bal contract is not binding on the company, and not warranted by their charter, and cited 16 Ohio Rep. 148; 2 Con. 168; 2 Mass. 196; 1 Duer, sec. 9, 145; 1 Phil. Ins. 8. Counsel for plaintiff's opposed the motion, and cited 16 Maine, 439; 3 Demo. 25; 4 Sandf. Ch. R. 408, and other authorities.

The court denied the motion, and said, it did not think the charter of the company required all contracts to be in writing; he assumed that the original insurance must be in writing. The question to decide, is, whether that contract can be extended or continued by parol. He thought it could. It was so by the gen eral law, and there was nothing in the policy to prevent such extension and con

tinuance.

The plaintiff proved by Mr. Lewis, treasurer of the church, that in July, 1846, it had been agreed between him and the president of the company, that the church should be kept insured; and that from time to time, as often as the insurance should expire, the company should send certificates of renewal, and the church should pay the premiums. That in pursuance of that arrangement, the company did send renewals in 1846 and 1847; that they expected a renewal in 1848, and were ready to pay their premium.

Mr. Ellsworth, the president of the company, denied having made such agreement, though he admitted he took the renewals on both occasions, and that on the last occasion Mr. Lewis told him he wanted the church always insured.

Mr. Stevens, the secretary of the company, and Mr. Beers their surveyor, also testified that such an agreement had not been made in this case to their knowledge, though they admitted such agreements had often been made by the company, but insisted that when made they were entered on the books, and notices of expiration were not delivered to the parties as their insurances were running out.

The plaintiffs, however, showed, that in this respect the officers of the compa ny were mistaken, by examining persons with whom such arrangements were admitted to have been made; and who testified that notices of expiration were regularly sent to them, and the agreements were not entered upon the books.

The testimony, which is voluminous, being closed on both sides, counsel for defendants renewed his motion to dismiss complaint, and cited 2 Barb. Ch. 221; 11 East. 142; 3 Hill, 129; 1 Demo. 162; 13 Wend. 307; contending the agree ment to continue the risk was void by the statute of frauds, it not being in wri ting. The court denied the motion.

The Judge charged the jury, that this is an action to enforce an alleged agreement to give renewal from July 21, 1848, to July 21, 1849. This action could not formerly be brought before a court and jury. Before the code, the plaintiff's would have been obliged to go into a court of chancery, to compel the company to deliver the certificate of renewal, and afterwards sue in a court of law upon the certificate of renewal, but now under the code this can all be done in one suit. The first objection of defendants in this action, was, that the plaintiffs could not recover on that agreement, it not being in writing. I ruled then, and now say, that if the plaintiffs have proved an agreement to renew this policy, they are entitled to recover. It is difficult to decide how far the statute of frauds affects this contract. The contract, if proved, doubtless was this; in legal effect a contract to renew this policy each year, as the former expired, &c.

The plaintiffs insist that by the course of dealing, and the usage of the company, the contract was renewed each year. I think that a usage is not proved, sufficient to sustain a contract, and therefore, as a matter of law, I charge that they have not shown such a usage as entitles them to recover. Then as to the admission of defendants' officers, they are not the best kind of testimony. The next point is, whether the course of dealing between the parties made a contract, and unless you believe Lewis the treasurer had the conversations with Ellsworth, as alleged, you cannot find a contract; but if you believe the conversations with Lewis, and that the certificates were given in consequence of it, and that the last was given after 21st July, 1847, then the contract is made out. Exceptions taken.

The jury returned a verdict for plaintiffs, for $6,082 36.

COLLISION ABANDONMENT-SALVAGE.

