The New York Herald Newspaper, March 14, 1855, Page 3

Our Canada Correspondence. Queso, March 8, 1855, ‘Ihe Beignorial Tenure Act—Revolutionary Publi- eations—Commencement of am Agitation for a Repeal of the Union with Great Britain, and the Annexation of Canada to the United States—The Militia Bill--Split in the St. Patrick's Society, ge. §e. Within the last week s pamphlet has made its ap- pearance from the printing office of Mesars. Bureau & Mareotteo, of this city, which is creating no little sensation. It is upon the subject of the Seignorial ‘Tenure act, purports to have been written by Lo Frere de Jean Baptiste, and bas for ite motto the words, “ Paie, Pauvre Peuple, Paie.” The great ques- tion is, who is the real author— some member of the rouge party, without doubt, as its main object ap- pears to be to applaud their Parliamentary speeches; but which? This question I shal! leave, as one of megrens importance to the readers of the Heratp 8nd proceed to a few words on the prodactioa itself Itis Titended to assist in the agitation which i’ is de termined to make at the nex: election against the law of this session providing tor the sbolitiva ot feada dues, and the style of appeal isso fraught with in- struction that I translate a few pasvages. After entering very minutely into the detuils of the act and attempting to show that :he censi/aire has been made the victim of a foul p'ot, aa will, if he resist not, be made to pay dearly for his supineness, tie pamphleteer says:—‘‘Berold the hi-tory of the pas- e of this Seignorial law. Such are the thots h I have Geomed it important to expose to the baw ,to theend that they might knuw wao are friends and who are their enemies. I is one of our politicai evils laid bare, toat the people might the better kuow how tuey are de Coyed in politics, by means of the famous resp »nsible gorstement, which is responsible to no one save to hirelings of Great Britain, who use our beantifal gary ‘a8 political slavery may be used wherever it '.”" He denounces the union between Upper and Lower Cavada in the most unmeasured terms, a8 @ scheme on the part of Grest Britain to ‘‘aau- tralize the energetic demands ot the French Cana- dian inhabitants,” and conticues :—‘‘Let us study for ® mement the recen’ history of Canads. See what the diplomatist Dorham recommended to |. Unite the two Provinces, said he. Give them a new Governor; an Exacative Council ible to the a Segreng & Legislative Council the members of which shall be chosen for life, au removed from the control of the people; a Lagisla- tive barat acd place in the hands ot the Governor and his isters all the patronage of government, to the end that tey may in some sort control every election in the country. Give places to the principal French Canadians, and by this moans, which ycu may call responsible cere, ou ph Sear este fil up has pence laliing : lic Opinion, an go well, in sl ave accomplished this, construct a railroed from Halifax to Lake Superior, through all the British colonies. Unite then the Provinces of Canada, New Bruns- wick, Nova Scotia, Prince Edward Isiand, aad Newfoundiand. a means you may destroy the French Canadians, and relieve yourselves of the most troublesome of your subjecw.” Le Frere de Jean Baptiste recounts in the most pointed man ner, the abuses that hare arisen under the system. He appeals to the love of the almighty dollar, Talks of our imports increased, our debt ag mented, our province involved, and no help for it but “paie, pauvre peuple, pate.” The spirit of disaf- aaticn, anne through the whole, me oe Caeise ae revolu vade every page. “In we de- ‘molished ieraet piel on tyranuies, bat since that time, by means of stratagems, decsit, and en- ticements, others have been imposed, waicn, thongh leas burthensome in ap; oe, are not in reality, and which are sapping the very foanda: tions ot our ek Eieeee o% * © * AS elec: tions, by the influence of government, the people fend men to rej ot them in Parlismeat whom they would render a service to the country by bury- ing alive. We might as well have no legislative cham- ber at all, as to have one, which, up to tals time, has exercised no control over the public interesta, which is controlled by, intead ot controlling the govern: ment. This is the naked truth. Toe Chambsr is Rot composed of maaters ot the government, but the government isthe master of the Caamber, tho master of the people, and Ciod knows how sorely we have been whipped. Before 1837 we were ill-treatea by strangers; day we are betrayed, pillaged, so'd, doned by our own brothers, ‘and that with a semblance silctne on our part” * * * “The People learn the evils of our institutions | only wi they have felt the effects of them ; and the osy will come when wounds will be healed by | wounds. It is dark now, but the