Ponola [sic] weekly register. (Ponola [sic], Miss.) 1843-1843, 1843-05-27
.ceives the purchaser of the note by

j q
writing down what he afterwards dis
putes. The law cannot be so framed
as always to prevent hard cases and in
Justice; it should endeavour 10 do So
but in the instance before US it actually
multipies and encourages them Be
sides it is well worthy of remark, that
the maker of a note can more successful
ly defend againt it in the hands ola pur
chaser, as the latter may know nothing
of the original contract, and thus the
tribunals of justice may be the very
medium through which he is derrauded.
But it may be argued that the new law
virtually checks the negociability Of
promissory notes, and thus while it pro-
duces the evils of which we complain,
it dimnlshes the chances of their re-
currence. True, yet it actually produ-
ces more hard cases upon the purcha-
sers of paper than it prevents as TO the
original parties; and it still holds out
temptations to the purchaser of notes
by making them negotiable; it makes
the transactions Of men more complex
and difficult, and it multiplies law suits
by rendering recourse necessary to the
purchaser against the person with whom
| he dealt, and it holds out various induce
ments to deceit and fraud. Upon this
subject | would gladly dwell, but the
| space allowed me forbids.
1t As true, that the negociability Of
promlssory notes is very much checked
by the new law; and is this good poll
cy? The very reverse is thought to
be true at this time throughout nearly
the whole civilized world, if we do not
greatly err; and such has generally
been the opinion from time immemorial.
! We admit that this is not conclusive ey-
Idence, but it certainly raises presum-
ton which should govern until the con-
trary appear manifest. The desires g.
necessities of men call for exchanges
of objects Of value; and almost always
exchanges Of property and labour null
/ tiply in proportion 10 the industry, en-
terprize, in teligence and freedom Of the
people. \ medium Of exchange is in
dispensible, and the medium in quantity
and kind must be adapted to the business
and genius Of the people. Money is our
medium, but TO provide against delays
and losses in its tr ansportation bills of
exchange were invented. They serve as
circulating medium for certain parpo-
ses, and their immense utility is uni
versaly admitted by all iatelligent men.
| They are of no intrinsic value, nor are
they like money, the representative Of
value; but they are mere evidences by
admission of Indebtedness, and by their
negociablity the Indebtedness OF enc
| individual 10 anothe is transferred TO a
third, and again and again through a
succession Of hands, and at each trans
fer affording medium Of exchange Of
property or Of Indebtedness Such is
precisely the practical operation Of
Promissory notes by means of their ne
gociability. Bills of exchange are chief
! Iy adapted 10 large transactions between
distant points, and to mercantile deal
ings; promissory notes are usually con-
| fined TO a smaller circle but are adap-
ted to the dealings Of men in all the yari-
Gus occupations Of society, aEordlng
first circulating medium, as convent
ent as paper money, of the soundness
Of which a more correct judgement can
be formed than Of bank bills. And
next they afford an easy medium Of the
transfer of Indebtedness.
But am swelling this humber TO an
improper length, the same subjea will
be renewed in nay next.
WILLIAM.