indulgence to the eastern States during the last war. To the wealth we have accumulated from the European consumption of cotton, rice, and tobacco, do we owe our general prosperity; and but for these great staple commodities, our power over the wants of the transatlantic labor would dwindle down to a mere rivalry. Take away from your control the incidental rule you possess over the industrial pursuits of Great Britain, and her free trade doctrines would be limited to partial favoritism.

I do not mean to infer that our connection is an exclusively one-sided affair. On the contrary, I know that we are reciprocally and intimately dependent on each other, that we could not separate without mutual injury, nor could we exist in friendly intercourse with separate governments. The issue of such an effort would be fatal, and after a long, painful, protracted collision, we might come together without sympathy, with the loss of character and our best interests prostrate.

In this view of this most serious matter, the proposition I now make would, I foresee, lead to those gradual changes and ameliorations which we all must desire, and with mutual compromise and concession, should endeavor to produce. In several sections of the country, emancipation is anxiously desired, and but for the interference of rude interposition, it would have been long since effected. It would be encouraged in those portions of the country where white labor could be safely and advantageously introduced. The North should look well to the result; there is a powerful difficulty to be encountered; the intelligent philanthropist of the South could feel justified in throwing black labor on its own resources, in collision and in connection with the more skillful and provident industry of the white. The colonization society, in despite of its best efforts, and the liberal patronage of the public, meriting the respect of the highest feelings of humanity, is, nevertheless, impotent, as a grand source of relief, while, through the appliances of its organization, it may be enabled to render the most beneficial services; but of this there may be some doubt, as it may be apprehended that Liberia is the beau ideal of the proper scene of action.

Based on their expectations of rendering a great national service in the settlement of free blacks, let Congress establish a territorial government on the Pacific, located in some genial climate, where the soil is easily cultivated, limiting and restraining the emigrant population to the locality selected; we should then have an accessible and practical, an attractive and convenient theatre for colonization. The enterprise of the country bids fair to afford a rapid and easy intercommunication, which would convey thousands at less expense and danger than hundreds now cost. It is needless to talk of the growing prosperity of Liberia, the civilizing influence on the native African. It is but a drop of comfort to our necessities; and addicted to idleness and improvidence, the African brood, in its native aboriginal home, is unsusceptible of exertion. To the Pacific emigration would flock. Those who parted from the land of their nativity would not feel that they were breaking the strong ties of relationship, nor the hope, the pleasurable hope, of reunion on the territorial soil of the country of their adoption. In thus raising a colony of our colored population on our western shores, we should soon find that the expense of the establishment would be fully remunerated; while in so doing, we could in sound and wise policy declare Liberia free, abandoning it to the fate consequent on its independence. We require no foreign settlements; they always produce trouble; and independent of their extravagance, they assume certain national positions tending to create embarrassments with foreign powers.

Respectfully, yours,

ALEXANDER HAMILTON.

MERCANTILE LAW CASES.

SANDFORD'S SUPERIOR COURT REPORTS.

THIS Volume is the first of a series of Reports of the Decisions of the Superior Court of the city of New York, now composed of Mr. Chief Justice Oakley and Justices Vanderpool and Sandford, the latter of whom reports the decisions of the Court.

The Superior Court has, since its organization, maintained a high character for commercial intelligence. Perhaps we are justified in saying that no one court in the United States, since its organization in 1827, has heard so many causes relating to insurance and commercial law (arising in the transactions between merchant and merchant) as the Superior Court. The present volume does credit to its author not only as a reporter, but as a judge, who has, in many cases, given his opinion judicially, at length, on cases reported in the volume before us.

We will refer to two cases, reported at page 361 in this volume. The cases are Manfield vs. Douglass-Goodhue and others, which discusses the doctrine of consignments, and the duties and liabilities of factors and agents, when the latter persons have advanced funds at the time, and after the consignments were made, but before sale. A commercial correspondence is set forth at length, between the parties. The plaintiff resided at Chillicothe, Ohio, and the defendants (who were commission merchants) in New York.

