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adequate delivery without similar notice. But if the carrier has pointed out a place or way of delivery to himself, as at his station or in his box, he must take notice; and if the owner has in any way designated how the goods may be delivered to himself, he is bound by it. The notice must be prompt and distinct. And if the goods are delivered at an unsuitable or unauthorized place, no notice will make this a good delivery.

Railroads terminate at their station, and although goods might be sent by wagons to the house or store of consignees, this is not usually done, as it is considered that the railroad carrier has finished his transit at his own terminus. Usually, the consignee of goods sent by railroad has notice from the consignor when to expect them; and this is so common, that it is seldom necessary, in fact, for the agent of the railroad to give notice to the consignee. But this should, we think, be given where it is necessary; and should be given as promptly, directly, and specifically, as may be necessary for the purpose of the notice. In a recent case in Massachusetts, the court appear to be of opinion, that the liability of a railroad company as carriers is terminated as soon as the goods are unladen from their car in their warehouse; and that afterwards they are only liable as warehousemen, or depositories, that is for their own fault. Indeed, it was distinctly held that the proprietors of a railroad, who transport goods over their road for hire, and deposit them in their warehouse without additional charge, until the owner or consignee has a reasonable time to take them away, are not liable as common carriers for the loss of the goods by fire, without negligence or default on their part, after the goods are unladen from the cars and placed in the warehouse, but are liable as warehousemen only, for want of ordinary care; although the owner or consignee has no opportunity to take the goods away before the fire. But this decision seems to go very far indeed.

A railroad company may be compared to owners of ships in this respect, that they cannot take either the cars or the ships farther than the station or the wharf, and therefore may deliver the goods there. But a carrier by water is bound to give notice that the goods are on the wharf, and is not exhonerated as carrier until he gives such notice; whereas, in this very case, the court intimate that a railroad company is not bound to give notice. The law on the point when the responsibility of a railroad company as a common carrier ends, is not yet settled; nor will it be until it is determined by statutes, by further adjudication, or by established and general usage.

It may happen that some third party may claim the goods, under a title adverse to that of the consignor or consignee. If the carrier refuse to deliver them to this third party, and it turns out that the claimant had a legal right to demand them, the carrier would be liable in damages to him. But the carrier may, and should, demand full and clear evidence of the claimant's title; and, if the evidence be not satisfactory, he may demand security and indemnity. If the evidence or the indemnity be withheld, he certainly should not be held answerable for anything beyond that amount which the goods themselves would satisfy, for he is in no fault. If he delivers the goods to such claimant, proof that the claimant had good title is an adequate defence against any suit by the consignor or consignee for non-delivery. In a case in Pennsylvania, the defendants were common carriers of goods between New York and Philadelphia,

and had signed a receipt for certain goods as received by A, which they promised to deliver to his order. In an action by the indorsees of this receipt, who had made advances on the goods, it was held that the defendants might prove that A had no title to the goods, but that they had been fraudulently obtained by him from the true owner; and that, upon demand, they had delivered them up to the latter. The same doctrine has also been held in New York.

COMMERCIAL CHRONICLE AND REVIEW.

THIS CHANGE OF SECRETARIES-ME, FESSENDEN AND THE BANKS-THE NEW LOAN PUT UPON THE MARKET-THE SCARCITY OF GREENBACKS CAUSED BY THE RISE IN PRICES-PRICES OF GOVERNMENT STOCKS-RE-EXPORT OF EXPORTED GOODS-PRICES OF GOLD AND EXCHANGE, ETC.

