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

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r PRICE SD•

whether their duty to the manufacturing and
I shipping interests, which requires them to proclaim
the incalculable good thus conferred on English
commerce, will get the better of their subservience
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 Malmesbury. 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 boon, but
that also to the promptitude and ability of Sir
Charles Hotham it is owing that its attainment
I 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 them out from, they will do well
to reflect that one of the most signal achievements
of commercial diplomacy in modern times bad well-
nigh failed from a beggarly but characteristic cal-
culation of its " expensiveness."

of cases
counted for, and would be in e hands of William
Thompson a good receipt. for ebt due to John Smith.
But there is a special cla of cases (to which this ex-
env • of payment of money to bankers does not apply,
whatever of receipt be adopted. It is specially
stated "not to extend to receipts or acknowledgments
for sums paid or deposited for or upon letters of allot-
ment 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 deposits on
letters of allotment or "calls ' of any kind, the receipt
must be stamped.
Fourth--We are not aware of any good reason why a
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.
Fifth—Much discussion 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 (as 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
pal, 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 invoices or account be
thus receipted : "Received this day by bill at three
months "—such receipt, though only for a bill, must be
upon a stamp ; and the party paying a bill, or giving
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 from 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 holders, who had dis-
charged claims with the same instrument, would have
any receipt, unless they were taken separately from the
bill, and if so taken, for example in this form, " Settled
by A.B 's 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 has been paid, as a legal proof of the dis-
charge of any particular claim, it is quite competent for
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 which 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
he 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 or 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 has been put very popularly and elearlyin
the following paper from a correspondent, which is per-
fectly consistent with the statements made in the former
articles in the Economist on the subject :--
A receipt for a debt requires a stamp of id.
A draft payable to order on demand requires a stamp
for ld., and on the back of' this draft the give
a payee may
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-
tableake
sto a
receipt,
this
mustrequires
alsoasitfhep.
Buthen
stamp
penny ; am
td its
cibs
arg e, clear
arethant
obtort
ehq theseui
r e d
, d
legal pbee
a:onnyd
al
not practically
e u in!lnts, each being a
be used. If the debtor takes a receipt duly stamped, be
1?
does not want another stamped document, and may pay
by a cheque to " beare 1
2 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 25/. 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 he 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
Postmwiter-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 represent. But
as some doubt has been raised on the subject, it is 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 RAILWAY.--
On Saturday morning, as a coal train from Doncaster
was proceeding to the south, the axletree of one of the
carriages broke near the Bawtry station, and several of
i
the trucks were thrown off the line, some of them very
much shattered, and the others more or less damaged.
The rails were torn up for a considerable distance,
rs of
train
nce, and
the road being also covered with coals and
the carriages, it was quite blocked up.
Al, passenger
came up very shortly after the accident,
but theit was for-
tunatelyre serious conse-
quences.:t mre sustained beyond
stopped
N o
personalin t time ehtvr)ireee
some slight bruises. A staff of platelayers was put on
the damaged part of the line as COON
the course of the day it was re-openedafsor [ADVERTISEMENT. J SPORTSMEN'S, possibletraffic. and in
ERS', AND TOURISTS' DEER-STALIC-
ENRAORDINARY MUNICH GERMAN
Observe, opposite the York Albemarle-street, Piccadilly.-
- -A valuable,
GLASS TELESCOPES.
newly-invented,Hotvele.ry-
powerfulTsmheall
Royal
Exhibition.
w a waist-
oat-pocket - 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 sh • ooting, deer-
stalking,
yachting, to sportsmen, gentlemen, gamekeepers,
and tourists. Telescopes—A new and most important
invention in telescopes, possessing such extraordinary
powers that some, 31 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 youthful,
natural, and original state. Deafness—New Discovery—
The Organic Vibrator, an extraordinary powerful and
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 of the
same aplour as the skin, it is not perceptible ; it enab es
deaf persons to hear distinctly at church and at public as-
semblies ; the unpleasant sensation of singing noises in
the ears is entirely removed ; and it affords all the assist-
ance that possibly could bo desired.—S. and B. Solomon,
Aurists and Opticians, 39, Albemarle-street. Pit:o4llY,
Observe, opposite the York Motel.