a party to the suit, to ascertain the true amount, and to compel him to refund the excess, if any should be shown.

Fourth. If the defendant, Boddan, had no lien on the goods, his resistance to their removal, after the receiver had been put into the actual possession of the room, was unlawful, and was to be overcome either by superior force, which it appears the receiver had at his disposal in the person of two able-bodied clerks besides himself, or, as in other like cases, by the aid of the police, or by an order from this court directed to the sheriff.

Fifth. Whether Boddan's demands were just or unjust, and his threatened resistance rightful or wrongful, Crump was not responsible for either—and having assigned the property to the receiver, and delivered to him all the possession in his power, there is no ground for imposing upon him either fine or imprisonment, as for a contempt in not doing that which, it appears, he has done to the full extent of his ability and liability. Motion denied.

ACTION ON A PROMISSORY NOTE-INDORSER AGAINST MAKER-USURY.

In the Common Pleas, (New York city,) February 4, 1852, Hugh Kelly vs. John B. Overton.

[Section 399 of the code to be liberally construed-an indorser of a note is an assignor within this section-usury must be strictly proved as laid.]

This was an action on a promissory note, indorsed against maker. The note in question was for $338 35, the plaintiff claiming principal and interest. The defence was usury, in that the note in question was a renewal of another note, which other note was given for $335, while the actual principal was only $297 55, and was given for furniture. It was made by Fanner, Whitney, & Co., and indorsed by Overton, and by him indorsed to Jane McMenomy and Thompson, who transferred it to plaintiff. Overton retired the first note by the note in question, the usury on the first note was 10 per cent, and the interest for 30 days' renewal was included in the second note, the whole making 12 per cent interest.

There was an allegation by plaintiff that there was a mistake in the calculation of interest, and to show this plaintiff called Mr. Thompson as a witness, who was an indorser on the first note.

The defendant, to rebut Mr. Thompson's testimony, called the defendant as a witness under sec. 399 of the Code, which provides that when the assignee of a claim brings suit and calls the assignor as a witness, the defendant may be a witness to testify in his own behalf.

Plaintiff objected-but the court held the testimony competent on the ground that the indorser of a note is an assignor to a subsequent indorser or holder within the spirit of the code, which must be liberally construed.

Plaintiff's counsel then submitted that as the defense was usury, and penal in its nature, the defendant must be held strictly to prove his case as laid; the allegation was that the usury was 10 per cent, and his proving a larger rate of interest, that is 12 per cent, was a fatal variance. The court sustained this objection— and the court instructed the jury to that effect, and that the testimony was conflicting. Verdict for plaintiff.

LIABILITY OF RAILROADS AS COMMON CARRIERS.

In the Superior Court, (Concord, New Hampshire,) Feb. 1852. C. P. Moses vs. Boston and Maine Railroad.

This was an action on the case commenced in the court of common pleas in Hillsborough county, at the August term, 1848, against the defendants as common carriers, to recover the value of a large quantity of paper lost in the defendant's depot in Dover, at the time it was destroyed by fire in 1848. A verdiet was taken for the plaintiff in the court of common pleas, subject to the opinion of the court above, upon certain questions of law raised by the defendants.

The principal questions were: can one carrier who delivers goods to another carrier to be forwarded or further transported, be a competent witness for the owner of the goods in action for the loss of them against such other carrier, with

out a release? Can railroad corporations, as common carriers, limit their com mon law liability by notice? Can the defendants show that the truckman who delivered the goods to the defendants, at the time of their 'delivery, gave certain directions in relation to their disposition, in consequence of which they were lost; and are the defendants protected by such instructions, without showing that the truckman had authority from his employers to give them? Can a party bringing an action against another as a common carrier, setting out in his decla ration the liability of the defendant as a common carrier only, recover against the defendant as a warehouseman, notwithstanding he might be liable for the loss of the goods intrusted to his care as a warehouseman?

The three first questions, in a very elaborate opinion delivered by Judge Perley, were decided in the negative; and the last in the affirmative. This opinion settles the law of this State in relation to railroads as common carriers, and one upon which claims to a very considerable amount have been depending. The result in this case is a judgment on the verdict for the plaintiff.

COMMERCIAL CHRONICLE AND REVIEW.