In the British Admiralty Court, June 9, 1852. The Pickwick-Derelict. The Pickwick, a bark bound from Liverpool to Valparaiso, came into collision with the Chimera shortly after leaving port, and sustained so much damage that her crew abandoned her. On the following morning, the 14th of February, the schooner Agnes, bound from Glasgow to Runcorn, fell in with her about four miles from the Calf of Man, drifting, as she alleged, toward the rocks. She turned her head, took her in tow, and proceeded towards Liverpool, for which the wind was fair. Having been in possession about half an hour, the steam tug President came up, and as the schooner asserted, forcibly dispossessed her. Å second action was entered by Messrs. Potter & Co. against Messrs. Rawson & Co., who had chartered the steamer to go out in search of the bark, by Capt. Downward who went out to conduct the service, and also by the master and crew on board. It was denied on their behalf, that they had forcibly taken the bark from the schooner; on the contrary, they alleged the schooner was, from her size, totally incapable of completing the service, in addition to which, they were armed with authority from the owners to take possession of her. On the part of the owners it was contended that the services of the schooner were of no avail, and that the steamer having been chartered by persons who had an interest in part of the property, they could make no legal claim. The value of the property salved, was £32,900.

The Queen's Advocate and Mr. Deane appeared for the schooner; Dr. Robinson and Dr. Bayford for the steamer; and Dr. Adams and Dr. Twiss for the

owners.

The learned Judge considered that under the circumstances the steamer was perfectly justified in interfering. He allotted to the schooner £700, and to the steamer £2,000.

ACTION TO RECOVER AGAINST THE ALLEGED ACCEPTANCE OF A DRAFT.

In Supreme Court, New York, March 27, 1852; before Justice Roosevelt. Charles Denison, President North River Bank against William H. Sackett.

This suit was commenced by the plaintiff in January, 1850, to recover against the defendant as the alleged acceptor of a draft for $4,500, drawn by E. B. Sackett, dated 12th October, 1849. The defendant denied such acceptance, and presented the question of acceptance or non-acceptance for trial. The trial came on March 27th, 1851, before Justice Edwards and a jury.

On that case, the jury found a verdict in favor of the plaintiff. The defendant thereupon moved before Justice Roosevelt, at special term, upon a case and affidavits of newly discovered evidence, for a new trial; and the Judge in deciding the motion, gave the following opinion:

Roosevelt J.-There is no evidence that the defendant, William H. Sackett, had the slightest interest in the acceptance on which the case is brought, or in that of which it is a part of renewal. It is admitted, besides, that the signature in both cases was not his handwriting, but that of another person of the same

name.

He is sought to be charged then, not on account of any benefit accrued to him, nor on account of any action done by him, but solely on the ground of an alleged admission, said to have been made in a conversation with the late president of the bank, that the first signature was his handwriting, when in point of fact, and confessedly, it was not.

At this conversation, too, no other person was present; and the officer of the bank was its sole witness and interpreter. And even he does not pretend to any intimate or reliable acquaintance with either of the two William H. Sacketts.

Independently of the extremely dangerous character, in all cases, of such onesided and dubious testimony, there are intrinsic difficulties in the present instance in the chronology of the statements of this witness, taken in connection with the contradictory versions of other witnesses, which show, that in point of accuracy it is not to be depended upon. And especially would it be most unjust to make such testimony the ground-the sole ground-of charging a party, to the extent of thousands, with a debt not his own,

Besides, the defendant in an affidavit made by him since the trial, denies under oath and in the most solemn and explicit manner the conversation in all its parts, and fortifies his averments by the depositions of several other persons, who swear that he was not in the city when it is alleged to have taken place.

The charitable interpretation which the case calls for, or at least admits of, is, that the president was imposed upon, not only by a false signature, but however confident of infallibility, by a false personation.

I am rather disposed to adopt this view of the matter, than to convict the defendant, without further opportunity to test the truth, of the aggravated crimes of both fraud and perjury.

My conviction is, that the verdict ought to be set aside, as against the weight of testimony; as obtained by surprise; and on the ground of newly discovered testimony: and that a new trial should be had with costs, to abide the event.

AN ACT OF MAINE IMPOSING FURTHER OBLIGATIONS AND PENALTIES ON OWNERS OF TELEGRAPH LINES, AND THEIR AGENTS.

