of the merchant and preserve the health of the poor.

These two events

in his early life may be said to have given rise to those doctrines and that theory, by which he hoped to ameliorate the condition of his countrymen and of the world. His theory, at short hand, is, giving every man a stake in society, and making it the interest of every one to do right.

We did not purpose to discuss this theory. We fear it can never be allowed to gain much popularity under the present governments of Europe. At best, there, it is a sign of the radical change going on in the human mind with regard to the question, "How far a man may submit himself to others"- -a glorious sign that men are beginning to think seriously, instead of feeling madly, concerning the abuses to which they have been subjected and still groan under. But in this country we already are an association; every man has a stake in society; it is the interest of every one to do right. If we will but look far and deep enough, every member of society will see this, and be convinced that every wrong in a republic re-acts upon the individual who commits it. It is a question yet to be settled, if there can be a nearer association than that which exists among the members of a republican form of government. The great effort should be then, not to unite them nearer in theory, but to render them so intelligent and virtuous that they may see the relations they now hold to one another, and be willing to acknowledge them and act accordingly. The result will be the same whether you divide communities into groups, where from day to day, and in each narrow event, the general consequences of particular acts can be felt, or give them that scope and reach of mind which can infer the general consequences from a wider field of action. The moral obligations of conduct would be as binding in the larger as in the smaller community. It is certain, that if associations do go into successful operation in this country to any considerable extent, that they will but carry out, upon a small scale, what society ought to do under the present organization; at least so far as it regards the protection of industry, scrupulous honesty, and the rights of all classes.

While upon the subject of failures, it is proper to notice what is no small difficulty to the man who only looks on and is not engaged in trade; we mean the apparent contradiction of failing and yet continuing the same course of life, as to style of living, as before. When failures are merely nominal, of the technical kind, to avoid the sacrifice of property, any one may see that it may be done honestly; and, if it is not the most prudent and economical course, still if men choose to run this additional risk, without involving others, we see not how any can have cause of complaint. And again, in bona fide failures, a man's creditors, often his friends, in consideration of his fairness, his integrity, and skill, and relying upon his future exertions, stipulate a certain sum to him for family expenses, that he may have domestic comfort and hope, to cheer him in his day of adversity. With such arrangements the world has nothing to do. A man may fail, and still have that best of capitals-a clear conscience, religious trust, and a stout heart; and if to shield those dear to him from the peltings of the storm, he draw largely upon that confidence and credit he so justly has earned, the world should not condemn him, and he should not regard it if it did.

With regard to failures of another character, and men of another stamp, who keep up extravagance in spite of reverses, in spite of their creditors, to show their spirit and disregard of public sentiment, their want of prin

ciple and common honesty, enough has been and always will be said of such; so that we may be spared the pain of such melancholy pictures in these pages.

MERCANTILE LAW DEPARTMENT.

DIGEST OF RECENT ENGLISH CASES.

MARINE INSURANCE.

An insurance was effected on the 12th of April on a cargo of cotton then at sea, by five several policies, at the rate of fifty guineas per cent; and on the 13th, news of the vessel's safety having arrived, a further insurance was bona fide effected by six different policies, at ten and five guineas per cent. The latter insurance, added to the former, exceeded in amount the value of the subject-matter insured, but the former of itself did not: Held, that the assured were entitled to a return of premium on the amount of the over-insurance, to which the underwriters who subscribed the policies of the 13th of April were to contribute ratably, in proportion to the sums insured by them respectively, (the amount of over-insurance to be ascertained by taking into account all the policies ;) but that no return of premium was to be made in respect of the policies effected on the 12th. Fisk v. Masterman.

2. The plaintiff declared against the secretary of an insurance company, and alleged the making and publishing of a prospectus stating certain bonuses to have been declared by the rules of the company, and that the secretary had represented that prospectus to contain a true account of the affairs of the company. The declaration, having alleged the breach of several of the rules appointed for the governance of the establishment, averred that the representations of the defendant were false and fraudulent, and that the plaintiff, having been induced by those representations to effect a policy of insurance with the company, and to pay the premiums becoming due upon that policy, he had by means thereof been defrauded and deceived in effecting the said policy, and in making the said payments thereon; and the said policy of insurance was of much less value to the plaintiff than if the said representations of the defendant had been true in substance and in fact, to wit, £1000 of less value, and by means thereof the plaintiff was likely to lose the whole benefit of his insurance, and the said sums of money so paid by him as premiums for the same: Held to disclose a sufficient cause of action.

