Whig Republican. [volume] (Lexington, Miss.) 1840-18??, 1840-11-05
phe contract made By the deiendant


with the Fund conlIriissl ion eTs. on the 1tla
st MAY 1890, for the sale. Of ssS3, 600 Of (
informal Improvement, bonds, was still
most tlItaVorable to the state. The 1nte-
rest on those bonds was tocommepee run
ninu from tie date OF that contract. kut /
die amount of the loan to flle state was
nayable in instalments of fifty thousand
dollars. without interest. OH the first day
Of December, February. March, pril and !
Nav then next, and the last instalnent Of
thirty three thousand dollars was paya-
bic on the first of tlne $40. By com
itwilibe fond that the credit
thus given was eqnalt 10 about ten months
upon the. aggregate amount, making a.
loss efiriterest Of more than forfrteenthous-
and dollars to the state, at the rate OF m.
terest which she was paying on her bonds
in the meantime
The argument OF the defendant was
that the rate of exchange between. New
York and Illinois at the time thinking
these contracts, was five per cent III favor
of the former place. He inferred from
tflisthat The funds in New Yorkwoud be
worth five per cent premium TO the state,
and therefore that the bonds were not sold
under their par value, as that premium
would be equal to the interest on the bonds
for the ten months at SIX per cent per all7
mum. But tins view was not allowed.
On the second point the Chancellor
speaks thus:
think, Also the counsel for the COM
plain antare. right in supposilg that these
state officers and agents were not author
.iscd to contract for a sale OF these bonds
on d. credit As a general rule, an agent
for sale, withontany express authority 10
sell on a credit, must sell Tor cash An
authority 10 sell on a creoIt IS implied,
however, where from general llsageS and
customs of the trade in which the agent IS
employed, it's the custom to sell on a
credit. But, if the. property which the
agent is employed TO sell, is of descrip-
ton which is usually sold for ready mo-
ney ont. he is not authorised to sell it on
a credit without an express authority TO
dose. fSnnths Mere. Law, End I4ond.
I'd, 81 In the case OF Wiltshire VS..
Sims, Camp Rep, 25Sf where a hro-
ler, employed 10 sell stock, without any
special Instructions 10 sell it on a credit,
had sold itupon a credit offourteen days
Lord Esllenborough held that the agent
was not authorised to sell on a credit, and
the owner of the stock was not bound By
the contract. This case is referred t.
his ve = le,rned & Mr.. justice Story, )
no 1 oas ~ gyehcy'le commlehia
agencv ~ 57sA is Lordship inquire
:se.,,.o,,s 49,. ~ hFd oil stock being alb
soiutely exchangel lor a Dill a1 fourteen
days? There is no evidence as 70 an
9ene6Hie8lR uses i 3 }]5RsFs5 = =
'elleZ that usually sell M
Acuallydeliver stocks without receiving
payment therefor at the tine. nnlessstheV
are specially authorised to sell OH a crediI
by the owner OF such stocks.
The decision concludes in these words.
{, The contracts for the delivery OF the
bonds being wholly unauthorized, and
there having been no subsequent fatifi-
cation by the legislative power OF the state
OF Illinois, or any oliceror agent who had
me power toratliy these Illegal sales of
The stocks, an Injunction must be granted
as prayed for.
III II liluSt also be referred to a master
N the city otNew z ork to appoint d Re-
eelFer, and TO take from himthe requisite
security; unless the conn. ANTS should
preferto have the New York life ,1sl,-
rance and Trust Company appointed such
heeeiEef,ln which case no security isre-
CURED. The defendant must also assign
and deliver over 10 the Receiver. on bafh;
under the direction ofthe muster, such OF
the stockor bonds, if any, as are. now in
his Iossesslon or Under his power. or con-
tfoi, and the proceeds of. such stock or
ttont.s as have been sod, pledged, or hyp-
~ him, and all contracts and
securities, and otter property taken there
for.
The receiver is to have the usual pow
efs. Tor the conversion of the securities
and proceeds of such sales info no.
and to deposlte such moneys in the Trust
company to accumulate, as often as the.
sum OF one thousand dollars. shall be re-
selved beyond the necessary expenses Of
me trust. The Illinois bonds il any. are
lot 20 be sold by the Receiver but are
Q be deposited ii the Trust Company fof
ale keepiag 10 abide the further order o
his G0iIft: BALT tdE Ie II:
=
paper Editors
llls klglly nsslia and much abused class Of
he community e we should judge from tlse