GENERAL ASPECT OF COMMERCIAL AFFAIRS THROUGHOUT THE COUNTRY-SPIRIT OF SPECULATION -ADVANCE IN REAL ESTATE--DECLINE IN THE VALUE OF MERCHANDISE-SACRIFICE OF EUROPEAN GOODS-STEADY MARKET FOR COTTON-EFFECT OF SUPPLY AND DEMAND UPON THE PRICE OP BREADSTUFFS OBJECTS TO WHICH SPECULATION IS DIRECTED-NOTICE OF BUILDING ASSOCI ATIONS-PROMISES OF A RAPID ACCUMULATION OF FORTUNE GENERALLY ILLUSORY-EXPANSION OF BANK ACCOMMODATIONS-COMPARATIVE STATEMENT OF THE CONDITION OF THE NEW YORK BANKS-RATES OF FOREIGN EXCHANGE-DEPOSITS AND COINAGE AT THE PHILADELPHIA AND NEW ORLEANS MINTS-DECLINE IN THE GENERAL IMPORT TRADE-IMPORTS ENTERED AT NEW YORK FOR MARCH-DITTO THROWN UPON THE MARKET-INCREASED RECEIPTS OF FREE GOODSIMPORTS AT NEW YORK FOR THE QUARTER-IMPORTS OF DRY GOODS FOR MARCH-DITTO FOR THREE MONTHS-INCREASE IN MISCELLANEOUS GOODS-GENERAL INCREASE IN THE EXPORT TRADE-EXPORTS FROM NEW YORK FOR MARCH, AND FOR THE QUARTER-DECLINE IN THE NATIONAL REVENUE-COMPARATIVE RECEIPTS AT NEW YORK AND PHILADELPHIA-EXPORTS OF LEADING ARTICLES OF PRODUCE FROM JANUary 1st-geneRAL REMARKS, etc.

THE present condition of various sections of the country affords some singular comparisons. In all of our Atlantic cities, capital is very abundant, and offered at a low rate of interest, and a spirit of speculation has sprung up which seems to take hold of all classes. This is particularly true of New York and its adjacent cities, where real estate has advanced in nominal value 10 to 15 per cent above the ordinary rate of increase, and where almost every species of property other than perishable commodities, have rapidly changed hands for speculative purposes. But while real estate, stocks and bonds, and fancy investments, are thus selling at enhanced rates, most articles of merchandise are selling at unusually low prices. Nearly all descriptions of European continental fabrics are actually offered both by auction and private sale at a value, not only far below their original cost, but also below the price at which they can be replaced. This is true not simply of fancy goods, the style of which may go out of fashion, but of staple fabrics, identical with those which must be reproduced for next season's consumption. Plain black silks, which will doubtless be worn for centuries yet to come, have been sacrificed in the face of a firm European market, at prices below the rates at which any one can hope to land them for another This is equally true of other staple tissues, which have been crowded off far below the cost at which they can be replaced. A considerable portion of these goods have been consigned here by foreign owners; but sales have also

season.

VOL. XXVI.-NO. V.

38

been made by our own importers at similar sacrifices. The truth appears to be, that the production throughout the world, has been in advance of the consumption, and producers in their eagerness, each to close his own stock, have carried the competition so far as to ruin the whole trade. This sacrifice in the prices of goods, will go far to correct the evil, by stimulating the consumption. Fabrics which if sold at a profit, would have been far above the reach of persons in moderate circumstances, will, at the decline noticed, find new channels of distribution, and become more rapidly absorbed. This falling off in prices has not been confined to the class of goods noticed: British fabrics have shared to some extent, in the same general losses. This is particularly true of spring dress goods, for which the season has been very unfavorable, the cold weather having materially limited the demand for them.

Cotton has continued very steady in price, the fluctuations for the last three months having been less than for any similar period for many years. The crop, it is now ascertained, will prove a very large one, and yet with a good demand both at home aud abroad, there has been no panic and no general decline. Breadstuffs have been seriously depressed; great hopes were entertained of a spirited demand from Great Britain, and there are still indications that beyond even the large supplies which have gone forward from our Southern cities, there will be room for further shipments. But the interior of our country is full of cereals, and there is no outlet promised of sufficient capacity to absorb the surplus. It is seldom that the supply continues so abundant for many years, and with the greatly increased consumption produced by low prices and good wages, one short crop would restore the equilibrium.

