sideration, and B thereupon promises to pay C a sum of money, it has been held that C may sue B upon this promise, whether the promise were made to A or to C. So where B gave to the lessee of certain premises a written promise to take the lease and pay to A, the lessor, the rent, with the taxes, according to the terms of the lease; and B afterwards entered into possession of the premises, and occupied them with the knowledge of A, it was held that A might recover rent from B on this promise. So if A, B, and C give a consideration jointly to D, whereupon D makes a promise to A, or B, or C, or any two of them, an action can be maintained on the promise by the party to whom it is given.

OF THE CONSIDERATION ARISING FROM DISCHARGING THE DEBT OF ANOTHER.

If A is compelled to do for B that which B should have done, and was under an obligation to do himself, A can now demand from B full indernnity or compensation; and, to enable him to enforce this claim, the law will imply or presume a request from B that A should do this thing, and also a promise from B to A of repayment or indemnity, which promise rests upon the sufficient consideration of A's doing, or undertaking to do, that thing; and the law will not permit the party to deny the request or promise which it thus presumes. This rule applies to all cases in which a surety or guar antor pays or does for his principal that which the principal undertook to do, and the surety undertook that he would do for the principal if the principal did not do it. The law considers that this request of the principal to the surety, and also this promise of indemnity, belong necessarily to such a relation.

But the rule is quite otherwise where A without compulsion does for B what B was under an obligation to do for himself; as if A voluntarily pays to C a debt due from B to C. Here the law will not presume or imply both the request and the promise. If, therefore, neither be proved, A cannot enforce repayment from B; and the reason is that A cannot, as was before remarked, make himself the creditor of B without B's assent. And this reason is more than merely technical, for B may have good ground for preferring to be the debtor of C, rather than of A. But if A can prove either the request or the promise, the law will conclusively presume the other. Thus, if A can prove that B requested him to pay his debt to C, the law will presume B's promise of repayment; or if A can prove that B promised to A a repayment, the law will consider this as an acknowledg ment and acceptance of the payment as a service rendered to him, and will thereupon presume a previous request to A. And in either case A can recover from B on this promise.

THE STOCK OF GOLD IN THE UNITED STATES.

WE insert the following remarks from the California Mercantile Gazette and Price Current, upon the article in the March number of this maga zine, respecting "the Stock of Gold in the United States," being only desirous of getting "at the facts of the case if they are attainable," and wishing, if we have, as stated below, "bulled" the gold market by the facts in our former article, to help the Gazette to "bear" it now:

In the March number of Hunt's Merchants Magazine we find the following statement, which purports to be an approximation of the amount of precious metals in the United States in the year 1862:

We confess to some surprise at finding such a statement as this in the Merchants' Magazine, whose statistics have hitherto been accepted as authentic and reliable. The writer, in his attempt to correct the wild and erroneous figures of HALLET & Co., has evidently gone over to the other extreme. We much regret this, as tending to impair confidence in other statements contained in that valuable periodical.

Of the first epoch embraced in the foregoing table (1821 to 1849) we shall say nothing, except that it corresponds substantially with official records for the year 1848. Of the second epoch (1849 to 1862) we shall endeavor to show that gome of the figures are very wide of the mark. The product of the mines of the United States during this period is placed, in the above statement, at $523,070,040. That this is a most palpable error is shown by the fact that the sum of $528,145,655, was received at the United States Mint and Branches from California alone, according to the official report of the Director, under date of June 30th, 1862. Now it is well known that a very large portion of the California gold exported from the United States never enters the mint nor any of its branches. Here then, we perceive at once an enormous omission. The writer in the magazine not only estimates the whole yield of the mines of the United States at less than the amount actually received at the mint from California alone, but overlooks entirely the vast sums exported without government stamp or die. The clearances from this port direct to foreign countries have been near $60,000,000, of which at least seven-eighths were in grains and the bullion of private assayers--never inscribed on the mint records at all. The exports from Eastern cities partake largely of the same character. Gold received from this coast, a large portion of it goes into banks or private vaults until wanted for export, and is then sent off in the same shape to foreign countries. The statement of imports and exports in the magazine agrees substantially

with tables in the finance report for the fiscal year ending June 30, 1861, and does not come down to 1862, though professing to do so. The figures for the fiscal year ending June 30, 1862, are not fully at our disposal; but the following estimates cannot be far out of the way Exports, $40.000,000; imports, $12,000,000. This will give the totals from 1849 to 1862, inclusive, in round numbers: Exports, $578,000,000; imports, $147,300,000. Of these imports a very large portion was deposited in the mint. Official reports for the years 1861 and 1862 alone, show the deposits of foreign coin and bullion in that institution to have been over $47,000.000. But without stopping to hunt up the figures for preceding years, we will suppose that of the $147,300.000 imported, $100,000,000 was sent away again, and included in the aggregate of specie clearances. This will leave a balance of treasure exports during the epoch under consideration (1849 to 1862) amounting to $478,000,000-entirely, it may be supposed, of home production.

Now the question arises, what portion of this amount passed through the mint or its branches, including, of course, the New York Assay-office, whose operations are embraced in mint reports. We have conversed with some of our most intelligent bankers, who have given the subject attention while on visits at the East, and they assure us that the great bulk goes forward to Europe in the very shape received, and that an allowance of one-third would probably cover the entire amount refined or coined by the mint. If this proportion is not correct, our cotemporary of the magazine, who has access to records beyond our reach. can, perhaps, give us the true figures, and we will thank him to do so. Our object is simply to arrive at the facts. How much of this treasure exported was in domestic bullion not entered at the mint or assay-office? This is the question, and when answered, the amount, whatever it may be, added to the receipts at mint, will give a near approximation to our home production of the precious metals.

