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be given to the party personally, or at his domicil or place of business. Perhaps a different rule may prevail in London, where a penny post is e3tablished and regulated by law, by which letters are to be delivered to the party addressed, or at his domicil or place of business, on the same day they are deposited. And perhaps the same rule might not apply where the party to whom notice is to be given lives in the same town, if it be at a distant village or settlement where a town is large, and there are several post-offices in different parts of it. But in that case, the defendant had his residence and place of business in the city of Bangor, and the only notice given him was by a letter addressed to him at Bangor, and deposited in the post-office at that place. And this was insufficient to charge him as indorser.

The notice should be sent either to the place of business, or to the residence, of the party notified. But if one directs a notice to be sent to him elsewhere than at home, it seems that it may be so sent, and bind not only him, but prior parties, although time is lost by so sending it.

The notice should be sent within reasonable time; and in respect to negotiable paper, the law-merchant defines this within very narrow limits. If the parties live in the same town, notice must be given or sent so that the party to whom it is sent may receive the notice in the course of the day next after that in which the party sending has knowledge of the fact. If the parties live in different places, the notice must be sent as soon as by the first practicable mail of the next day.

Each party receiving notice has a day, or until the next post after the day in which he receives it, before he is obliged to send the notice forward. Thus, if there be six indorsers, and the note is due on the 10th of May, in New York, and is then demanded and unpaid, the holder may send it by any mail which leaves New York on the 11th of May, to the last indorser, wherever he lives; and that indorser may send it to the indorser immediately before him, by any mail on the day after he receives it; and so may each of the parties receiving notice; and all the parties receiving notice in this way will be held. So, too, a banker, with whom the paper is deposited for collection, is considered a holder, and entitled to a day to give notice to the depositor, who then has a day for his notice to anteeedeut parties. The different branches of one establishment have been held distinct holders for this purpose, and each to be entitled to a day.

If notice be sent by ship, it is said that it may be delayed until the next regular ship; but this is not quite certain; or, rather, the rule can hardly as yet be considered fixed and definite. It should be sent by the first safe opportunity.

Neither Sunday nor any legal holiday is to be computed in reckoning the time within which notice must be given.

There is no presumption of notice ; and the plaintiff must prove that it was given, and was sufficient. Thus, proving that it was given in “two or three days," is insufficient, if two would have been right, but three not.

Notice should be given only by a party to the instrument, who is liable upon it, and not by a stranger; and it has been held that notice could not be given by a first indorser, who, not having been notified, was not himself liable. A notice by any party liable will operate to the benefit of all antecedent or subseqent parties; that is, will hold them all to the original hold. er of the note, if the original holder gave notice properly to the party nearest to him. The notice may be given by any authorized agent of a party who could himself give notice.

Notice must be given to every antecedent party who is to be held. And we have seen that this may be given by a holder to the first party, liable, and by him to the next, &c. But the bolder may always give notice to all antecedent parties ; and it is always prudent, and in this country, we believe, quite usual, to do so. For the holder loses all remedy against all. those who are discharged by the failure of any one receiving notice to transmit it properly. But if a holder undertakes to notify all the antecedent parties, he must notify all as soon as he was obliged to notify the party nearest to him ; that is, the day after the dishonor of the note. We mean by this, that every party has a day; so that, if there be six indorsers, if the first indorser is notified on the seventh day from the dishonor, it is enough, if the holder took his day to notify the sixth indorser, and that indorser his day to notify the fifth, and so on. But the holder bas nobody's day but his own; and if he undertakes to notify all the parties, he must notify them all on the first day after the non-payment.

Notice may be given personally to a party, or to his agent authorized to receive notice, or left in writing at his home or place of business. If the party to be notified is dead, notice should be given to his personal representatives. A notice addressed to the “ legal representative of," &c., and sent to the town in which the deceased party resided at his death, has been held sufficient. But a notice addressed to the party himself, when known to be dead, or to "the estate of,” &c., would not be of itself sufficient, but might become so with evidence that the administrator or executor actually received the notice.

If two or more parties are jointly liable on a bill as partners, notice to one is enough.

