missory notes. question was, whether or not a note, payable out of Sect. 1. Of proa particular fund, could be declared on as a promissory note, it was decided in the negative, "because promissory notes must stand or fall on the same "rules by which bills of exchange are governed.4" In Heylin v. Adamson, Lord Mansfield declared, that though, while a promissory note continues in its original shape of a promise from one man to pay to another, it bears no similitude to a bill of exchange, yet when it is indorsed, the resemblance begins; for then it is an order by the indorser upon the maker of the note to pay to the indorsee; the indorser becomes, as it were the drawer, the maker of the note the acceptor; and the indorsee the payee'. This point of resemblance once fixed, the law relative to bills becomes applicable, to promissory notes. Hence, it is only necessary to refer the reader to the prior parts of the work. With respect to a particular description of notes in the coal trade, there are some peculiar provisions, it having been enacted, that all lightermen, and other to bearer." Lord Kenyon, C. J. said, "If this were res integra, and there were no decision upon the subject, there would be a great deal of weight in the defendant's objection; but it was decided, in a case in Lord Raymond (2 Ld. Raym. 1545.) on demurrer, that a note payable to B., without adding, or to his order, or to bearer, was a legal note within the act of parliament. It is also said in Marius, that a note may be made payable either to A, or bearer, A. or order, or to A. only, In addition to these authorities, I have made enquiries among different merchants, respecting the practice in allowing the three days grace, the result of which is, that the bank of England, and the merchants in London, allow the three days grace on notes like the present. The opinion of merchants, indeed, would not govern this court in a question of law, but I am glad to find that the practice of the commercial world coincides with the de cision of a court of law. Therefore, I think that it would be dangerous now to shake that practice, which is warranted by a solemn decision of this court, by any speculative reasoning on the subject; and consequently this rule must be made absolute, to enter a verdict for the plaintiff." * Carlos v. Fancourt, 5 T. R. 486.-Hill v. Halford, 2 Bos, & Pul. 413. 'Heylin v. Adamson, 2 Burr. 676. "In Bishop v. Young, 2 Bos, & Pul. 83. the court observed, that this resemblance, so far as regards the remedy by action of debt, does not hold. missory notes. Sect. 1. Of pro- buyers or contractors of coal aboard ship, in the port of London, shall, at the time of delivery of such coals, either pay for the same in ready money, or give their promissory note for payment, expressing therein the words, value received in coals, and that such notes may be protested and noted as inland bills; and that, in default of such protest or noting, and notice thereof given to the indorsers within twenty days after non-payment, they shall be discharged from liability; and it is enacted, that such buyer of coals, and the master of the vessel, shall, for refusing to insert the words, value received in coals, or receiving a note for coals without those words, forfeit £100'. Upon this act it has been decided, that it extends only to contractors for coals, and to cases between an indorser and indorsee; and that though the act di 'See Bayl. 121, 2. 3 Geo. 2. c. 26. s. 7. "and be it further enacted, by the authority aforesaid, That, from and after the 24th dlay of June, 1730, all lightermen, and other buyers of or contractors for coals, on board of any ship or vessel in the port of London, shall, at the time of the delivery of such coals, either pay for the same in ready money, or for such part thereof as shall not be so paid for, shall give their respective promissory notes, or notes of their hands, for payment thereof, expressing therein the words, value received in coals, payable at such day or days, time or times, as shall for that purpose be agreed upon between such lighterman, or other buyer of or contractor for coals, and the master or owner of such ship or vessel, or his agent or factor on his behalf; and that all such notes, in case of non-payment at the respective days and times therein mentioned, shall and may be protested or noted, in such manner as inland bills of exchange may now be, and in default of such protesting and noting by any indorsee, and notice thereof given by such indorsee to the respective indorser or indorsers, within twenty days after such failure of payment, such respective indorser or indorsers, to whom such notice shall not be given, shall not be chargeable with or liable to answer or pay such sum of money as shall be mentioned to be payable in or by such note or notes, nor any part thereof; any law, usage, or custom to the contrary thereof notwithstanding." S. 8 "And be it further enacted, That all such lightermen, or other buyers of or contractors for coals, who shall, after the 24th day of June, 1730, refuse to give their note or notes for coals to them respectively delivered, and shall refuse to insert the said words, value received in coals, and every such master who shall take any such note from any dealer in coals, in which note the words, value received in coals, are not expressly inserted, such lightermen, buyers of, or contractors for coals, and masters, shall, for every such refusal or acceptance, respectively forfeit and pay the sum of one hundred pounds." Smith r. Wilson, And. 187. missory notes. rects, that the instrument shall be drawn in a particu- Sect. 1. Of prolar form, under a severe penalty, yet, if drawn in a different form, it is not void, and that the effect of the act is only to subject the party to a penalty'. Bankers notes. BANKERS CASH NOTES, formerly called goldsmiths Sect. 2. Of notes, are in effect promissory notes given by bankers, who were originally goldsmiths. From Lord Holt's judgment in the case of Buller against Crips 3, it appears that these notes were attempted to be introduced by the