The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1911-05-03
sion precluding any detailed discus
The Negotiable instrument Act.

The Negotiable Instrument Act.
The Negotiable Instrument Act is
modelled after the English Act. 1t is
fast becoming the law of all English
speaking countries, and its actual
adoption and application has demon
strated that it is suited to the COM
mercial needs OF this country. While
it effects no radical changes in the
law of a majority of the states, its
adoption in this state will repeal our
anti-commercial statute, which has
been the law since soon after the state
was admitted into the union-almost
a hundred years. Our state has been
q law unto itself as regards negotia-
BILE instruments. This statute was de-
signed to allow the maker to plead
failure of consideration, ETC., as to
certain persons--defenses not avoid
able under the law merchant. This
deprived the paper of it's commercial
value, and 1t has always met with dis
favor, both at home and abroad. 1t
has not served to protect the unwary,
because the courts held that it did not
apply to notes payable to bearer, and
persons desiring to avoid the force of
it, resorted to that form. Capital has
been constantly frightened from us in
to other quarters, The debtor classes,
as a rule, have had to stand the dis
counts and bear the extra burdens
consequent upon the application of the
statute, so that the very people it was
intended to protect have been the
greatest sufferers. In my humble
opinion, the statute has been main
tanned through these years at a loss to
the state and her people
The Warehouse Receipt Act.
The Warehouse Receipt Act is of
great Importance The states are
similarly interested in it. 1t is esti-
mated that the value Of the cotton and
other products of the soil and of indus
try represented by warehouse receipts
and stored in the various warehouses
of the country is some 100000, 100000
per month, on the average, The laws
of the various states relative to the
subject are inharmonious and create
interminable uncertainty and confu-
sion, by reason whereof these re.
ceipts are robbed of their CONNER.
cial value, and large portion OF
this vast value is left inactive
When all or number of the states
have adopted this act, so that meT
will know of the uniform force anC
value of these receipts, it is expected
that they will be acceptable as collat
eral security to the extent of a large
part of the value of the property repre-
scented by them, and thus release the
same. to the business of the country
This should operate beneficially, no
only to the owners Of the receipts, bu
to the men who handle or are other
wise connected with the products REP
resented by them,
The Sales Act.
The Sales Act is also a splendi
piece Of legislation. 1t, too, is mode
ed after the Eng j. act, Its adoptio
will make no very radical changes il
our present law. 1t perhaps make
minor changes in the laws Of most G
the states, but any state should b
willing 10 concede this much for th
sake of uniformity and harmony. Th
principles involved are conceded to d
of uniform application throughout oh
country, and, it follows, should hay
uniform treatment to the same exten
In principle, a sale valid in MISSISSIPPI
should not be void in North Dakot
The adoption OF this act in ever
state will greatly facilitate and chea
en- business transactions involved
it's application.
The Bill of Lading Act.
The Bill of Lading Act is draft'
in connection with thu other CONNIE
cial acts, and so as to harmonic wi
them. The bill of lading often serv
the same purpose as the bill of {
change: is often accompanied by
negotiable draft, and the act, the
fore. makes the bill of lading to ord
negotiable. The bill of lading has
come a great factor in the commerc
world. 1t is more than a receipt
merchandise in transit: more than
lien upon such merchandise; its
gotiable character to all intents a
purposes makes it a contract of oy
ership of such merchandise.
The following quotation from
cent address by Mr.. Albert Stral
shows the use of the bill of lading
our cotton trade:
"The English buyer arrange