The Republican. [volume] (Oakland, Md.) 1877-current, 1882-08-19
Law for mers---PrOmissOry Notes.


Every farmer doubtless, sooner or
later, has occasion to give or take a
promissory note. 1t is therefore desir-
able that he know something about his
rights and liabilities connected with
them. Particularly is it desirable that
he understand somewhat the legal incl
dents of these peculiar contracts for
such they are), from the fact that they
are often made the vehicle by which the
villainous rOgue-oftenert the patent right
rogue than any other-perpetrates his
crime upon the unwary
A promissory note is a written agree
ment to pay a certain sum of money at
a certain time. 1t must be definite and
unconditional. 1t is therefore in the ma
ture of money; being negotiable, and
where payable to bearer the property in
it passes by mere delivery of the paper
on which it is written It's not subject
to all the defenses that are good as
against other contracts. For example:
1t is generally good in the hands of an
| innocent holder, no matter though the
maker Of it had lost it, or it had been
stolen, or obtained from him by fraud.
This may be the case, even though it has
been altered or raised" as where I
give my note signed in blank to per-
son, authorizing him to fill in certain
amount, as $40, and he fills in larger
amount, as 500, and sells it to an inno-
cent purchaser. l must pay the larger
amount, for l it was who enabled the
| fraud to be committed; and an old max
i'm of the law holds that where one of
two innocent persons must suffer from
! the wrongful acts of third the loss
must be borne by the one who enabled
such third person to occasion it, The
Justice of this is obvious, and every
farmer will appreciate the necessity of
protecting, in the largest degree, the
rights of bona fde holders of negotiable
instruments, which form part of the cur
rency of the country, and if subject to
all the defenses of other written con-
tracts, would be deprived of their main
value.
1t will be seen, that these Instruments
become to the shrewd rascal a con-
venient means of swindling the unsus-
oecting; for, having once got them in
| his possession, no matter how fraudu-
! lentlv. they become, in most instances,
practically money, and their makers
cannot help themselves. 1t behoOves
| farmers therefore to be very careful in
the matter of giving notes, and to
always be certain of getting value re-
! ceived for them; for they may be certain
| Of having to pay them, whether they
! get anything in return or not. A class
Of miscreants who have in years past
successfully operated by this means,
! boy tro, ha Ot,,NrNV wit
apparent object of selling patent rights.
Had they confined themselves to the
legitimate sale of patent rights or of
patented articles, they would have been
less intolerable, though they have forced
many useless things upon the public,
and induced many farmer, by their
voluble responsiveness, to pay dearly
for things which he did not want. But
their real object has often been far less
innocent. A favorite dodge with them
has been to get the farmer to accept an
agency for the sale of the articles in his
town or county, securing his signature
to printed contract for that purpose
underneath which is adroitly concealed
n printed promissory note, which the
farmer unwittingly signs, surprising it
TO be duplicate of the contract. A few
months afterwards he is confronted by
demand for the payment of his note by
some shaver in a neighbOring town, who
bought the same in good faith. To
avoid law suit, the farmer probably
ends the matter by compromising
with the holder of the note, or by paying
its full amount out of his hard-earned
savings. This is but one of many SINH
lar methods employed by these villains,
but it has been used to such an extent in
some parts of the country, as to lead to
special legislation. In Michigan, a
statute enacted for the special benefit
of these rogues, requires that every note
given for the right to make, use, or sell
any patented invention shall have writ.
ten across its face, "GtUen for Patent
Riqh," and such notes are made subject
to all defenses good between original
parties, no matter in whose hands they
are: and the Supreme Court of that
State had, prior to the passage of that
law, held that n note, the signature to
which had been obtained in the manner
above indicated, was in the nature of
forgery, and absolutely void. But this
is contrary to the doctrine in many other
States, and farmers generally are not
thus protected. As stated, therefore, it
behooves them to be careful what they
sign. A good rule would be-never give
prommissory note unless absolutely
necessary; never give one without value
received; never sign any paper in the
hands of stranger.
Happily, this means of swindling
seems to be decreasing, This indicates,
| apprehend, that the farming commune
ties, through the influence largely of the
press, have become too enlightened for
these swindlers to successfully practice
their operations. Abstract Lawyer, in
american Agriculturfst.