With these data before us we proceed to construct a statement which will not be found to differ materially in its results from the one presented in our review of 20th ultimo, though in different shape, and brought down a year later.

Assuming the amount of coin and bullion on hand, June 30, 1848,
to have been, in round numbers

Amount deposited in mint and branches from that period to June
30, 1862, from all domestic sources, as per mint report........
Amount received from domestic sources for export during same
period, and not passed through mint, estimated..
Foreign imports

Total....

Exports during the same period...

$122,600,000

541,500,000

250,000,000

147,300,000

$1,061,400,000

Amount on hand, January 30, 1862....

578,000,000

$488,400,000

Total domestic product of precious metals from June 30, 1848, to June 30, 1862, $791,500,000, or an average of about $57,000,000 per annum.

We cannot, of course, pretend to strict accuracy in these figures, but commend them to our brother of the magazine, as possibly a few hundred millions nearer the truth than his own. Erroneous statements emanating from so high a source are adapted to mislead and tend to elevate the market value of gold above its proper measure, and to depress in a corresponding degree the value of government paper. It is well known that we have no affection for paper money, whether issued by government or by local banks, and gold is the great product and interest of the Pacific coast; but we desire nothing but fair play-no bulling or bearing, of which the article in the magazine savors, and which is surely out of place in the compilation of statistics for the public guidance. We would be glad to get at the facts in this case if they are attainable.

It will be seen that the Gazette supposes our figures are much too low in two particulars. As, however, the object with all of us is as stated, simply to get at the facts, let us look a moment at the Gazette's strictures and see whether the conclusions we reached should be altered.

1. First, we must ask the Gazette to remember we were not in our article trying to determine the quantity of gold that had been produced in the country; we endeavored simply to show the amount now in it. What pertinency, then, has that portion of the above remarks telling us of the millions that have been "exported direct to foreign countries without going through the mint? Suppose we should admit that $250,000,000 had been "received from domestic sources and exported," how would that affect our table, or the conclusions we reached? If it has been exported it is clearly not here. May we then ask the Gazette by what course of reasoning it reaches the conclusion that the item of $250,000,000, stated to be "received from domestic sources for export from June 30, 1848 to January 30, 1862, is a part of the "amount on hand" (in the United States) January 30 1862?

2. The Gazette also questions the correctness of some of the figures we give. Thus it says, we profess to " come down to 1862," when we only come down to June 30, 1861. Inasmuch as July 1, 1861, commences the fiscal year, 1862, we certainly come as near to 1862 as we could well get. Again, it says that in giving the products of the United States at $523,070,040, we make "a palpable error, as is shown by the fact that the sum of $528,145,665 was received from California alone." We will believe that this remark is only an inadvertence of the Gazette, and yet it seems as if it ought to have seen and read the figures we gave,.inasmuch as it copied them, and to have understood that they are only brought down to June 30, 1861, or "to" the year 1862, (Financial Report, page 90,) while those of the Gazette are for" the year ending June 30, 1862, (that is, "to" 1863,) a year later, and erroneous at that by one year's California deposits, amounting to $26,854,667. Certainly the Gazette must have read our article very carelessly, if at all, and we are inclined to think it has seen only certain newspaper extracts from it. A journal so almost invariably correct could not otherwise have fallen into the errors we have referred to.

There are no other points in the Gazette's article which it is necessary to notice, except it may be the question as to how much treasure is exported in grains or domestic bullion and not entered at the Assay Office. To that question we would answer, that there is none exported in that shape. As to our article, we would simply add that the figures we gave were official returns, making no estimates of coin known to be carried away by passengers or brought in by immigrants, or the quantities sent

into Canada.

ANNUAL MEETING OF THE CHAMBER OF COMMERCE OF THE STATE OF NEW YORK.

(OFFICIAL REPORT.)

The annual meeting of the Chamber of Commerce for election of officers was held Thursday, May 7, 1863.

Mr. PELATIAH PERIT, President, on taking the chair, addressed the Chamber as follows:

GENTLEMEN: In proceeding to the election of officers, for which we are convened to day, our first act will be, the choice of a president; and as I am not a candidate for re-election, when your ballots are cast, I shall retire from office. This is, therefore, the only opportunity which I shall have of addressing you from this place, and I avail of it to make my warm acknowledgments for the kind support which you have given me in the administration of the duties of the office, which has rendered pleasant and easy what would otherwise have been onerous and difficult; and I beg leave on this occasion to call your attention to the desirableness not only of sustaining this institution, but maintaining it with vigor and spirit. It is an organization always ready to act on important questions affecting the public interest, that from time to time come before it. It can at all times act with promptitude, and its proceedings have been always regarded with respect by the general and State governments and by the public at large. Within a few months we have had an expression of warm acknowledgment from the executive government of the United States, for our proceedings in connection with national affairs.

Within the last few years the attendance of the members constituting the Chamber has much improved, and they have evinced a more lively interest in its affairs than in previous years. This I impute partly to the opening of these rooms, the establishment of a library in connection with the institution, and the appointment of a stated secretary, who gives his daily attention to its affairs. But more, perhaps, is to be attributed to the exciting events continually coming up before us, in consequence of the tremendous war under which the country is laboring.

Fears have been expressed by some of our members that we are going too much into politics; but these, I think, have been groundless apprehensions, and you will look in vain for any record on the minutes of our transactions not fully authorized by the principles of true patriotism. I trust the Chamber will always feel that it can properly act thus on all the important subjects of a national character that may come before it. In the early part of the history of the Chamber we find that it was their habit so to act. Our charter dates back to 1768. Prior to the revolutionary war this Chamber remonstrated against what was considered the unrighteous taxation imposed upon this country by the British government; and from that time to this, through successive periods, national matters have always been taken up, and acted on as coming within our appropriate province.