time will come when the light will disperse the shadows.” The Peebity of a vice-royalty being eatablished in | tish America is playfally alluded to, and the re- fae creation of aw ihocsnge Ane? the most ni | sarcasm. @ people are ci apoa to resis the Seignorial act; the ecerieny of revolution is | hinted at most broadly, and, by way of showing | how little Canadians would have to lose by | icha step, the pamphleteer thus ur, them:— | ‘England, who has withdrawn little by little the advantages which she gave us in her markets,while, until very recently, preventing us from going elsewhere, has just recalled her troops trom Canada. It will be necessary forus now t> guard | the country for her, not for ua, and pay the | expenses of doing eo. It isforthis that our gov- ernment would organize a corps of two thousand | men, a volunteer militia, to do this service, and that all the militia are to be armed in the spriag. Way all this? you will exclaim. Why, but te protect the country trom the Esquimaux of the North, or | those devils of Americans, who msy some | or other take it into their heads to invade Csnads. All this will cost money. All this will augment the public debt. All this will increase | the imports, which already bear heavily upon the le, and ae will cost a Toen will be | time to say: Pay, people, pay. The rrdebee te of Ht ogi be may be regarded | 8 the commencement of a serious and persevering | tation for the r of the Union and annexa- in tothe United States; and, viewed in this | light, Anbewraetled HiB hat articular notice. It | may not be generally known that the rouge part, | are the srored advocates of eens eto rr published platform appears ol strong sere ti opinion on the subject:—Finally, and above all, independence of Canada, and her annexation to the United States.” When it is pemembered that no less than nineteen members of this party occupy seats in the House of | Assembly, and even there they make | no scruple avowing openly their 3, ince of the movement and the party who represent it, will be at oace per ccoived. The pamphlet, viewed in any light, isthe | merest clap-trep. Soarcely one of its facts are well founded, and Tt bases ita envire argument upon prin- | ciples, which, however popular in the palmy days of | Robespierre, we may devoutly hope may not be gener- | allyaccepted now. Bat it is not intended for the pe- | rusal of m of Parliament; it is desi, asan | ap to the passions avd prejudices the most tered of our population, and the very fact that abuse of England becomes the surest passport to wuch passions and prejadices, ia of itself fall of aig- nificance. Our system of government is open to numerous oectieae but Pah not chargeable with those | brought against it in the pamphlet in question. It is true that the government is supposed to control | 8 parliamentary majority, but they can do so = | 80 long as they continue to act in accordance wi the well understood wishes of the people; and whea fail so to act, and fail in consequence to con such majority, they cease at once to exist asa nment. The defeat ot the last administration a the most abundant proof of this. Atthe | close of the session of 1853, they commanded a large parliamentary majority. Duringthe recess it trans- | Pired that they were not prepared to go on at once | @ith the important measures then agitating the country, and charges of corruption were made against certain of its members. When they calledthe House | together in June last, it ceased to be @ matter of | doubt that they had determined upon me cone | the settlement of the Clergy Reserve question; They were defeated upon the second day of th? session, and compélled to dissolve the House and appeal to the country, where they fared no better, and were | compelicd fo give np the reins in September. Tae case alone is a clear refutation of toe charge of Le Frese de Joan Baptiate. 1 shall watch closely | the ess of this movement, and keep you duly paved cox cerning it. The guvernmen’ bas not yet brought dowa their Militia Sin Bir Ailan McNab, however, has aa- | nouncei that he will be prepared to lay it before | the Hoare on Tuesday next. It is expected to elicit | very warm discussion, although opposition to its principle, the establishment of a mititis force, wil: come solely from the rowge party, who, for reasons | sufficiently apparent from the former part of this letver, are opposed to any such organization. It ia | one of thore questions which involve the dis- | cussion of the fotare tuilitary polisy of this vty M | For the first time we feel ourselves called upon to ‘orpa of dofence to supply the place for- by the British bays oe | it seems like the first step towards incepeadence. We to ft altogether destitate of the red coats of our mother land, The regiments, the hye now in pee’ 6 | to remain here for rome time er. ie bas been 8 serious split in the ft Patrick’ of this city. It appears that on the oo casion of the election of officers, certain parties, ied Hearn, of Gavazzi riot notoriety, bent upon | election of Mr. Alleyn, late mayor of the city, , and believing that oe about | skill | case at the bar. | who are | security ot those interests, and NEW YORK HERALD, WEDNESDAY, MARCH 14, 1855. at Politics, and that on the it for them to leave public matters to those who are more phirg matic ia tem- perament. Good will come of all this. Superior Court—General Term. Before the full Beusch. MARINE INSURANCE—SEAWORTHINESS OF THE VES- dj SEL—WARRANTY, Simeon Draper os. the Commercial Insurance Company —This was one of foar suits, all involviag the same question, and arising out of the same Albatress in five different insurance com sanies. By the Court, SLosson, Jastice.—That the loss of the vessel is to be attriouted, primartly, t> the nezii- gence ard careiessnes: of the crew, or of such por- tion thereof as were at the tims espsvially eatrusted with ite safety, we think in the evidences there can be no reasonable doubt—bot as to proximate or immediate cause of the disaster was a pertl tum-ed against, the defendants would be liable if not cfs- sien on other grounde. ((stes va. Madison Oo. Mer. Ins. Co., 1 Seld., 478; Mathews Howard Ins. Co., 1 Kernaut.) Tne true question, the only one which we deem it necessary to consider at length, is, woetier the vessel was uaseaworthy at the commencement of the voyage, by reason of tie conceded incompetency cf ‘the master, (Captain | Greene,) as a navigator, there being, nevertielsas, er person on board (Captain McNeil.) 4 wium was especialiy entrusted by the owner the duty of navigating tue ship, and who is admitted «w hava | possessed competeut skill for that purpose. [ne question is entirely @ novel one, and its solution must depend on a correct aplication of the genera! principles upon which the doctrine of sca worthi- ness reats. The implied wairanty of seawortain:ss has its foundation in soanid priasiple, and involves the element of good faith as batween th3 | contractin; jes. The considera ion of tne coa- tract as respects the ingured is indemnity against extraordinary perils. As respec.s the ingurer, it is the chance o! og the premium; aud to enadle him to do , the ship mus’ be in a condition, when the peaty attaches, to resiat ordiaary psvils acd to accomplish the pories under ordinary risks; and so eesential is this, it the law des not re quire apy express covenant on the subject, bat ab- solutely avoids the contract, if in fact snis «tate of seaworthiness from the very nature of the contract, an under- taking on the part of the inaared that the vessel shall be capable of performing the voyage, and the violation or breach of this undertaking, tc xnicall termed a warranty, and which is, in eff ct, a condi- tion precedent, defeats and puta an end to tha con tract, whether the loss be attributable to te uneea- worthy condition of the vestel or not. The whole consideration fails as respects the iasurer, and ia the intendment of the law the contract naver exist: ‘tion, the vessel must be tig 1s, stanacn and stropg—she must be equi») with eversthia; eavential to her navigation du the voyage, an she must have a sufficient crew, both as to nu nbars and effislency; and last, though by no means lesat, she must have @ master or commanding officer of com, t skill, prudence and experience at least to conduct the na ion of the vessel, if not to maet the resporsibilitles of those sudden and decisive encics in which by his own act he often de- termincs the rights and liabilities of the parties to the contract. (1 Marshall, above cited; Park. Ins. ,ch. 11; 7 T. R. 160; 3 t, 7th ed., 356-7; 5 Mass. Rep. lt; 1 Ins., ry definition of seaworthiness to be found in the books, a master of competent skill is invariably included. It is contended and for the first time, it is believed, that if the akil! be present, it is by mo means essential to the war- ranty that it reside im the master, and that it facia. Simeon Draper effected an insarance on t.