our currency be improved.

We gave in our last, a statement of the deposits and coinage of the precious metals at the Philadelphia and New Orleans mints for the month of January; we now annex a similar statement for the month of February. Under our usual department of banking, finance, and currency, in the present number, will be found a table containing a summary of the operations at all the mints in the United States from their organization down to the close of 1851 :

64,500

Total silver coinage..

Cents.....

$400,000 $2,342,379

Total coinage..... The receipts from California continue to fall short of public expectation, owing, it is said, to the dry weather. Larger remittances are looked for during the spring months. The gold mines in the Atlantic States are attracting more attention. In Buckingham county, Virginia, a vein of quartz and micaceous rock has been found, quite rich; and it is believed, when worked with suitable machinery, will yield a large profit to the owners. A company, called the

$1,128,900

$45,572

560,888

$5,608

$3,043,829