THE situation of the Federal Treasury, resulting from the change of Secre taries, in the midst of the most pressing financial difficulties, has continued to exercise an overshadowing influence upon the markets generally. The new Secretary has not yet adopted any decided "policy," and in this has, to some extent, disappointed the public expectation. The public mind had become long since wearied with the suspense in which it had, for more than two years, been kept by Mr. CHASE, who continually condemned the paper system while he perseveringly pursued it. Some change in this respect was wanting. There is nothing so detrimental to the interests of business, and, consequently, to those of the Treasury, as uncertainty. Mercantile affairs very soon accommodate themselves to the grooves in which they are to run, if only those grooves are permanent, and an assurance of that was earnestly looked for. It is no doubt the case that the legislation devised for Congress, by Mr. CHASE, had become the rule of action for his successor; but that legislation had always been at such loose ends as to allow the Treasury action to vibrate from the extreme of contraction to the extreme of expansion. The question was then will Mr. FESSENDEN Continue the same tortuous course, or will he promptly avow himself in favor of husbanding the taxes, and borrowing his deficits at the market rate?

Mr. FESSENDEN took a few days to decide whether he should accept the office, but finally, on the 5th July, entered upon the discharge of the duties. The remnant of Mr. CHASE's loan had been put upon the market again for offers, at a minimum of 104, bids to be opened July 6. That loan was withdrawn. On the 11th July, Mr. FESSENDEN arrived in town, and had a meeting with the Bank officers and financial notables on the 12th. The attendance was large, and representing the financial talent of the city. Mr. WILLIAMS was called to the chair, and Mr. LYMAN, of the Clearing House, appointed secretary. Mr. FES

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SENDEN was introduced, and spoke for about three-fourths of an hour, making a very favorable impression upon all present. His manner, as well as the treatment of his subject, was in striking contrast with the exhibitions made on some former occasions. After he had set forth the reasons which had induced him to accept the position he holds, and had spoken candidly of the wants of the Treasury and the extent of the means to be anticipated for their supply, a committee of nine bank officers was appointed to see what the banks could do toward meeting his wishes. Mr. MOSES TAYLOR was chairman of the committee, and they agreed unanimously to recommend the loaning of fifty million dollars to the Treasury, by the Banks of New York, Philadelphia, and Boston, for an issue of seven and three-tenths Treasury notes, provided the Secretary would allow the money to be simply credited to the Government, and checked for as credits are drawn by private borrowers. Mr. FESSENDEN hesitated only in regard to his authority to adopt the condition named. A strong influence was brought to bear to induce him to do what Mr. CHASE had so frequently done, viz., draw the whole out of the Banks at once, and place it with the National Banks for their profit thus giving them the power of creditors over the old Banks while they profited by the public money. It was finally decided, however, that the SubTreasury law, as far as it remains unrepealed, restrains the Secretary from using the old Banks as depositaries by drawing directly upon them. It being well understood that it was impossible for the Banks to make the loan in any other manner, the negotiation fell through, with, however, the best understanding.

There was nothing further done, in relation to extraordinary means for the Treasury, until the 25th of July, when notice of a new loan was put out under the authority of the act of June, 1864, in which it was stated that subscriptions would be received (by the Treasurer of the United States, the several Assistant Treasurers and designated Depositaries, and by the National Banks designated and qualified as depositaries and financial agents,) for treasury notes payable three years from August 15th, 1864, bearing interest at the rate of seven and three-tenths per cent. per annum, with semi annual coupons attached, payable in lawful money. These notes are to be convertible, at the option of the holder, at maturity, into 6 per cent gold bearing bonds, redeemable after five, and payable twenty years from August 15th, 1867. The notes will be issued in denominations of filty, one hundred, five hundred, one thousand, and five thousand dollars, and in blauk, or payable to order, as may be decided by the subscribers. All subscriptions must be for fifty dollars, or some multiple of fifty dollars. Interest will be allowed to August 15th on all deposits made prior to that date, and paid by the Department upon receipt of these original certificates. As the notes draw interest from August 15th, persons making deposits subsequent to that date must pay the interest accrued from the date of the note to the date of the deposit. Parties depositing twenty-five thousand dollars and upwards for three notes at one time, will be allowed a commission of one quarter of one per cent, which will be paid by the Treasury Department upon the receipt of a bill for the amount, certified to by the officer with whom the deposit was made. No deduction for commissions must be made from the deposits.

Accompanying these proposals was an appeal to the people, which was not of a character to inspire confidence, since it seemed to repeat Mr. CHASE's crudi

ties, to the effect that the deranged state of the currency is imputable "to vicions speculation, a consequent increase of prices, and violent fluctuations." This savors too much of the theoretical politician, and too little of the practical financier. The address stated, however, that the revenues were now coming in more freely; also, that the internal tax, which gave but four and a half millions in June, 1863, gave fifteen millions in July, 1864; and that, under the new law, in July, the Treasury had frequently received $1,000,000 per day. This is calculated to inspire faith in the future.

The notes offered are like the seven-thirty three year bonds emitted August, 1861, with the exception that the interest is payable in paper money. They are convertible, at maturity, into the same long twenty year 6 per cent gold interest bonds. These notes are not legal-tender.

The progress of the public debt, per official reports, has been as follows:

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During the negotiations and hesitations on the part of the Treasury, referred to above, business generally remained in abeyance, and money (greenbacks) was exceedingly scarce. The pay of the troops had fallen due July 1, and required a considerable supply of small notes: while the flow of money to the interior, for the purchase of the crops, was considerable, since the rise in prices required increased quantities. The value of most crops, as measured in money, far exceeds this year that which was apparent last year, and the drain upon the supply of paper is necessarily much greater. Where prices of merchandise and goods rise, the amount of money that remains in the hands of dealers, operatives and manu facturers, is very much larger than at times when prices are lower. Thus, a manufacturer who has one hundred hands to pay off on Saturday, will require $800 when wages average $8; but he must have $1,700 to meet the same payment now. This money goes into the hands of persons who pay it out gradually through the week, getting no more for it than for the smaller sums, when prices were lower. The money thus remains in circulation, sinks, as it were, into the ground, and, notwithstanding its great supply, is, by a paradox, scarcer than ever. This phenomenon leads to the strange notion that "greenbacks are hoarded," as has been gravely stated by some very intelligent writers.

To illustrate, however, this phenomenon farther, we may take the fluctuations in gold. These fluctuations lead to the retention of paper money by many parties, with the view of buying it when it falls, and of selling when it again rises. Thus every succeeding rise in the price of gold will draw a larger sum of paper from the market, to be returned for gold when its price shall again recede. If we suppose that $10,000,000 in gold are, in the whole country, held in this way, that amount may have cost $16,000,000 last February; but it would, on being sold in July, have caused a demand for $28,000,000 to pay for it. Thus

the rise in that article would cause a demand for $12,000,000 more legal-tender than the same commodity represented a few months before. So, too, in regard to the wool clip, which now falls due, and is to be purchased. Its weight is usually 50,000,000 lbs. Two years since the price was 46 cents, aad the crop required $23,000,000. The price is now $1, and the crop requires $50,000,000. Throughout the long list of articles dealt in, the same effects are produced, and not the least among them is the pay of the army, which recurs every sixty days, and which amounted, last year, to $40,000,000, but now requires $60,000,000, mostly in small notes. These are paid to soldiers, through whose hands it finds its way to families in every State, and percolates through all the channels of business back to the great centres in the course of the sixty days. Thus, the unceasing rise in prices, caused mostly by Government currency, war expendi ture, injured crops, diminished production, &c., continually absorbs more greenbacks, puzzling those who regard merely the volume of the emissions as the index of supply. The fact is that the more currency there is out the less money there really is, because the currency represents less capital. These phenomena have been particularly marked during the past month. The rate of money has been very high, and most prices of stocks downward in their tendency. The rates of the leading Government Stocks were as follows:

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These figures indicate not only the tightness of money, which was very great, forcing the one year certificate 6 per cent in paper down to 92, (a rate which

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