One transferring by delivery without indorsement a note or bill payable to bearer, is not generally entitled to notice of non-payment, because, generally, he is not liable to pay such paper ; but if the circumstances of the case are such as to make him liable, then he must have notice, but is entiiled not to the exact notice of an indorser, but only to such reasonable notice as is due to a guarantor. If, for instance, the paper was transferred as ecurity, or even in payment of a pre-existing debt, this debt revives if the bill or note be dishonored ; and therefore there must be notice given of the dishonor. In general, a guarantor of a bill or note, or debt, is not entitled to such strict and exact notice as an indorser is entitled to, but only to such notice as shall save him from actual injury; and he cannot make the want of notice his defence, unless he can show that the notice was unreasonably withheld or delayed, and that he has actually sustained injury from such delay or want of notice. If an indorser give also a bond, or his own note, to pay the debt, he is not discharged from his bond or note by want of notice.

In general, all parties to negotiable paper, who are entitled to notice, are discharged by want of notice. The law presumes them to be injured, and does not put them to proof. It has been held, however, that the drawer of a check not notified of non-payment is thereby discharged only to the extent of the loss which he actually sustains.

If one who is discharged by want of notice nevertheless pays the bill or note, he may call upon the antecedent parties, if due notice has been given to them, and if, by taking up the paper, he acquires the rights of the hold

er; or if he, having been indorsee, indorsed the paper over; for he is then remitted (or restored) to his rights and position as indorsee.

The right to notice may be waived by any agreement to that effect prior to the maturity of the paper. It is quite common for an indorser to write, “I waive notice," or, "'I waive demand,” or some words to this effect. It should, however, be remembered, that these rights are independent, and one does not imply the other. A waiver of demand may imply a waiver of notice of non-payment; but a waiver of notice of non-payment certainly does not imply a waiver of demand ; therefore, if an indorser writes on the note, “I waive notice,” still he will be discharged if there be not a due demand on the maker. So it a drawer countermands his order, the bill should still be presented, but notice of dishonor need not be given to the drawer. Or, if a drawer has no funds, and nothing equivalent to funds, in the drawee's hands, and would have no remedy against the drawee or any one else, as the drawer cannot be prejudiced by want oi notice, it is not necessary to give him notice. But the indorser must still be notified ; and a drawer for the accommodation of the acceptor is entitled to notice, because he might have a claim upon the acceptor.

If a drawer make a bill payable at his own house, or counting-room, this has been said to be evidence to a jury that the bill was drawn for his accommodation, and that he expects to provide for the payment, and is not entitled to notice of dishonor; but it would be safer to give notice.

Actual ignorance of a party's residence justifies the delay necessary to find it out, and no more ; and after it is discovered, the notifier has the usual time.

Death, or severe illness, of the notifier or his agent, is an excuse for delay ; but the death, bankruptcy, or insolvency of the drawee is no excuse.

As the right to notice may be waived before maturity, so the want of notice may be cured afterwards by an express promise to pay; and an acknowledgment of liability, or a payment in part, is evidence, but not conclusive evidence, of notice; the jury may draw this conclusion from part payment, but are not bound to, even if the evidence be not rebutted. If the promise be conditional, and the condition be not complied with, the promise has been held to be still evidence. Nor is it sufficient to avoid such promise, that it was made in ignorance of the law; it must be made, however, with a full knowledge of the facts. The following distinction seems to be drawn ; if the fact of neglect to notify appears, the party entitled to notice is not bound by his subsequent promise, unless it was made with a knowledge of the neglect; but if the fact of neglect does not appear, the subsequent promise will be taken as evidence that there was no neglect, but sufficient notice. And a promise to pay, made in expectation of the dishonor of a bill or note, will be construed as a promise on condition of usual demand and notice, and, of course, does not waive them. And, as we have remarked, no waiver of any right growing out of any other previous negligence or omission to perform some duty, can affect any party but hiin who makes the waiver.







The general activity of business that we noted as apparent last month has continued with considerable animation during the one which has now elapsed, and at the same time speculative tendencies, in many branches of merchandise, have been developed. The stock speculations, which had reached so high á point in August, have to some extent subsided, apparently through the impression that their values were exaggerated above those of most commodities. It was certainly the case that the high point which prices touched in August, at a time specie was at a very low point, caused a considerable importation of stocks from London, where they ruled much lower than could be realized for them in New York in specie. The same tendency caused an accumulation of securities in New York, while at the same time an active demand for merchandise sprang up, the prices for which rose very considerably.