goldsmiths, about thirty years previously to the reign of Queen Anne, and were generally esteemed by the merchants as negotiable; but Lord Holt as strenuously opposed their negotiability as he did that of common promissory notes, and they were not generally settled to be negotiable until the Statute of Anne was passed, which relates to these as well as to common promissory notes. They appear originally to have been given by bankers to their customers, as acknowledgments for having received money for their use. At present, cash notes are seldom made except by country bankers, their use having been superseded by the introduction of checks". When formerly issued by London Bankers, they were sometimes called shop notes: in point of form they are similar to common promissory notes, payable to bearer on demand, and are stated in pleading as such. On account of their being payable on demand, they are considered as cash, whether payable to order or bearer', Per Holroyd, J. in Wigan v. Fowler, 1 Stark. 463. 2 Moor v. Warren, 1 Stra. 415.-Turner v. Mead, id. ibid.-Haward and the Bank of England, id. 550.-Smith's Wealth of Nations, 1 vol. 445, 6, 7, 8. but see Brook v. Middleton, 1 Campb. 449. where they were treated as checks. Selwyn Ni. Pri. 4th edit. 368. 3 Buller v. Crips, 6 Mod. 29, 30. Nicholson v. Sedgwick, Lord Raym. 180.-Horton v. Coggs, 3 Lev. 299. Ford v. Hopkins, Holt. 119.-1 Salk. 283. S. C. See Selwyn Ni, Pri. 4th edit. 368. 6 Tassel v. Lewis, 1 Lord Raym. 744.-Peacock v. Rhodes, Dougl. 635.-Owenson v. Morse, 7 T. R. 64. Sect. 2. Of Bankers notes. but if presented in due time, and dishonoured, they will not amount to payment'. If any part of the consideration of an annuity be paid in country bank notes, the dates and times of payment must be set forth in the memorial, because they are not considered as cash; and if they are deposited with a stake-holder they cannot be recovered from him as money had and received, unless he agreed to receive them as money 3. They, like bankers checks, are generally transferred from one person to another by delivery. They may, however, be negotiated by indorsement, in which case the act of indorsing will operate as the making of a bill of exchange, and the instrument may be declared on as such against the indorser. In other respects they are affected by the same rules as bills of exchange3, The time when these notes should be presented for payment, is governed by the rules relating to checks Owenson v. Morse, 7 T. R. 64.-Ante, 185.-Ward o. Evans, Lord Raym. 928.-Ante, 128. and see ante, 347, 8. 2 Morris v. Wall, 1 Bos. & Pul. 208. * Pickard v. Bankes, 13 East. 20. A stakeholder receiving country bank notes as money, and paying them over wrongfully to the original staker, after he had lost the wager, is answerable to the winner, in an action for money had and received to his use. It appeared that the deposit had been made in Hull bank notes, payable to bearer, and not in coin of the realm, and the payment over to the other party was in notes of the same description. The learned Judge who tried the cause, thought that these were to be considered as money, as between these partics, and therefore the plaintiff recovered a verdict for the amount. It was afterwards moved to set aside the verdict, and by leave to enter a nonsuit. Notes of this description, it was contended, were no more than common promissory notes, or bills of exchange. If these were payable at a future day, they could in no sense be considered as money, but the time of payment cannot alter the nature of the thing. The action should rather have been trover, or upon a special assumpsit; and that Mr. Justice Lawrence, in a similar case, at Stafford, held, that money had and received would not lie. Lord Ellenborough, C. J. "Provincial notes are certainly not money; but if the defendant received them as ten guineas in money, and all parties agreed to treat them as such at the time, he shall not now turn round and say that they were only paper, and not money: As against him it is so much money received by him."-Rule refused. * Lovel, 58.-Mendez v. Carreroon, Ld. Raym. 743.---Hill v. Lewis, 1 Salk. 132, 3.-Brown v. Harraden, 4 T. R. 149. Hill Lewis, 1 Salk. 132. Bankers notes. payable on demand, which have already been stated, Sect. 2. Of and to which part of the work the reader is referred'. notes. BANK NOTES owe their origin to the 5 William and Sect. 3. Bank Mary, c. 20. s. 19, 20. 29. and the 8 and 9 William 3. c. 20. s. 30. by the first of which statutes, power was given to the king to incorporate the persons subscribing towards the raising and paying into the receipt of the exchequer the sum of £1,200,000 by the name of "The Governor and Company of the Bank of England." These notes are uniformly made payable on demand; Lord Mansfield, in Miller v. Race', observed, "that these notes are not, like bills of exchange, mere securities, or documents for debts, nor are so "esteemed; but are treated as money in the ordinary course and transactions of business, by the general "consent of mankind; and on payment of them, "whenever a receipt is required, the receipts are al ways given as for money, not as for securities or "notes." They pass by a will which bequeaths all the testator's money or cash 3, or all his property in such a house; and they may pass as a donatio mortis causa *. In bankruptcies they cannot be followed as identical and distinguishable from money. If they be lost, an action of trover will not lie against the bonâ fide holder by the true owners. In a case, also, on the annuity act, where the whole consideration was described in the memorial as money, and it appeared that only a part of it was money, and the residue bank notes, it was decided on the above principle, that the consideration was well set out. It has, however, been ad 2 Ante, 347 to 352. Miller v. Race, 1 Burr. 457.-See 3 Atk. 232. 3 Fleming v. Brook, 1 Scho. & Lefr. 318, 9.-11 Ves. jun. 662. 4 Ante, 2.-1 Roper, 3. "Lowndes v. Anderson, 13 East. 130. 135.-1 Campb. 551. ante, 190. "Wright v. Reed, 3 T. R. 554.-Cousins v. Thompson, 6 T. R. |