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as a place of reference. Most of these gentlemen are men of literary taste, many of them of study and research; and as in their changing course of life, it is not practicable to have private libraries around them, it was considered that it would not alone be an act of courtesy, but of substantial utility to those gentlemen to have the volumes of our library open to their examination. The invitations were acknowledged and accepted by the respective commanding officers upon the station, and the rooms of the Association have been visited by many of our military and naval gentlemen, in accordance with the tenor of the invitations. The board also call the attention of the members to the continued courtesy and civility extended to the Association by the National Academy of Design, a beautiful token of whose liberality now adorns the rooms of the library. They request in their letter accompanying the statue "your acceptance of it as a slight, but inadequate proof of the friendly feeling which exists in the Academy toward the Mercantile Library Association—a feeling engendered by years of harmonious intercourse beneath the same roof."

CHANCELLOR KENT'S SELECT CATALOGUE.-Deeply impressed with the ne cessity that a selection of works in literature should be recommended to the attention of the members of the Association, by an authority which should insure respect and attention, the board addressed a letter to the Hon. James Kent, requesting him to favor them, at some hour of leisure, with a selection of such character as he might deem proper and judicious for their use.

It affords them great pleasure to state, that that eminent jurist and accomplished scholar, at much expense of time and labor, drew up a select catalogue of works, in various branches of literature, enriched with his own critiques and remarks, and presented it, free of expense, to the association. They have caused it to be printed, taking out the copyright in the name of the association; and they avail themselves of this opportunity to make their public acknowledgments to Chancellor Kent, for his kindness in affording to them, in the serene and tranquil evening of a life honored and respected by his fellow-men, a work required not only by the members of this Association, but by a large portion of the community.

THE MERCHANTS' MAGAZINE.-The magazine of Mr. Hunt, which is germane to our institution, although not connected with it, is flourishing under a large and still increasing patronage, which its merits richly deserve; and the Association are under obligations to that gentleman, not only for the warm interest that his pages evince in their welfare, but for the insertion of acknowledgments for donations, and other notices relative to the institution.

SCHOLARSHIP.-One of the scholarships in Columbia College, to which the association is entitled, having become vacant, it was granted to Mr. Charles Reynolds, who was provided with suitable recommendations, in the view of the board, to entitle him to the appointment.

CLINTON HALL ASSOCIATION.-The board deem it almost unnecessary to state, that in their relations with the Clinton Hall Association, they have met with the same kindness, liberality, and courtesy, that have uniformly characterized their intercourse with the Association.

CONSTITUTION. The amended constitution, which was under consideration at the last annual meeting, was passed after much examination, and went into effect upon the 18th of March last, no material features having been changed therein.

AUDUBON'S BIRDS OF AMERICA. An effort was made in the early part of the year, to obtain for the Association the great work of Audubon on the Birds of America, and a subscription commenced for that purpose, limiting the amount

to fifty cents for each subscriber; but, owing to the pressure of the times, it was unsuccessful, and remained stationary at the sum of $125.*

The fact is as humiliating as true, that this magnificent work, the product of a life of hardship, one of the noblest literary productions on record, and that, too, of an American! is not to be found in a single public library in this city. [The library of Columbia College has one copy, which, however, cannot be considered open to the public.]

Philadelphia, Boston, and Albany have copies in their libraries, but this opulent city has none! We cannot, while perusing the letter-press of the work upon our shelves, but admire the enthusiasm of that noble old man, its author; for whether floating in his canoe upon the silvery lagoons of Florida, watching the flamingo wading upon its shores, or hidden in the rocky gorge of the Alleghanies, he scans the fierce eagle upon the summit of some blasted pine; whether roaming over the boundless prairies, with the wild grouse and moorfowl springing up at his footsteps; or climbing the slippery cliffs of Labrador, its millions of sea birds alone relieving the awful silence and solitude around him, we recognise the devoted student of nature.

Even now, with the snow of seventy winters lying upon his venerable locks, we see him shoulder his rifle, leave the refinements of society, and, confiding in a superior power, plunge again into the dark forest, again to continue his researches.

We cannot recompense this man, for the student of nature requires, and can receive, no greater recompense than the beautiful pictures that she lays before her votaries; but when, instead of selfishly retaining them within himself, he labors to place those pictures before his fellow-men, it is certainly becoming that they should render their assistance to him to effect the object; and well may he be disheartened if the generous impulse of the youthful spirits of this association looks coldly and indifferently upon his efforts. The amount of funds subscribed will be paid into the hands of the next treasurer, and it is hoped that a renewed effort will place the work in the possession of the Mercantile Library Association.

CONCLUSION. In concluding their report, the board of directors feel authorized to congratulate the members upon the present state of the institution, and they request leave to impress upon them the importance of caution in any plans of improvement that may tend to divert the funds of the library from their legitimate channel. In their opinion, any plan which should divert them from that channel, would be hazardous, if not injurious, to its interests. They would recommend the cultivation, with zeal and assiduity, of the collateral branchesof the lectures, the classes, the cabinet, and gallery, and any other projects which may be consonant to the tastes of the members; but, no farther than their respective incomes will warrant. If required, those incomes will fully insure their support; if not, their continuance cannot be considered desirable. Under the efficient, enterprising, and zealous boards of direction of the last several years, the interests of the institution have advanced with rapid strides, and although its course has been temporarily retarded more lately by the general embarrassment which has affected the business affairs of the country, the board see no cause, under the brightening prospects of our mercantile community, and of consequence those of our members, that with prudence in its management, will prevent the institution, with a rapidly increasing income, from taking at an early period the lead, in magnitude and usefulness, of any library in the United States.

* PHILIP HONE, Esq., rose and stated to the meeting, after the conclusion of the report, that he was authorized by the trustees of the Clinton Hall Association, (a majority being present,) to say that whenever the subscription was made up within the sum of $100, that association would complete it. A sufficient amount has been since subscribed by the members, to secure its possession to the library.

MERCANTILE LAW DEPARTMENT.

REPORTS, DECISIONS &c.

CHARTER MORTGAGES-DECISION OF THE COURT OF ERRORS-IMPRISONMENT FOR DEBT.

CHARTER MORTGAGES.

THE following decision, lately made in the Court of Errors of the state of New York on an important point, is abridged from a report of the case in the New York American, and will be read with interest.

Court of Errors-Smith and Hoe vs. Jacob Acker. This was an action brought to recover from the defendant, who is sheriff of New York, a printing press and other moveables, mortgaged to the plaintiffs by one Bell, and levied upon by him under an execution as the property of said Bell.

Bell is a printer, and the plaintiffs manufacturers of printing presses, and supplied Bell with his presses and other printing materials, for which he was indebted to them on the 26th of March, 1837, in the sum of 10,000 dollars; to secure the payment of which, he on that day executed a mortgage to them on the said press and other moveable property. The mortgage was duly filed in the office of the register of New York, according to the statute, on the 28th of March, 1837. The said printing press and property mortgaged remained in the possession and use of Bell, the mortgagor. On the 20th of January, 1838, the sheriff seized the said property by virtue of an execution, although he had notice of the existence of the plaintiffs' mortgage.

At the trial below, the plaintiffs offered to prove that the mortgage was made for a full and valuable consideration, and for the purchase money; and that Bell, the mortgagor, was a printer, and required the use of the mortgaged property as a means of paying said debts and his other creditors; and that said mortgaged property could not have been sold at any time from the execution of the mortgage to the seizure by the sheriff without hazard of great loss to the plaintiffs, and injury to Bell. They also proved the filing of the mortgage according to the statute.

The judge, in the court below, decided that the plaintiffs could not recover, because the mortgage was fraudulent, being unaccompanied by possession, or a sufficient reason in law for not taking possession-and ordered a nonsuit. The Supreme Court, in affirming this decision, gave no other reason than referring to the case of Bissell vs. Hopkins, and other decisions of their own court, in cases of personal mortgages and sales, or assignments unaccompanied by possession.

Mr. Attorney-general Hall, on the part of the plaintiffs, argued that the question of fraud was made by the statute a question of fact-that the court could exclude no testimony which went to show that the transaction was in "good faith"-and that the court could not judge as a question of law of the sufficiency of such evidence, upon which the statute itself forms the issue. He further stated the history of the law, and commented upon its reasons of public policy as applied to the present case.

Mr. Mott, for the defendant, relied upon the repeated decisions of the Supreme Court, and the general policy of the law to prevent false credits.

When the cause came up for decision, the chancellor declined giving any decision on the merits of the question, because he considered the case disposed of by the statute authorizing a levy on the equity of redemption of personal property. He also intimated that the mortgage was not or might not be valid, in consequence of an interval of two days between its execution and filing.

Senators Paige and Wager supported the views of the chancellor in this particular case, though the latter dissented from the doctrine of the Supreme Court as to personal mortgages.

Mr. Verplanck said, that as it appeared from the record that the sheriff had not levied upon the equity, but upon the property itself as Bell's, and ad so given notice on the trial, he had waived that right: he was clear the interval between the execution and filing of the mortgage, did not render it void in itself, but merely inoperative, as to any right of creditors attaching before the filing, which did not apply to this case. He did not deny, and perhaps some decisions cited by the chancellor went upon the ground, the circumstances of a mortgage on personal property being long dormant before it was filed, might be presumptive evidence of collusion to a jury or court of equity. On the general question, Mr. Verplanck said, he referred in substance to his own opinion in this court, in 20th Wendell, Stoddard vs. Butler, as applicable alike to assignments and to chattel mortgages. He said that when there was proof of a fair consideration for the sale or mortgage, actually paid, reasonable publicity, or in case of sale, of filing the mortgage, which was such publicity in that case, and probable reasons for leaving the property in the bands of the mortgagor, such as honest men might ordinarily act from, whether of family kindness, or prudence and friendship in business; this made out sufficient evidence for a jury to judge whether the presumption of fraud was repelled.

Mr. Verplanck said the intent and operation of law was not to make leaving possession with the mortgagor or vendee, conclusive evidence of fraud, but to throw the burden of proof of there being no intention of fraud on the party claiming under the mortgage or assignment.