Since the thirst for speculative investments has become so general in our Eastern cities, many have flattered themselves that it would lead to no serious losses, because the schemes proposed are less wild and visionary than those which produced such general disasters during a former commercial crisis. We are not so sure that this saving distinction will be found to exist, upon a careful comparison of the favorite schemes at both periods. It is true, few are now willing to buy town lots lying outside of low water mark, and fancy bubbles of the precise color of those which once exploded are not likely to be in vogue. But human nature is the same, and the traps to catch the unwary are quite as thickly set as of old. Not to mention other plans for securing a golden fortune in an easy tide, we may instance building associations, as affording all the neces sary machinery for fleecing the many for the benefit of the few. The object is ostensibly a good one, and many of the model enterprises have no doubt been started from motives of benevolence, and wisely conducted for the best good of those for whose benefit they were intended. There is just enough plausibility in the plan to secure the approbation of those who are heartily desirous of doing something to provide the comforts of a home for the mass of the lower classes; just enough of a prospect of extravagant gains to lure on those who, with a small capital, are making haste to be rich; and quite enough of opportunities for the selfish and designing to fleece both parties to the extent of their investments. The great difficulty in the way of these societies is not in the management, but in the principle upon which they are founded. There is no mode of investing the property of rich or poor, with the prospect of realizing "cent per cent" by a

short process, without a corresponding increase of risk. Royal roads to wealth are always tempting but never safe.

This spirit of speculation has been aided by the expansion of bank accommodations, although this has been confined as yet, within very safe limits. At New York, for the last quarter, the 40 banks have increased their loans and discounts about $8,000,000; but their specie has increased $2,350,000, and their deposits $8,781,000, so that they still stand in a very safe position. We annex a comparison of some of the leading items, which we have compiled from the separate statements of the banks as printed under the order of the controller; the totals will be varied slightly when the official returns are completed.

Loans and
discounts.

Deposits.

Specie.

CONDITION OF THE NEW YORK CITY BANKS AT THE DATES ANNEXED. Incor'd Asso. Circulation. b'nks. b'nks. Capital. March 27, '52. $71,945,698 $43,415,125 $9,716,070 $7,671,989 17 23 $35,137,870 Dec. 20, '51. 64,141,399 34,631,459 7,364,439 7,073,845 17 23 35,133,640 Sept. 20, '51. 65,426,353 86,640,617 6,032,463 7,376,118 17 21 84,603,100 March 29, '51. 68,106,072 36,500,522 7,955,640 7,048,973 17 14 28,875,855 It will be seen from the above that nine new banks have been formed within the year, and that the banking capital has increased $6,300,000, so that there is now less expansion on the part of these institutions than at the corresponding period of last year.

This movement has also been followed in other parts of the Union, but still the banks are prosperous, and doing business on a sound specie basis. In our journal of banking, &c., will be found the March statement of the New Hampshire Banks.

Foreign exchange still keeps below the point at which specie can be shipped, good bills on London fluctuating between 109 and 109§, and on Paris 5,227 a 5,184. At the inside rate noticed there is always a good demand for remittances, and it seems doubtful if a much lower point will be reached at present.

We continue our usual statement of the deposits and coinage at the Philadelphia and New Orleans mints, by which it will be seen that the amount has increased over the total for last month.

This makes a total deposit since January 1st of California gold, amounting to $12,600,000. This is an average of $50,000,000 per annum; and although the total for April may fall a little short of its proportion, there is every reason to believe that the receipts for the following months will make up the deficiency.

We noticed in our last a decline in the general imports of foreign goods, and the total falling off in the receipts at the port of New York, amounting to $7,101,742 for the two months ending February 29th. We now annex a comparative statement for the month of March, by which it will appear that this decline continued up to the 1st of April:

IMPORTS ENTERED AT NEW YORK FROM FOREIGN PORTS DURING THE MONTH OF MARCH.

Notwithstanding this decline from last year in the receipts, the amount thrown into the channels of consumption has increased, owing to the drawing down of the stock in warehouse. Our readers will remember that the total receipts at the port are made up of the dutiable goods entered directly for consumption, the stock thrown into warehouse, and the free goods; while to make the total thrown into the channels of trade, the goods withdrawn from warehouse instead of the goods entered, are added to the other items. The following will exhibit the comparative total taken for consumption :

IMPORTS THROWN UPON THE MARKET AT NEW YORK DURING THE MONTH OF MARCH.

The decline in the receipts would have been much greater but for the large increase in free goods, the imports of which have been nearly doubled. The entries at the other ports of the United States, exhibit very trifling changes from the business of last year, so that the decline at New York will show about the actual difference in the whole import trade of the country. As this is a very important subject, we annex a comparison for the 1st quarter of the year.

IMPORTS ENTERED AT NEW YORK DURING THE MONTHS OF JANUARY, FEBRUARY, AND MARCH.

This shows a total decline from last year of $7,759,399, or nearly 20 per cent on the entire amount of imports for the quarter. Of this decline $3,577,725 have been in dry goods, extending to nearly every description of fabric, and running throughout the entire quarter, although most noticeable in January and February. We subjoin a comparison of the imports for March for three

years: