Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-06-04

CIRsuIr CouRr, June Before Chief Justice Ed
wards. t,s
John T. Smith VS.. Horace Jones. This action was
brought TO Of the defendant the amount of
draft drawn by Benjamin Rathbone, payable to the
order of Horace Jones' for the Of e2000 upon the
Commercial Bank of Buffalo, dated July H. 1885,
Also the amount of another draft similar in
every respect to the preceding, with the exception of
the date and the name or the payee being dated the
18th, and both notes endorsed first by Horace Jones,
secondly bv Wood a. Bridget, and thirdly by John +.
Smith, the plaintiff in this suit. The drafts were
proved TO have been protested the first one on the
4h, and the second one on the 9Th of August follow
ing. c4
Thomas Underhill deposed that the drafts were
bought q Mr. Smith q :; al dse;sn
that the rates exchange on Buffalo was per cent
in the month of July. 40 , o4
Edward NJ Morgan, broker IN Wall street. prov.
ed the rate OF discount during the months Of July and
August TO be per cent upon bank notes, and one
and quarter to one and half upon bank drafts.
The defendant contcnded that in order TO max the
endorser liable, il was necessary for the plaintiff 10
show that the draft had been presented for payment
the day IL was received without reference to grace,
which was not requiredin draft, which fact not hav
ing appeared in proof the other party had failed to
make out his case. Also, that the notice was defec.
tive, in stating fully TO whom directed. 0
Judge Edwards overruled the objection in regard ts
the presentation. 1t was not necessary, his honor
said that the draft should be presented while in nego
ciation or circulation; and that il was emily when
had come TO the poce where payable, that IL was ne
cessary to be presented on the day or day after its
arrival. 68E aeJ nHI
The counsel for the defence then wen. into parcu-
lars sho wing that Mr. James was the agent of Mr..
Rathbone in this city, and ruined by the conduct OF
his pnncipah Benjamin Rathbone Since then, Mr..
James has been endeavonne retrieve his fortune,
broker in this city. Mr.. Smith is also a broker in
tins city, and is now endesverng, by an oppressive
and uRkind conduct, 10 force already oppressed
against the wall Mr.. Smith being the emily man who
il seeking draw from M. James the amosn of mo-
ney to which, IL 10 said he liable for his nisfertunes
although Mr. Snith has reazed large sums by his
transactions with Rathbones paper about OOo 600
having passed through his hands. The defence set
up, would be usury as would be shown, IN regard to
the drafts. fao.tnsrT
Elesxer Porter called up proved netting:
Theodore M. Bogart proved that the exchange, at
the time of the negotiation Of the bills, was l-2 per
cent between New York and Buffalo. Thechecks
in question were filed up by @. w. Jones, in wit
nesss efice. They were checks signed by Rathbone,
not filed np with amounts The banks, ~ far as |
remember, charged, at the time IL per cent Mr..
Smith charged liz per cent.
Examination for the plaintiff resumed.
TmoshyP. Richards clerk in the Merchants Bank
during the months Of July and August. 1896 The
rates OF exchange between the city and Buffalo were
per cent
Mr.. Morgan recalled, and cross examined. NV i'm.
precision is that the exchange was per cent