, 1874-01-15
PUTS.
The Chandler, pomcroy & Go. Gaze
Before judge Bloflgett.
Able and Interesting Arguments
Oh BOtl, Sides.
The Matter Taken Under Advicement.

A"o VI 6'tluon' III tlo puts p" C1Ee WAH tcr-
minated yesterday before Judge Dlodgett Tho
question eamo mp in this way: Whom Ohandlor,
tomofoy d Co. failed, thoy had, as Is well
known, d very largo number OF contracts OUT
standing' which they fnilod to fulfill. :, Tho
majority Of theao contracts wore what are com.
monty called "ruts," being privileges sold by
tho above firm to various partiop, allowing aai1
parties within certain ttmo to doliyor or mt
to them specified amount Of oats Of cortnio
tlmo aud price, Whom oats foil aftor juno 18.
1872, tho various parties offered tho
grain, but It waa not takon. It was
then sold on tho Eoard for what It would brinr.
ahd tho difference charged to tho firm, and
attorward proved up before tho Register, IIo
allowed them. The Assignee moved to expuuoa
oil such claims. Evidence was taken. and tlla
cas camo up for argument on such evidonco.
Tho claims amount to nbout e40O. 900. en,hrao+
ing somo l80 petitioners or clnimauts.
ARGUMENT FOR THE A.,:luSEE,
Counsel for tho Assignee Of tho bsukr,,pts and
agans' EEL soa IG m Of tho "as" insist TINT
=. tnstEDocause they are incquitablo and
1anGonceivablo. a.% nea The amount paid was onIy
Yl9,0oo ~, a cont per buaho), and the
9tamants sUnn demand aooOooo Us 'oroncos."
troas, or necessity Of another, it oifora now and
oiatinct ground to sot o contract aside. and
either Of tloHo circumstances oxistino. i, cnn. @
noction with gross inadoquaoy is enough to war.
rait I1 ! court court IN such acton 0sgood Y. Frank
tho transaction is void for want Of mutuality'
Ihe vonuors woro mover bound by' tho
put" to doliver bushol OF oats, and uoyor
became bound 4 at a by any contract growing
~ Hi oaa, VI IL, nhsi % II WIS Immensely to their profit
Wslll, and without consent Of yondec, md by
Their own act: Hero wns SOBER quiet buBinegz
man VINO suddenly oinbarkH In 10 extraordinary
scheme 9at Of llia limo of business and quite
certainly not quito fair nor cLlvalrous for these
9hroTd n and g. ablo gamcstcrs Of this mighty
Board to go "through him" in this way, and
leave aim ponniloss IN ILLS old ago, with the earn-
1aR t1nRs o. Lifetime scattered to tho winds,-scat-
Second-Ths ''pnt" is wagering contract con.
trary to public policy and public interest; It is NJ,
agreement which cannot 10 enforced, and at best
IL merely an engagement on the honor of tho
parties. The put il an offer to buy, which can can
not bo converted into d contract, If at all, until
accepted This put sas not in this case, ii, fact,
acceptoa Until utter tho vondoes became lnsol-
l venE. INC yondors did not accept tho offer OF
Vendoea Until thoy know that vendeos could not
tako tho property. Honco it cannot bo truth
FULLY claimed that they mennt to sell when thew
accepted the ofror-that thoy ,noant to sell wLei,
~ snGy i meae tho contract Ct bale But tho truth
short, Tor tho breach Of tic contract which
thoy m9do, knowing it was to bo broken as uoou
as q; made. From this acceptance, then,-from
t tbs tonder Of tho grain, which could not bo
the "plt" cali DO dawn. On tho oontsary' Of
tbs action, Of the acceptance, tho motive is tho
very samo attributed by III to tue yon,leoB in
mating tho "put," Viz: not to sell grain, but
20 get al1tarences; It DOES not stamp the trans-
actlon Win tue character Of reality; for it ia
consistent with the clnrgo TINT it was n,orelv
colorado, aud meant to be broken and wonn1 nj,
