The Sun.
London, England, 1853-10-10 00:00:00

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- cases [to which is ex•
emption of payment of money to bankers does not apply,
-*l;tatever form of receipt be adopted. It is specially
ereated "not to extend to receipts or acknowledgments
for sums paid or deposited for or upon letters of allot-
,aßent of shares, or in respect of calls upon any scrip or
shares of or in any joint stock or other company, or
proposed or intended company ;"—and it is further
enacted that such receipts or acknowledgements by
whomsoever given (whether by the secretary of the
company or the bankers) shall be liable to the stamp
duty. So that in the case of payments of deposita on ,
letters of allotment or "calls ' of any kind, the recoipt
must be stamped.
Fourth—We are not aware of any good reason why s
receipt for a payment into a banker's by a customer, in
the manner already described, should not be exempt
from stamp duty, simply because it names a time for the
repayment of the money, or defines some specific notice
to be given before the deposit shall again be demanded.
We are aware that similar instruments given by private
persons, such as I 0 U's for money borrowed, which
specified a given day on which repayment was to be
made, had been held by some to come within the Stamp
Act as promissory notes. But in the case of a banker's
deposits a-Special exemption from stamp duty is made,
and no exception to the exemption is stated on account
of
,the receipt bearing upon it a note of the time when
it is to be repaid. But this is a point upon which we
shall'think it.needful to take further advice.

r PRICE SD•

whether their duty to the manufacturing and
shipping interests, which requires them to proclaim
the incalculable good thus conferred on English
I commerce, will get the better of their subservience
I to the present ministry, which compels them to
refuse all merit to the administration of Lord
Derby, and more especially the department pre-
sided over by Lord Mal mesbury. Such efforts will
be vain. , The, time is gone by when they could
succeed; and the clear-sighted commercial men of
-England will be'quick'to perceive that not only are
they indebted to the noble earl for this 1).0011,. but
that also to the promptitude and ability of Sir
Charles Hotham it is owing that its attainment
was not frustrated by Lord Aberdeen and Lord
Clarendon as hopeless." While
~indignant „at
the thought of what this small-souled" caution
might have shut thein out froni, they will .do well
to reflect that one of the most signal achievements
of commercial diplomacy in moderntimes had well-
nigh failed from a beggarly but characteristic cal-
culation of its " expensiOeness."

FifthL-Much dieussion has taken place upon the state
of, the law under the new act in relation to stamped
cheques drawn "to order " and "on demand," and in
relation to bills of exchange. What we have formerly
stated in respect thereto is strictly in accordance with
'
the law but the scope and effect of our observations
seem to have been misunderstood.
In the first place, the new instrument of a cheque
or draft drawn "to order " and "on demand" on a
penny stamp, is in every respect subject to the same
laws las bills of exchange, except as regards the
exemption of bankers from the duty of ascertaining the
genuineness of the indorsement. Now, it is quite true,
as we have before stated, that a receipt for the payment
of a bill of exchange at maturity, when the money is
paid, may be given upon the bill itself, without any
further stamp. But if, at the time of taking the bill, a
receipt is given as a discharge for the debt which it re-
presents—for example, if the invoice ,or account be
thus receipted : "Received this day by bill at three
umpoonnth
as "—suchstamp
ec
; arndeip, though
thtepa only fora
party paying
payingabbillil,l, morgtlt be
isving
an acceptance in discharge of a debt, has a right to de-
mand a stamped receipt for it, the same as if the claim
were discharged by money. Of course, if the party
giving such bill or acceptance is willing to dispense with
any receipt for it, he is quite at liberty to do so ; and
in many cases, perhaps in most cases, the bill itself
when paid at maturity might be so identified with the
claim that it was intended to discharge, as to be in his
hands a sufficiently valid receipt, and one on which he
might safely rely. Thus dispensing with any receipt for
the bill at the time it is given, the final receipt by in-
dorsement upon it at maturity, and when paid, may be
converted into a receipt without a further stamp. But
by the way of trying the distinction for which we are
contending, suppose the same bill of exchange, as is
frequently the case, to be used to discharge numerous
debts, by indorsement froni one person to another, the
only person to whom it would finally serve as a receipt
would be the first acceptor, when it returned into his
hands. None of the intermediate h elders, who had dis-
ohargeiFelaims with the same instrument, would hai-e
any receipt, unless they were taken separately from the
hill, and if so taken, for example in this form, " Settled
by A.B draft upon C.D.," the receipt must in every
case be upon a stamp.