By referring to our number of February last, our readers will find a table of fifty-five articles, of which the comparative prices are given from the Prices Current, January 1st, 1862, and January, 1863, as compared with the price of gold. Bringing the table down to the present time, at different dates, and adding the quantity of Government paper outstanding, the results will be as follows:

Total prices Rise

U.S. paper

Gold. of 55 arti ples. per cent. outstanding. January, 1862...


26,780,110 April, 1862...


5 145,880,000 January, 1863...

32 1,312 62 238,021,315 March, 1863..

54 1,524 90 345,553,500 July, 1863...


1,323 65 396,681,956 October, 1863...

50 1,455 81 446,000,000 The prices of these articles have been governed by the values in paper, and those which form the exports of the country have been sold at specie prices abroad, but the bills drawn against them are sold for the Government paper. This business has been perfectly unrestrained, while that in gold has been subjected to restrictions imposed by Congress as well as by the State government. Thøse restrictions were designed to prevent a speculative holding of gold, and not to check its free exportation. Inasmuch, however, as the money under the law could not be borrowed on the gold, it was difficult to hold it. The prices may be supposed, therefore (as was the design of the law), to be less than it would have been without those restrictions. It is obvious that where the paper declines in value, it operates alternately upon commodities and gold. When the latter is in active demand the price rises. This rise causes exchange bills to sell higher, acting as a premium upon the export of produce, which

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being shipped, of itself checks the export of gold, and therefore lessens the demand for it. On the other hand, when gold falls in value it operates as a check upon exports and as a premium upon imports. In illustration, we give a table of the prices of stocks in London and New York, at different dates :

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New York. 5's.

Erie. Central. U. 8. 6'8. Erie. Central. Exchange. Gold. 58 42 66 104 80 119 170 55 61 60 72 108 95 122 160

46 69

106 99 120 147 25 69 76 86 107 120


135 221 69 85 93 107 101 130 143

30 68 73 88 106 106 133 154 40 65 69 87

1081 109 134 172 56


October 8

Thus, in March New York Central was 65 in London, at which date advices there from New York gave gold 72 and exchange 89; consequently the price in New York should have been 121 to be equal to the London price of 65, at the then rate of exchange; but gold fell to 122} in August, giving exchange 135, which was equal to 100 for Central in Lon don, or a rise of 35 per cent, through the improvement in the value of the paper which constitutes the currency. As a consequence, the London and other markets were stripped of stocks to sell in New York.

The following table will show the relative prices of stocks in New York and London at different rates of exchange :


60.... 65. 70.. 75.... 80.. 85. 90. 95.

-New York, with exchange at 125 180 135 140 145 150 155 160 165 170 175 180 75 78 81 84 87 90 93 96 99 102 105 108 811 844 874 91 941 971 1004 104 1071 1101 1134 117 874 91 94 98 1014 105 1081 112 1154 119 1224 126 934 971 1013 105 1084 1124 1167 120 1284 1274 1311 135 100 104 108 112 116 120 124 123 132


140 144 1067 1104 1144 119 1237 127+ 1314 136 1401 1441 1524 157 112 117 1314 126 1304 135 1394 144 1484 163 1674 162 1184 123$ 1287 183 1874 1424 1471 152 1564 1614 1665 171 125 130 135 140 145 150 155 160 165 170 175 180


Thus, if Erie is selling at 85 in London, the relative price of the same in New York, with sterling excharge at 150, would be 127}; or, if United States 7-30's, payable in gold, are in New York 1071, with exchange at 165, the equivalent in London is 65 cents per dollar, which gives an interest in gold of over 11 per cent per annum. The rate of exchange always follows that of gold, and is found by adding the premium on gold to the premium of the bills in gold. Thus, a shipment of gold produces 1104 as the price of exchange. If gold is 50 per cent premium, 50 per cent must be added to the premium, which, being 55.12, makes the exchange 165.374

This operation of the fluctuation of the paper values applies to all commodities, and, as a consequence, a rapid fall' in gold is followed by large importations and a corresponding export of gold to pay for them. The fall in gold in August was, therefore, followed by increased importations of stocks and goods and increased sales from warehouses, while shipments of produce were involved in loss. The importations at the port of New York for the month of September, were as follows:

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