The plaintiff had, during the year 1846, consigned a large amount of pork to the defendants, to sell on commission, and the defendants, at various times, had advanced money to the plaintiff. Seventeen hundred and fifty-one barrels were sent to Douglass, from time to time, between the 19th of June and the 19th of August, 1846, who received the same on consignment for sale. The defendant paid the freight and charges of transportation from Chillicothe to the city of New York, the aggregate of which was about $3,700. The defendant also paid for insurance, inspection, and other incidental expenses, about $1,200. Thus $4,900 was advanced, before any of the pork was sold. After the pork was received, the defendant advanced on drafts, and paid at the plaintiff's request, upwards of $10,000 more, before the pork had been sold. The defendant received a let ter from the plaintiff on the 13th February, 1847, directing him to sell pork at $12 a barrel, and for no less, and also to take advantage of the rise in the market, if there should be any, as the sales were made. On the 14th December, 1846, the plaintiff had written to the defendant to withdraw his pork from market, and not to sell a barrel of his pork at the then present prices. On the 14th of January the plaintiff wrote to the defendant, that if he needed the advances made on the pork, that he would remit the amount, on a reasonable notice. The defendant stated, in reply, that he did not consider himself deprived of the power of selling, if the market goes up to a price which, in the exercise of a sound judgment, he might think best to secure. The pork was sold, after the instructions were received, for the sum of $9, $9 124, $9 25, and $9 374 per barrel, and ranged as high as $9 75 in January. It rose to $12 in February. The plaintiff, when notified, disapproved of the sales in January, and wrote to the defendant, on the 14th of January, that the sales had been previously made contrary to his positive orders, and he should expect that the defendant would replace his pork by other pork of as good a quality as the plaintiff's brand. On the trial, it was admitted by the defendant that the price of prime pork, on the 13th February, 1847, when he received the plaintiff's letter directing him to sell, was from $12 50 to $13 a barrel, and that the difference between the $12, and the price for which the defendant sold 1,051 barrels, amounted to $2,921 374; which sum, with interest, the plaintiff claimed to recover. The Court, in giving their opinion, which is delivered at length in this volume of reports, came to the conclusion

1st. That the factor has a right to sell enough of the goods consigned to him

to pay his advances upon the goods at the time he receives the same; and that, for subsequent advances, the factor has also the right to sell so much of the goods as is necessary to make up the subsequent advances, unless the consignor tenders to the factor the amount of his indebtedness; and also that the factor is bound by instructions, and is bound to make good the loss for sales made by him, beyond the indebtedness to him.

2d. That when the factor has received instructions not to sell, he, the factor, will be liable to his principal in damages, if he sells more than enough to repay his advances.

3d. That advances made by a factor for freights, duties, warehouse, insurance, and inspection charges, clothe the factor with the same authority to sell as advances directly made to the principal in money.

4th. That a promise made by a factor to withhold consigned goods from the market is void, for the want of consideration to the extent of sales made necessary to pay the amount of advances due by the principal. The plaintiff, in one of these cases, recovered judgment for the amount which the pork ranged in market at the time the consignor gave liberty to sell, beyond the price which the pork actually sold for, to the extent of the overplus of sales, beyond what was neces sary to reimburse the factor's advances.

In the other cases, it appeared that the defendant had not sold more pork than enough to realize the amount of the consignor's indebtedness to, the factors for advances; and although the pork had been sold contrary to instructions of the principal, and at a loss of near $5 per barrel below the market price, at the time the principal had directed the pork to be sold, yet judgment was rendered for the defendant.

One of the defendants wrote the plaintiff on the 30th January, 1847, that he claimed the right to sell merchandise held under advances at his discretion, and it seems the Superior Court sustained him in this position.

The next case we call the attention of the public to, is that of Cowperthwaite against Sheffield. This was an action on Bills of Exchange, drawn by Reed & Co., of Mobile, in February, 1837, on Kelly & Co., of Glasgow. The doctrine laid down by the Court in this case is, that a Bill of Exchange, drawn against a consignment of goods, does not operate as an assignment of the proceeds, unless there is a letter directing such specific application accompanying the consignment; nor does such a consignment bind a consignee to accept the bill, or apply the proceeds to its payment, unless the consignment directs it to be done.

We have always supposed this to be the law, and to prevent the consignor drawing bills against consignments made, and then, after the bills have been sold in market, going to the consignee and withdrawing the proceeds of the consignment to his own use, and defrauding the endorsers of the bill. We have in our own mind believed it to be a necessary rule for commercial safety, that the bill of lading directing the payment of the bill of exchange, or the transfer of the goods by the consignee to the holder of the bill when present, all should be attached to it, or accompany the bill of exchange; indeed, a copy of the bill of exchange ought to be attached to the bill of lading, or the bill of lading should contain a note that a bill of exchange had been drawn against the consignment, and that, if the consignee would not accept the bill of exchange, the property was to be passed over to the holder of the bill of exchange.

The Court also held in this case that an order, drawn in express terms for a particular fund, will operate as an assignment of that fund; but that such an order is not a bill of exchange, and is not negotiable.

We also call the attention of the public to a case at page 351, of Wilson against Little. The Court held, in this case, that when personal property, consisting of railroad stock, is pledged to secure a debt payable on demand, that the pledgee, or holder of the stock, cannot sell the stock or property without first demanding payment of the debt.

There are many other cases reported in this volume, of a commercial character, several of which relate to mutual insurance companies. We refer to a case page 158, which was an action brought by the receiver of the Croton Insurance Com

pany, to recover the amount of a promissory note for $5,000, made by the defendant as one of the mutual stockholders of the company. The Court held in this case, among other things, that such a note was valid in the hands of a receiver for the purpose of paying losses after the company became insolvent, though the maker had not received the amount of the note for his premiums on insurance, made by the company; and also that an agreement made by the president of the company, on receiving such a note, that it should be given up at maturity, was void, as a fraud upon the creditors of the company.