The same rule precisely applies to stamped cheques
payable to order and on demand. The party dis-
charging a debt by such an instrument has a right to
require a receipt for it, and such receipt must be
stamped ; though the receipt for the money, when
obtained from the banker's upon whom it is drawn,
may be endorsed upon the back of such cheque
without any further stamp. But if, as in the case of
a bill of exchange, the party paying the stamped cheque is
willing to dispense with any receipt for the same, and is
satisfied to rely upon the endorsement of the person in
whose favour it is drawn, and the possession of the
cheque after it hiss been paid, as a legal proof of the dis-
charge of any particular claim, it is quite competent fur
him to do so, and there is nothing illegal in the mode of
doing it. Legally and technically the receipt written by
endorsement upon such cheque is an acknowledgment to
the banker for the money that it represents, and not a
discharge for the debt for which such cheque was given;
but it may be without much difficulty converted into a
collateral evidence of the discharge of such claim, and
especially if the cheque bears upon its face any note of
the account for winch it is drawn. For example, in pay-
ing a tradesman's account, if the stamped cheque is
drawn :—" Messrs. Jones, Loyd, and Co., pay to A. B.
or order, for bill to Christmas, 1852," and it is indorsed
as being received by A. 8., such paid cheque in the
hands of the person giving it, would furnish a sufficient
proof of payment. In all cases in which payments are
made by means of such cheques direct into the hands of
the parties in whose favour they are drawn, such an en-
dorsement can be obtained at once, and any further re-
ceipt may be the easier dispensed with ; but in cases where
accounts are collected by clerks, the endorsement could
only be made afterwards, and no doubt, if genuine, would
be equally efficacious as if made at the time; but in such
cases the person making the payment would possess no
evidence that he had paid the cheque at all, if it were
subsequently lost of stolen, and the endorsement forged.
What we want to point out is the technical distinction
between the stamp which authorises such a cheque to be
drawn " to order," and the stamp which serves as a legal
discharge fora claim. But practically, however, it is plain
that, in a great majority of cases, a stamped cheque, by
being endorsed by the person in whose favour it is drawn,
will serve all the purposes of a legal proof of the discharge
of a debt. But let it be borne in mind that if any acknow-
ledgment is made of the payment by the cheque, separately,
from the cheque itself— if the person making the pay-
ment requires a receipt when he parts with the receipt in
discharge of a debt, which he is entitled to do, all such
receipts must be upon stamped paper, whether the cheque
be stamped and drawn "to order," or unstamped and
drawn " to bearer."