To such a declaration the defendant pleaded, that the rules of the society had been and were so duly performed, &c., and the funds of the society had been and were so duly administered, as was necessary for the maintenance and security of the said society, and of such insurances as had been effected: Held ill. Pontifex v. Bignold.

BILLS AND NOTES.

The holder of a bill of exchange placed it in the hands of a friend, with directions to present it. The latter got it discounted, and in order to regain possession of it, paid the amount to the bankers of the acceptor on the day it became due: Held, that this evidence negatived a plea of payment by the acceptor. Deacon v. Stodhart.

2. A bill of exchange, drawn by the defendant, was indorsed by him to the plaintiffs, S. & Co., who carried on business in partnership at Smethwick, four miles from Birmingham; by them to the Birmingham and Midland Counties' Bank, and by them to W. It became due on the 17th of August, and was dishonored. On the 18th W. re. turned it to the bank at Birmingham, who received it on the 19th. The plaintiff S. had previously given directions at the bank, that all communications for his firm should be

made to him at Tremadoc, in Carnarvonshire (in which neighborhood he was engaged in mining concerns.) The bank accordingly, on the 20th of August, sent notice of dishonor by post to S. at Tremadoc, which he received there on the 21st; and by the post of the 22d he sent notice to the defendant: Held, that the notice to S., and therefore that to the defendant, was duly given.

CONTRACT OF SALE.

Where the seller is also the manufacturer of goods, a warranty is implied in the con. tract of sale, that the goods shall be reasonably fit and proper for the purpose for which they are bought. And semble that the rule is not so limited, but extends to all cases where the buyer relies on the skill and judgment of the seller.

MONTHLY COMMERCIAL CHRONICLE.

[BROUGHT DOWN TO JULY 15.]

THIS is usually a dull season of the year, in a mercantile point of view; but this year there is probably less doing than is generally the case, notwithstanding that the material of a large trade exists in great abundance. The quantity of produce and merchandise in the country will average per head a larger proportion than ever before, and the prices or money-values of all are exceedingly low, requiring but a small amount of money to effect their interchange. Notwithstanding this state of things, no disposition to operate has manifested itself during the past month. The principal reason for this is undoubt. edly that which we pointed out in a previous number, viz:-the transition from high to low duties in Great Britain and other countries of Europe simultaneously with efforts in this country to impose high duties in the place of those which have heretofore been collected. Powerful interests are contending, the one to impose a purely revenue duty, and the other to render the tariff restrictive in its general character, in order to afford a supposed protection to certain classes of manufacturers. While this matter is in de. bate, mercantile speculations are far too hazardous in their nature to permit the usual activity on the part of the leading dealers. But few purchases have been made for export, with the exception of some of those articles of agricultural produce on which the duty in England is undergoing reduction. This inertness in commerce has caused money to be very little sought after, and a large proportion of the funds of sound banks remain unemployed to an extent that seriously affects their profits and reduces the rates of their dividends. As an indication of the great inactivity which prevails throughout the country, we have carefully compiled the following table of the prices of the leading articles in the chief cities of the Union at the latest dates :

COMPARATIVE PRICES OF THE LEADING ARTICLES IN ALL THE CHIEF CITIES OF THE UNION, AT THE LATEST DATES.

Iron, bar,...........

48 a 53

50 a 55

64 a 65

These prices, at many points, are affected by the depreciated nature of the currency ; at Mobile, for instance, the currency is depreciated forty per cent, and prices rule nearly as much higher than at New Orleans, as the difference in the depreciation of the local currencies. Many articles, however, (that of flour in particular, which is from $3 50 at one point, to $9 at another,) display a much greater disparity in price than the cost of transportation added to the difference in the currencies. The severe contraction of the circulating medium in all those districts where the banks have heretofore been suspended and are now in process of resumption, is undoubtedly an immediately operating cause for the quietness of the markets of the interior, assisted by the disinclination of the mer

chants of the Atlantic cities to embark in enterprises. The agricultural products of the country are undoubtedly greater than ever before, and the probability is that as soon as the government shall have come to some determination in relation to those laws which affect trade, the exports of our great agricultural staples will, favored by the reduced duties on them in Great Britain, greatly exceed those of any former years. The follow. ing is a table of the prices of four leading articles of produce in the New York market at four periods of each of the last ten years :

Prices of Cotton, Flour, Beef, Pork, and Wool, for ten successive years in the New

The three first of these articles are by far lower now than at any period before, during the ten years. The year 1840 was the great year of the export of flour. A larger amount was then exported than ever before. In the year 1831, the quantity exported reached within 90,000 barrels of that of 1840. The prices above given are those of New York city only. We have, however, constructed the following table from the reports of the Secretary of the Treasury, with the price according to the average value