SEC. 1. Every person or company owning or using any line of telegraph in this State, or any part of which may be therein, in case of any error made in the transmission or writing out of any dispatch upon their lines, by their operators or agents, affecting its value to the party interested therein, shall be liable for the whole amount paid for its transmission to its place of destination, both in and out of this State.

SEC. 2. Whenever any dispatch is improperly or unnecessarily delayed, either in its transmission or delivery, within the usual delivery limits of the several of fices within this State, so that said dispatch is rendered less valuable to the party interested therein, the person or company, whose operator or agent is in fault, shall refund the whole amount paid on such dispatch.

SEC. 3. The operator or agent of any person or company owning any line of telegraph in this State, who shall designedly falsify any dispatch for any purpose whatever, shall be liable in damages of a sum not less than twenty nor more than one hundred dollars, for each and every such offence, to be recovered in an action of debt in any court of competent jurisdiction; and in case of the avoidance or inability of such operator or agent to pay any judgment recovered against him for such cause, said person or company shall be liable in damages as aforesaid, as if no judgment had been recovered against the operator or agent; provided, that in all other cases the liability of the person or company owning any telegraph line shall be limited as provided in foregoing sections of this act SEC. 4. Nothing in this act shall be construed to exonerate any operator, agent, clerk, or other officer employed on any telegraph line in this State, from liability for any act of fraud committed or attempted to be committed by means of telegraphic communication.

Approved March 30, 1852.

ACTION ON A PROMISSORY NOTE-USURY.

In the Superior Court, New York city, March 25, 1852; before Chief Justice Oakley. D. Randolph Martin, President of the Ocean Bank, vs. John Lovejoy and Wilmot Williams.

This was an action on a promissory note for $2,500, dated April, 1851, made by defendant Lovejoy, payable to defendant Williams six months after date, and indorsed by Williams. It was discounted by the bank; and when arrived at maturity, payment was demanded, and refused. The defendant, Williams, suffered judgment to go by default.

The defence set up, is usury. The defendant Lovejoy, alleges by his com plaint, that the note was made under a corrupt and usurious agreement between him and Williams, making the interest payable at 2 per cent per month for the time it had to run. Williams was placed on the stand to prove the usurious agreement; but his evidence was ruled out, on the ground that his answer would make him liable to a criminal prosecution. The jury under the direction of the court, found a verdict for the plaintiff for the full amount with interest.

COMMERCIAL CHRONICLE AND REVIEW.

GENERAL REVIEW OF THE FINANCIAL CONDITION OF THE COUNTRY-INFLUENCE OF THE DISCOVERY OF CALIFORNIA UPON THE RELATIVE VALUE OF THE PRECIOUS METALS, THE NOMINAL VALUE OF PROPERTY, AND THE COMPARATIVE SUPPLY OF CAPITAL-INCREASED DEMAND OF COIN IN GENERAL CIRCULATION, AND ON DEPOSIT-TABLE OF DEPOSITS OF SPECIE AT NEW YORK AT VARIOUS DATES SINCE 1848-INCREASE IN SUPPLY OF COIN ABOVE THE EXPORTS-COMPARATIVE STATEMENTS OF THE AMOUNT OF THE COTTON CROP, WITH THE FOREIGN EXPORTS, HOME CONSUMPTION, AND AVERAGE PRICES-DEPOSITS AND COINAGE AT THE PHILADELPHIA AND NEW ORLEANS MINTS FOR AUGUST-IMPORTS OF FOREIGN MERCHANDISE AT NEW YORK FOR AUGUST-REASON OF COMPARATIVE INCREASE -IMPORTS FROM JANUARY 1ST-IMPORTS OF DRY GOODS FOR AUGUST-CLASSIFICATION OF IMPORTS MONTHS-RECEIPTS FOR DUTIES AT NEW YORK-EXPORTS FROM NEW YORK FOR AUGUST, AND FOR EIGHT MONTHS-EXPORTS OF LEADING ARTICLES OF PRODUCE-PROSPECTS OF THE TRADE IN BREADSTUFFS FOR THE FUTURE.