The case bas been put very popularly and clearly in
the following paper from a correspondent, which is per-
fectly consistent with the statements made in the former
l
articles in the Economist on the subject
AA
draftre t fora
payable debtto
orequiresstampdaemand
of d.
requires a
stamp
for id., and on the back of this draft the payee may give
a valid discharge, either by a simple indorsement,
or by
prefacing his signature by "Received the within."
Now, if an individual pays his tailor by a draft, pay.
able to order, this requires a penny stam ; if
p he then
must also
takes a receipt, this
be on a penny stamp.
But it is clear that both these documents, each being a
legal discharge, are not required, and will
not
practically
be used. If the debtor takes a receipt duly stamped, he
does not want another stamped document, andpay
by a cheque to "bearer" which requires no stamp?'
Or if he prefers to pay by a cheque to order, as the
creditor must indorse it, and thus acknowledge the receipt
of the sum mentioned in the cheque, the debtor does not
require a further receipt.
The indorsement, though not in terms a receipt for the
tailor's bill, is expressly a receipt for the amount named
in the draft. Therefore, the case will stand thus ;
The debtor has in his possession his tailor's bill, say
for 251. 10s. He draws a draft payable to the tailor's
order for 251. 10s., and will have in his possession this
draft duly receipted by the tailor, acknowledging, there-
fore, that be has received the 251. 10s., and this is as
perfect a receipt for the tailor's bill as if it were on a
separate penny stamp.
Sixth—lt was not intended that receipts given to the
Postmaster-General for money orders for 2/. and upwards
should be subject to stamp duty ; as the person receiving
such orders pay the Post-office a commission for the
same ; and again, as in most cases, the persons receiving
the orders must give a legal receipt to the persons send-
ing them to discharge the claims they
it represent.i But
subject, as some doubt has been raised on the under-
stood that the Treasury will issue an order to the Post-
office to authorise the Postmaster-General to dispense
with such receipts.

ACCIDENT ON THE GREAT NORTHERN Re. iLNvAY.
On Saturday morning, as a coal trainfromof Doncaster
was
much r
was proceeding to the south, the axletree of one of the
carriages broke near the Bawtry station, and several of
the
trucksshattered, t ewerered, and the h thrown
oofft the
s line, some
more or less damaged.
The rails were torn up for a considerable distance, and
the road being also covered with coals and the debris of
. A passenger train
camethe ca
urrpiavgeersy, isthworat t quite
erbltohcek edU
accident, but it was for-
tunately stopped in time to prevent more serious conse-
quences. No personal injuries were sustained beyond
some slight bruises.
of the line
e
A staff
of platelayers was put on
the
ra-
the damaged part
opened
d for
a s possible
traffic.
the course of the day it
was
`ADVERTISEMENT.]--SPORTSMEN'S, DEER-STALK-
ERS',. AND TOURISTS'
_....3tr,RAinobaeDmarniteß.svtreeldurtN,lpiCHceaGditillllMyiti
GLASS TELESCOPES
Observe, opposite the York Hotel. - The Royal Exhibit.
-A valuable, newly-invented, very small p.werful waist-
on.
oat-pocket glass, the size of a walnut, by which a person
can be seen and known one mile and a half distant
.
they answer every purpose on the race-course, at the
opera-houses, country scenery, and ships are clearly seen
at 12 to 14 miles. They are invaluable for shooting, deer-
stalking, yachting, to sportsmen, gentlemen, gamekeepers,
and tourists. Tescopes—A new and most important
invention in telescopes, possessing such extraordinary.
powers that some, 3A inches, with an extra eye-piece, will
show distinctly Jupiter's moons, Saturn's ring, and the
double stars ; with the same telescope, weighing only 3
ounces, can be seen a person's countenance three miles
and a half distant, and an object from 16 to 20 miles,
They supersede every other kind for the waistcoat-pocket.
and are of larger and all sizes, with increasing powers
accordingly. Opera and race-course glasses, with wonderful
power; an object can be clearly seen, from 14 to 16 miles
distant. Messrs. S. and B. Solomons, opticians, have-in-
vented invaluable preserving spectacle lenses. Immediately
they are placed before imperfect vision, every object
appears clear and distinct; the most aged, defective sight
becomes bright and brilliant, is brought to its gout ul,
natural, and original state. Deafness—New Discove i -..
The Organic Vibrator, an extraordinary powerful l nd
newly-invented instrument, for Deafness, entirely different
from all others, to surpass anything of the kind that has
been, o, probably ever can be, produced. Being oglhe
same .:odour as the skin, it is not perceptible ; it enab es
deaf persons to hear distinctly at church and at publir-as-
semblies ; the unpleasant sensation of singing noisls, in
the ears is entirely removed ; and it affords all the asstd.,
ante that possibly could be desired.—S. and B. Solomon;
Aurists and Opticians, 39, AlbemarlG-street, Piccadilly.
Observe, opposite the York Hotel.