The lieutenant-governor and senators Talmadge, Hopkins, Edwards, Maynard, and Furman, delivered opinions in which they expressed views concur ring with those of Mr. Verplanck. The judgment of the Supreme Court was reversed-22 to 4.

This decision is one of great importance, entering as it does into every branch of business which the open question has kept in an uneasy and doubtful condition, in relation to assignments, mortgages, &c., of personal property, and the winding up of large concerns under assignments.

IMPRISONMENT FOR DEBT.

It will be perceived by the following act that the legislature of New Hamp shire have abolished imprisonment for debt upon all contracts made after the 1st of March next. We are rejoiced to see even this first step taken. But why not abolish imprisonment for debt entirely? Why allow it a lingering death, showing its hideous form, writhing convulsively in its agonies for five or six years, until, perhaps, the statute of limitations shall have released its victims from its grasp It cannot be for a moment supposed that the right of imprisonment forms any part of the contract. In states where the statute declares that no man shall be arrested on a civil contract, it may well be contended that upon contracts made in such states, the right of arrest is taken away even in states where arrest is allowed. But we are yet to learn that the right of arrest upon a civil contract is such a right that it may not be swept away by the legislature like chaff. Such has always been the opinion, and the legislative course in New York. This whole subject is undergoing a winnowing process in the United States, and usages which have been practised for ages will no longer be tolerated by an enlightened public opinion. Our people are becoming convinced of the truth of the Indian's simple remark, when shown a debtors' prison, "Indian can catch no skins there!" They are becoming satisfied that a prison is not the place for a poor debtor to retrieve his fortune. Punish for fraud, and for crime; but let misfortune go free, and "the blessing of those who are ready to perish" will follow you.

"Section 1. Be it enacted by the Senate and House of Representatives in General Court convened, That no person shall be arrested, held to bail, or imprisoned on any mesne process or execution founded upon any contract or debt which shall accrue or be made from and after the first day of March next. "Sec, 2. And be it further enacted, That all acts and parts of acts inconsistent with the provisions of this act, be and the same are hereby repealed."

THE BOOK TRADE.

1. Applications of the Science of Mechanics to practical purposes. By JAMES RENWICK, LL. D., Professor of Natural and Experimental Philosophy and Chemistry in Columbia College. New York: Harper & Brothers. 18mo.

It is a frequent and true remark, that our own age, whatever may be its deficiencies in other respects, is distinguished for its practical character. That fact is striking in the application of the principles of science to useful objects by the preparation of books. In the work of Enfield upon natural philosophy, now we believe used as a text-book in our colleges, we have a valuable, though in many respects theoretic, treatise upon the various mechanical powers, but they are not applied to the subjects that we constantly see in operation around us. Hence we are enabled, through that work, to become acquainted only with the elements of the science. The volume before us is of a more practical character. It traces not only the general principles of the sciences, but their application to the numerous mechanical enterprises of the day. We here have not only a description of the various machines now in use, but the action of the screw, the lever, the wedge, the spring, and other instruments, as they are applied to useful purposes, such as mining, lifting, navigation, railroads, and the different species of manufactures. We hail the period when the education of our students, while adorned with all the graces of classical literature, shall be also imbued with a more practical spirit; for we shall then have more of such men as Nott, and Olmsted, and Pierpont, than we now have. The present volume is a very comprehensive compendium, and is appropriately illustrated by plates, that render the matter perfectly intelligible. It may be studied by all with great advantage.

2. Political Economy: its objects, rules, and principles, considered with reference to the condition of the American People. With a summary for the use of Students. By A. POTTER, D. D., Professor of Moral Philosophy in Union College. New York: Harper & Brothers. 18mo. pp. 318. 1840.

Professor Potter has been long known as an able and eloquent clergyman of the Episcopal Church, and a professor in Union College. He has, in this volume, judiciously devoted a portion of his time to the compilation of a work on the long-canvassed subject of political economy. His aim has been to compress the most prominent principles of that science that are adapted to the position of our own country into the smallest compass, suited to popular use and the studies of our seminaries; leaving out of view the various discussions upon disputed points, which abound in the larger works upon the same subject. In this task he has succeeded. Little that is new or strange can here be found, for it was his design only to spread out the more obvious elements of the system in a clear and comprehensive form. But the system is so amply unfolded, that little is left to the learner to be descried, although a considerable portion is copied from another work, which the author acknowledges in his preface. We like to see such men employing their time and talents in the dissemination of popular intelligence; for such books, compiled in a cheap form, cast broad gleams of light where more expensive works cannot enter, and they are peculiarly adapted to the cast of our free institutions.

3. The Life of John Wickliffe, D. D. By MARGARET COXE. Columbus: Isaac N. Whiting. New York: C. Henry. 16mo. pp. 272. 1840.

This interesting biography presents us a satisfactory account of this stern and distinguished reformer. Without attempting a vivid sketch of the times in which he lived, it still gives the current of facts in a plain style, with such comments as seemed justified by the subject.

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