Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-01-04


their mss~s; buy nothing a1es than they can
see certain andsur means ofpsyiOg for when
called upon to doso. II sashp course causes
us to practice strict economy. 1t rs soonomise
to penny; If il calls upoans to forgoe the
laxuriss Of life. then lot us - asontsnt to fall
bank upon the neesssaries oily. II ve pay
- We 60. and incur no debts but those which
We have the ability to pay On call. society will
prosper. the condition Of merehsnts will be
bsttered. the financial health Of our city be
eminsntly enhanced BY the operation.
The credit system must be modified in it,
tone. and to accomplish the god work. it re-
quires the hearty co-operstilp Of the entire
community. The man whose income is but
light. mu.t live accordingly; the young must
prsticee conmy in dress and living. and al in-
stead Of spending their money faster than they
get it. should instead. get it i1ster than they
spend it, and create fund ~ rainy day"
This is MATER ofpublic intirest. +" Ply -
you CO." is the true philosophy. It leads di-
rectly to property. Let US inaugurate the
New Year by adopting .systsm Of very
short credits
The SEVENTH VoLUMB OF Iowa Re.
Poars-A Handsomely printed and neatly
bound work is the 7th volume ef Iowa Reports
Were not companions always "odorous." and
were it not extremely unoeeoning in layman
to speak disparsgingly Of the sages () Of the
law. We would say that the vplume before US
is more valuable for its typographical excel
lence than Tor the ability Of the decisions it
contains. We could con6deoly submit the
work to the ordeal Of Eastern criticism %
good specimen of the mechanical skill Of the
West, but we should be 10th 10 send forth the
"opnions Of the Court" as models Of Western
Judicial learning.
There is one decision, however. Of no little
interest TO such Of our citizens - ha. on hand
dollar or two of our late "local currency )" and
We therefore extract from it . few suggestive
sentsnces The caee We speak Of is that Of
TarbeIl U.s. A. J. Stevens 4 Co. page 1853.
"The defendants. A. J. Stevens 4 Co., were
bankers in Polk county. and in June, 1857.
represented themselves to be the owner, of
the Agricultural Bank Of Tenpessae. and per.
scnally liable, IS stockholders, for the bills of
that bank, which representations they made
by their card published in tlp newspapers of
Des N lines, and by repeated sral declarations
publicly made. By means Of their representa-
tions the bank notes in question obtained cred
it and wide circulation, being taken in busi-
ness transactions a. current funds, but in Au.
gust, 1857. the defendants ceased to redeem the
bills and they became WORTHLESS The defend.
ants agreed to redeem said notes in currency at
their counter in Polk county. and On their fail
ing SO to do. Tarbell. who had t2l4.OO of the
bills. brought suit against them.
The defendants objected that the bills had
not been presented at the bank in Tennessee,
but the Court decided that such presemtm.nt
,sas not necessary, as defendants had promised
to REDEEM at their counter.
The Court further says. "They "a. Stevens
Coy by their representations of liability,
and their proposing to redeem at their conn>
ter, gave credit and currency to the bank
bills, and caused them to be accepted az paper
money of value. Upon what ground can they
resist an accountability to the members Of that
public, which they have misled? 1t will not
do to say, that there is no promise to any in.
dividuals. They occupied an important and a
public position in relation to the business of
the community, and, in this position and in
direct reference to their relations in the busi.
ness world. they made representations and as
sume duty. having . bearing upon the most
vital element Of that bdsiness; and their un
dertaking and promise became . promise to
every individual hearing them and receiving
the notes. 1t would not answer to hold that
men standing in such business relatioBs, and
making representations. important on account
Of their wide bearing. could shelter themselves
under this very generality, which constituted
the greatest value Of their undertaking. On
the contrary. the design Of this position was to
affect individuals. and actuste them in their
business The defendants must be considered
as undertaking TO every Individual who saw
their advertisement, or heard their representa-.
tions."
And the defendants were accordingly held
liable for oil the bills, which were taken on the
strength Of their representations.
Now. We are neither lawyer, nor the son
Of lawyer, but it strikes us that the case We
have quoted 10 exactly parallel with that Of
''our local currency"