Indeed, we hope that our commercial readers will look at Judge Sandford's book. They will find a great deal of commercial law ably discussed, clearly and logically written, and in a style that does credit to the author and the judges of this highly useful court, which, under the late amendments of judiciary law, has become a branch of our Supreme Court, as appeals are made from the former court directly to the Court of Appeals, which is the one of dernier resort in this State.

THE LAW OF PATENTS.

The Queen vs. Prosser.-In the Court of Chancery, this case, which was an appeal from an order of the Master of the Rolls, was argued last week. The question was, whether the Attorney General was warranted in admitting a Mr. Van Wart, a citizen of New York, not a subject of or domiciled in this country, to sue out a scire facias for repealing, or inquiring into the merits of Mr. Prosser's patent for manufacturing iron pipes. Another objection to the Attorney General's fiat for issuing the scire facias was that the bond given by Van Wart for securing the costs was insufficient, considering that he was an alien. The Master of the Rolls having decided that the Attorney General had uncontrolled discretion in the whole matter, dismissed the application to him with costs. The Lord Chancellor now giving his judgment on the appeal, said he was of opinion during the argument that the Master of the Rolls was right, and now, after reading the papers and affidavits on the matter, he had no reason to alter that opinion. His lordship having stated the principal objections made to the course pursued by the Attorney General, said the matter was entirely within his discretion. He (the Attorney General) was himself the prosecutor of the scire facias, and had a right to avail himself of the information of every person he pleased to investigate the merits of the patent, to defend the prerogative of the crown and the interests of the public. With respect to the bond for costs, that was of modern introduction, even within living memory, being first taken by Attorney General M'Donnell, (as we understood,) who considered that as any person might put the crown in motion to investigate the rights of a patentee, it was but just that the latter, if his rights turn out to be unimpeachable, should have his costs secured to him. That matter was also in the discretion of the Attorney General. If the Attorney General saw it proper to put this patent in a course of investigation, this court had no jurisdiction to control or regulate his proceeding. The Master of the Rolls: judgment must be affirmed. Mr. Webster: And with costs? The Lord Chancellor: It is for the Attorney General to consider as to costs. The Attorney General made no reply.

COMMERCIAL CHRONICLE AND REVIEW.

THE MONEY MARKET-IMPORTS AND DUTIES AT PORT OF NEW YORK FOR SIX WEEKS-IMPORTS OF DRY GOODS AT PORT OF NEW YORK-FOREIGN MARKETS-RISE OF UNITED STATES STOCK AND BRITISH FUNDS QUOTATIONS OF AMERICAN STOCKS IN LONDON-DEMAND FOR NEW YORK STATE STOCKSBANK CIRCULATION OF NEW YORK-SECURITIES FOR FREE CIRCULATION IN THE HANDS OF THE COMPTROLLER-AMOUNT OF NEW YORK STATE STOCKS HELD AT HOME AND ABROAD RATES OF EXCHANGE IN NEW YORK-IMPORTS OF BREADSTUFFS INTO GREAT BRITAIN-CONSUMPTION-RECEIPTS OF WHEAT AND FLOUR AT TIDE-WATER VIA NEW YORK CANALS, AND WEEKLY PRICE OF FLOUR FROM 1845 TO 1848, INCLUSIVE-COMMERCIAL PROSPECTS-OPERATION OF THE CALIFORNIA GOLD FEVER THE LAW OF COMMERCIAL REVULSIONS-SYMPTOMS OF A TENDENCY TO SPECULATION-BANK PROJECTS, ETC.

MONEY, which was in growing abundance until the close of January, subsequently became somewhat more in demand, under the influence of many opera ting causes. Among these were the large importations of goods, accompanied by an early and active demand, for the spring trade, causing the prompt payment of considerable sums in specie for duties, the usual demand for money for the payment of rents at the February quarter, and the extensive influence of the California excitement, which caused a demand for considerable capital, and has aided to advance the rate of money in all the Atlantic cities, Boston and New York more particularly. The importations at the port of New York for January and the first week in February, for two years, have been as follows:

IMPORTS AND DUTIES AT THE PORT OF NEW YORK FOR SIX WEEKS ENDING FEBRUARY 16.

The quantity of dry goods imported in the same period, distinguishing the general descriptions, was as follows:

170,411

417,814 913,690

136,074 166,132 463,737 547,671 190,758 177,925 1,546,228 305,811 623,021 571,116 151,572 167,936 1,819,454

97,611 1,735,308

9...

Total....... $793,216 $1,820,651 $2,896,232 $578,060 $593,050 $6,680,126 This very considerable supply composes the imports for the spring business down to its commencement, which was this year early. These large importations being in demand for the spring business, required large sums in specie for the discharge of duties, and these operated upon the banks to prevent the loan of money for other than the most legitimate commercial transactions. The operation of business upon the cash system, now comparatively prevalent in reference to the extended credits of former years, is to promote an abundance of money.

In former years, when there was a constant demand for capital on the part of those whose sales were on more extended credits than those on which they are enabled to purchase, the progress of the spring trade enhanced the scarcity of money. In the present time, when sales at shorter credits involve payments from the