by payment OF differences. When they mato
the put, " they made wager TINT tho price Of
Eraia wonla lall below tho price named In tho
Put, putting X cent per busllel ngait,st that
mdehh1to ulllerenco. against q sunl, an unknown
event. ~ '"o
II is objected TINT tho letter Of tho contract
must control; that il cannot bo shown by naroi
to be void that the facts cannot bo SHOWN 9
which provo tint it was a moro wagor as to tho
prico Of grain. But this doctrine is tint lour
since condemned by the courts, who found. to
nso t9 Tug language OF Lord Elionborough "unfozs
the ohigor wore permitted to contsavono tho
condition OF tho bond By plea, showing the
truth or tho transaction, q bond would bo made
coVor Tor every species Of wickodness and i1e-
galty." This is tho doctrine Of English and
American courts, ever since tho case Of Collins
'. Danteyn. wloro Lord Chof-Justioo Wilnot
said, "Tho principle upon which courts of fuB-
tice must go, IL to enforce tue performances Of
contracts not Injurious to society; aud it ynr,}1
be absurd to eay tllat court Of Justice shall bo
aga!ust public gool.''
In Grxewood v. Blame, II Com. Bench. tho
Court said: That the fact that tho trungcction
= this caao assumed tho form Of contract,
,isn ioon. matter lawful IL itself, was not con-
,hoWs. That was tho form which tho South Sea
Bubble took in England, tho Tnlip spcculation
Il Holland, and the AEorus n1ulticaulis in this
country; and tue form scryed only as q thin
covering OF tue most frigltful systom Of
Third Butaa already atated, it is not necessary
% maintain either proposition, MS TINT al wagcrs
1ro Yoid at common law, or aro prohibited by
~ 'ur !. Statute concerning gaming, in order to
y void because It Is contrary to public policy aud
public interest; because it has III injurious
ondoncy in respect to public rights mud in
orests.. Ihe public good, tho public policy, the
puts" is shown most clearly by tho fact that
tatutes arc enacted forbidling such wacera.
. England aud Now York. and elsewhere whore
no doetrino has oropt il recognizing wagera rs
aaia 9.;o at common law. These statutes are recog-
Eolr passage; recognltlous OF tho fact tint
ayers ALI wagars-aro HOW regarded m nm
omned by tue en!ightoned judgment Of man.
ltnu, o as having tendency illjnrious to public
nd in Dcndles v. Bliss q iii. $40, Will. I, tho
oqrt voluntarily md unnecessarily taho on the I
oko OF tho English decisions, tho doctriuo ia
kprcssy recognized TINT wagors which ara
sainHt hound policy, or tond to immortality. or
'covorablc. WV A'o"
Fq,'''hIThere "a :. is another point of Wow
DO taken OF this caao worth nro,
'nting it ia this: Suppose it woro
Ten lruc that Tho parties Mloaut 10 u,v Inv
I'd deliver tho grain If tue prices fell, Wbat
oos this moan? It moaus just Us clourlv n
,parsr TO- psy differences bot tho price,
1ablo to carry hia corner. IIcro WIS hnt
,ont the prco of oata also, put in tho form Of n
conditional salo, It may be callod--a form.
this case. much moro Indicative OF a bet: and
.nco 1t is IN no wise material whethor tho mr.
IS meant to doliyer or not. What tLev ' 'tli;1
oan was to pnt mp a cent por b,tshol@ al asniust p
Q chances Gu Of big fall in tho prios Of oats, aid
Q tact III they hnvo won; and tint ls the le-
inning and end, tho plain English. Of tho trans.
tlon. Tho tral'sactior-.t',e priee-wl.s merely
sollolo for risk upon tho event. tint Cna1id.
oau or cannot koop up tile price Of oatu. II
" aHea1's 10 sou, yet tl'ia mode Of ascortaining
price, tixos tho character Of tho transaction
TO wagor.