FOR EIGHT

NOT one of the large list of evils which, according to prophetic warnings, were to overtake the commercial world during the year 1852, have yet been realized, and we are now upon the last quarter of the year. Mercantile business, in all parts of the country, was never more flourishing. There is a regular healthy demand for merchandise, both foreign and domestic, and credits are well sustained. The means of payment are also easily obtained, and at a moderate rate of interest. We have had no convulsions in business, no great commercial disasters, no undue and extravagant speculations, and not even any noticeable sectional excitements to interrupt the general prosperity. When the discovery of gold in California was first authenticated, some alarm was manifested lest this addition to the supply of the precious metals should un settle the relative value of other property, and introduce new and oppressive conditions in the order of business connected with contracts previously made. This result has not been realized, although the production of gold has exceeded the anticipations of the most sanguine. It is true that silver coin has become scarce, but this has grown out of the fact of a largely increased demand for the export of specie to Europe, at a period when some changes in the relative legal value of the two metals created a demand, upon the continent, for silver at the expense of gold. Had the discovery in California never been made, the relative difference would have been nearly the same. Some relief has been afforded by the coinage of three-cent pieces, but this is only partial, and the recent adjournment of Congress without final action upon this subject has created a general disappointment. The most feasible and popular method which could be adopted to furnish a supply of small coins for public convenience, would be the coinage of silver at a reduction in weight of about 7 per cent from the present standard. The premium upon silver coin in New York has now reached four per cent, and the reduction advoeated would leave a small margin for future appreciation in value, and still not be sufficient to encourage counterfeiting. It is not a new system of coinage, having been practiced for years in reference to our copper coins, and more recently in the mixed coins known as three-cent pieces. By this means the export of small silver coins would be prevented and a larger amount retained in circulation.

Neither has the increased supply of gold affected, to the extent apprehended the relative value of real estate. There has never been a time, in the history of

the country, when the change in the nominal value of this description of property has been so gradual, under a prosperity so marked and so long continued. The appreciation of landed and improved property has been confined almost exclusively to localities affected by unusual enterprise, and has not extended in any considerable degree to lands or other property beyond this range of influence. Those who have retained a vivid remembrance of former inflations, will find nothing in the present at all analogous to the speculations then in vogue. New cities laid out under water, and commercial depots staked off upon wild prairie lands, would not now prove inviting investments. We have it is true, now and then, a scheme almost as chimerical, and here and there a railroad project has a foundation about as hopeful; but the majority of our business men are clear from any hallucination upon these subjects, and rash speculations are not in the fashion.

The money market too, has been less excited than might have been anticipated with such an influx of gold. There have been neither extraordinary expansions or fluctuations in the currency, and much less disturbance than usual in monetary affairs. The supply of capital has been abundant and during most of the time at a range rather below the legal rates of interest; but there has been no such plethora as to glut the market, and lead of necessity to doubtful investments. The amount of coin added to the circulation of the country during the last four and a half years, or since the gold in California was discovered, (besides what has been taken for export,) is nearly $100,000,000. This includes the foreign coin which has been brought here within that time, as well as that of domestic production. This large amount of specie has been distributed through the country, and has exerted a very healthful check upon the circulation of banknotes. Our readers may be curious to know in what proportion the amount on deposit at the great commercial centers has kept pace with the supply, and for this purpose we annex a tabular comparison at the periods named. The fluctuation between the banks and sub-treasury is caused by the withdrawals from the former for the payment of duties, and the deposit of the amount again when it is disbursed to public creditors.

The large amount as shown at the few latest dates given above, is about as much as can be profitably employed, with the present amount of cap ital. There is however a manifest advantage in the introduction of the increased circulation of coin among the masses of the people. The exports of the pre