in form, and in fact against only one, it would in neither case deprive the parties of an efficient remedy subsequently, in some form, against the other. At all events, the suit, brought in the Federal Court, being a bona fide exercise of a sound discretion, and especially as no actual loss from that election is either proved or pretended, there is no ground for charging the creditors with a want of "due and legal diligence." The effort made by them to recover of the principal debtors was a legal effort, and a proper effort and the only one, as it ap pears to me, which they were bound to make. Its fruitlessness is no answer to the argument. The very fruitlessness, anticipated as possible by all the parties, was the reason for tendering the guaranty and the motive for requiring it. It seems to be assumed and some judicial dicta have at times given countenance to the idea--that in actions against guarantors all sorts of technicalities, whether equitable or inequitable, rational or irrational, are to be invoked by counsel or encouraged by the Court, to prevent a recovery. For myself I do not believe that the common law, which in its general scope professes to be founded on common sense and common honesty, is so inconsistent as to lose sight of these attributes the moment it approaches the boundaries of suretyship. What difference is there in principle between soliciting credit for one's self or soliciting it for one's brother? The consideration is the creditor's parting with his goods on the faith of the engagement, and the benefit the surety receives, or expects to receive, from obliging his friend. It is not only a good, but a valua ble consideration--as much so, in every just sense, as if the surety had himself become the purchaser. Judgment for plaintiff. LAND CASE DECIDED BY THE SUPREME COURT OF TEXAS. The Supreme Court of the State of Texas, sitting at Galveston, has just rendered a decision of great importance to settlers and purchasers of land in Texas, settling a principle which applies to hundreds of land titles. The question at issue was, what under the colonization laws of Texas constituted a residence which entitled a man to enter land, as head of a family, and transmit it to his heirs, he never having carried his family to reside there. The case before the Court was that of one Russell, from the State of Maine, who went to Texas in the year 1834, and in August, 1835, obtained a grant of land in the then county of Montgomery, representing himself as having come to the country with his family to reside. Shortly after, he went back to Maine, for the alleged purpose of bringing out his family, but died soon after. In 1841, his daughter's husband took possession of the land, and made a crop. In 1849, one Randolph located a land warrant upon it as vacant land, alleging it to be public domain, by reason of the invalidity or forfeiture of the grant to Russell, first as a non-resident, and then for fraudulent description of himself. The Court sustained the grant on both grounds. It decided that Russell's residence, with the intent to make his home in Texas, departing only with the purpose of bringing back his family, entitled him to enter the land, and that, constructively and legally, the domicil of his family was with him, and his decla ration that his family was with him was legally correct according to the laws of Texas. The departure, with a bona fide intent to return, did not affect the domicil he had acquired, and the grant of land inured to his heirs.-Charleston Courier. JOINT-STOCK COMPANIES. The registered officer of a joint-stock banking company applied to prove against the estate of a deceased shareholder for calls due. By the deed of settlement, an option was given to the representatives of deceased shareholders either to sell the shares or become members of the company on certain conditions. Prior to the exercise of this option, the directors were empowered to retain the dividends, and, after notice, to declare the shares forfeited. No option had been exercised by the executors in this case, and the directors had retained the dividends, but had taken no steps to declare the shares forfeited. They were not held to be entitled to prove for calls due.-Eng. Law Times, Rep. 256. 1 t COMMERCIAL CHRONICLE AND REVIEW. GENERAL ASPECT OF COMMERCIAL AFFAIRS THROUGHOUT THE COUNTRY-STATE OF THE FALL TRADE -NECESSITY OF REFORM IN THE SYSTEM OF RAILROAD MANAGEMENT-COMPARATIVE STATEMENT OF THE BANKS IN THE CITY AND STATE OF NEW YORK, IN THE CITY OF BOSTON AND STATE OF MASSACHUSETTS, AND IN THE CITY OF NEW ORLEANS REVENUE AND ESTIMATED IMPORTS OF THE WHOLE UNITED STATES-RECEIPTS FOR DUTIES ON IMPORTS AT PHILADELPHIA AND NEW ORLEANS-DEPOSITS AND COINAGE AT THE PHILADELPHIA AND NEW ORLEANS MINTS FOR JULY-IMPORTS AT NEW YORK FOR JULY AND FROM JANUARY FIRST IMPORTS OF FOREIGN DRY Gorg -RECEIPTS FOR CASH DUTIES-EXPORTS FROM NEW YORK FOR JULY AND FROM JANUARY FIRST -EXPORTS OF LEADING ARTICLES OF DOMESTIC PRODUCE-INCOMING CROPS OF THE UNITED STATES, ETC. THE market is but little more settled than at the date of our last, and in some of its features the aspect of commercial affairs is certainly less favorable. There have been more failures among business men throughout the country, although but few who were not involved in stock speculations have been obliged to yield to the storm. There is a general retrenchment and taking-in of sail among all classes, and thus it is to be hoped that there will be no important commercial disasters. Money continues in request, and most borrowers outside of the banks are compelled to pay from one to two per cent a month for the use of capital, while lenders in all quarters are more scrupulous, and the discrimination between first and second class securities is daily becoming more exacting. The trade of the country presents some singular characteristics. While money is dear, provisions of nearly all kinds are dearer, and the stringency in funds seems to produce little effect upon the prices of the necessaries of life. The trade in other merchandise in regular channels is quite slack. The country merchants have not yet made their purchases to any considerable extent, and are found less ready with the means of payment than at any previous time during the last three years. In the large cities the dry goods trade is far from prosperous, and both foreign and domestic fabrics have been offered at farther concessions in price. This is most noticeable in foreign fabrics, with which the markets are overstocked, and the auction houses are crowded with goods, most of them of recent importation, which are forced off at a large decline from rates previously current. In localities where rents have advanced the most rapidly, there are evidences of reaction, and speculators in real estate are manifesting less boldness. These are regarded by shrewd observers, less as signs of general derangement than as evidences of returning health. The stringency in money matters will check the extravagance in living, and the tendency to overtrading and speculation. The sacrifice of goods will show the importers that there is a limit to their business, and that their receipts must bear some proportion to the wants of the country if they would reckon upon a profit. In short, the present is a day of rebuke, and there is some evidence that the country is disposed to profit by the lesson. It is quite certain that even our shrewdest financiers have something yet to learn in the management of railroad affairs. We hinted at this in our last, and have heretofore exposed the popular fallacy that requires one man to do half a dozen things at a time, upon the plea that if he wants anything done he must do it himself. Nearly all the heavy railroad companies of the country are managed nominally by those who have both head and hands full of something else, and not unfrequently by those, who in addition to such an incumbrance, are also too far from the scene of action. The convention of railroad operators at New York have decided on increasing the tariff of charges, and decreasing the speed and quantity of service on the leading railroads represented. This may save the companies from running behind, but it will not answer in the place of better management, which is now everywhere needed. Would any committee of merchants at New York undertake to be responsible for a mercantile business requiring millions of capital, and carried on at twenty different places beyond the reach of their personal observation? Would they do it as a slight addition to their other cares, to be turned off with a brief occasional notice? Does it make it any easier if the capital is invested in railroad property, and the managers are called a Board of Directors? There is a total want of economy and skill in the management of a large portion of the corporate companies in this country, which is now being felt in a wide-spread depreciation of property thus controlled. In this assertion we design no reflecti upon the officers or directors of such companies. Most of them accepted office after urgent solicitation, and a large portion of them give all the time they have to spare from their previous occupations, and quite as much as was expected of them when they were elected. The fault lies, not in the men, but in the system itself, which must be thoroughly remodelled before a high degree of success can be attained, and the difficulties now in the way be fully met and overcome. We would not recommend a niggardly "penny-wise and pound-foolish" policy, but a less wasteful use of the gross receipts must be attained, before the net profits will be such as to justify the continued use of capital for investments of this class. The power is everywhere applied at a disadvantage; the leeches fastened upon a large majority of these works, have hold of the long end of the lever, and apply the force chiefly to their own advantage. In regard to western railroad companies, there is another evil which has grown out of such management. Many roads which were doing a successful business by themselves, have left their proper work and sphere to take stocks in other roads, or in steamboat lines, or in something else which promised an advantage in return for such interference, but not sufficient to justify the course pursued In a few of these cases the step has been taken honestly by a board of directors, only anxious to advance the corporate interests they have in charge. In other instances the extraordinary policy has been adopted for the private benefit of those who while managing one company, have an equal or greater interest in the improvement requiring the assistance thus improperly afforded. We make these remarks because we deem the matter of much importance at this time, but we wish to guard against any improper inference which may be drawn from them. We do not believe that the evils complained of are so radical that they cannot be cured without a general catastrophe; nor do we believe, as many panic makers assert, that none of the railroads in the country are on a foundation sufficiently stable to support themselves. At the same time we do believe that a thorough reform is essential to permanent success, and that such a reform cannot be too speedily commenced. The Banks throughout the country have lost more or less by the recent failures, but they are all discounting cautiously, and as far as possible curtailing their operations. The following will show the condition of the New York city banks at the date of the last weekly returns. As a year has elapsed since the weekly averages were commenced, we give a recapitulation of each statement from the beginning, which will be found very valuable for future reference. WEEKLY AVERAGES OF NEW YORK CITY BANKS. We have also compiled a comparative table, embracing the principal items in the quarterly returns of the banks of the State of New York, just received from the Superintendent, compared with the same items of the previous quarters of the year: Loans and discounts Specie Sept. 17, 1853. Dec. 3, 1853. 11,553,778 18,587.355 THE FOLLOWING IS A CONTINUATION OF THE WEEKLY COMPARISON OF THE BOSTON July 1. 8,184,828 We also annex a comparative monthly statement of the Massachusetts banks, not including the above:— Capital..... Loaus and discounts The following is the monthly statement of the condition of the New Orleans banks in the leading items, made up on Saturday, 29th July, 1854:— Total.......... $6,669,987 $10,142,550 $7,938,164 $12,527,711 As compared with the June statement, it shows a decrease in circulation of $581,564, in deposits of $623,971, in loans of $1,622.594, and in exchange of $883,628. There is an increase in specie of $298,574, and in other cash liabili ties of $382,863. |