¢ atesmer i does not exist. The law implies, | i} crew to perform Guty is justifiable, apd mot a result within the meaning of tho statato of 1035, ‘United vs. Matthews, 2 Sumcer GG irs Abbot on Shipping, Story & Perkins’ edition, 244) It is true, tbe contrast oreated by the shipping articles, though entered into besween the master and rea- men, is not confined to the master with whom the voyage is commenced, bit extends to any other who may, in the course of the voyage, ba aub- stituted in his place; yet the party so sudstitated ust be one succeeding to theentire authority aod office of master. (United States ve. Cuastie 2 Sumner C. C. R. 582.) The power of panishmant rests, un master, while on board, nor cau a mate or other subordinate officer inflict punishment on the seamen wien the master is on the vessel, except by his su- thority, express or implied, and if such punishment ould be inflicted when the master is present and prevent it, and does not, he is person aly respon- sible, (U.S. vs. Taylor,2 Sumner C OC. R., 684.5 Fianders on Shipping, 85, § 63, and 99, §72-3.) It | is true an emergency may occur, in which for the general satety ic may become necessary that asab- ordinate officer shou/d enforce immediate orediaace to hia own orders by the exercise of violent or forci- ble means, but (in the language of Jadge Story) “this is noteo much @ punishment for the offsace of disobedience as a necessary means of com- pelling the performance of duty at the vary mowent when it is necersary to enforce prompt and immediate obedience.” Neither can the master delegate to any subordinate offer @ general authority to inflict punishment at bis ova | pleasure for the offences of the crew; the mazter stands in some respects in the relation of » parent to the crew, “and is bound to exercise his owa judg ment as to the time, the manner, and ths ciroam stances under which punishment is t»be inflt:ted op the crew for any past misdemeanors, or aay presevt misdemeanors pot immediately and materi aily Cig all ship's service or s-curity.”’ power of dismissing or removing a seaman reats wholly with the master, (3 Kent, 7 Ed., 237,) aud it is bis authority, directly or subordinately, in the inferior cfficera, when on duty, to which they owe obedience. Nor is this power of removal confined to the case of the seamen only, but in & proper cuse the master may remove the subordinate officers also, (Thompson vs. Busch, 4 Wash, C. ©. » 338; 3 Kent, 237.) This authority of the master over the crew aud aub- ordinete officers reats not alone upon the necessity of preserving discipline on board the ship, nor ex: clusively upon the contract between himself and the seamen by virtue of the shipping articles, but it bes ite origin partly in the fac! that the muster ia bimself personally responsible t> his owaers and to others for his conduct as master for any ivjary or | | | in the present cas3, | equally answers tue requirements of the coadition | if it be found in snother officer or person entrasted with the naviga‘ico simply. It is said that this does not Sigpense with the necessity ot a commandi officer known as master or captain; but that the du- ties of the latter ex end to a variety of objects othor than that ot mere navigation, and that a vessel be as well navigi by another as by the master himself; and tl ranty requires only that the vessal sh: a8 con- dition to xccumplish the voyage under ordinary pa Tila, it is sub:tantially complied with wheo the re- quiaite qualifications to successful navigation are peat, however dis'ributed as to persons. That, for exatople, a veascl is as seaworthy within tne meaning of the warranty, with a master unskilled in navigation, hat witha competent sailing mastor, or other person to conduct the navigation,on 5 though tLe master were if poasessed of all the necessary quulificatious ofa skilfal navigator asin the It may well is not a sufliclent snewer to this to eay that a coa- trary understanding of the mature and definition of seaworthiness having for a loag time, if not always, revailed, the parties may be said to have cin Tracted in reference to the latter, aud that the de- fendants are now precluded from setting a 4 ciffsr- ent interpretation of their ment. Bat apart from this, there are considerations which, in our be doubted whether it | judgment, render th's novel theory untenable. | {t is as essential to success in the navigation of a vessel that the person, waoever he may be, who is | entrusted with it, should be clothed with the requi- | site authority to enforce his commands, as that ne | should iteelf. fect subord! inferior offi itself freq’ require not o1 and presence of mind on the of the person con- ducting it, but the exercise of an abzolate authority, which for, and can enforce, immediate and unquestioning obedience. Tae service in which he (the master) is employed is one of uncommon peril, Lot only requiring great skil!, but often demandin: seas the necessary skill in the science nature of the employment requires per- ion on the partof the seamen and consummate akill The exigencies of the navigation | great promptitude of decision and action, and ad- | mitting no time of delay for deliberation, reasoning ag apeporper gear mp creng eens, | shill, are tsken into consideration, some of them in tion to meet and provide for those poor png and if there is not an ins‘anteneous ol to his Se ee ae the loss of the ship and all in it.”— (Flanders 85, 8.54.) Hencs, it is ra- nisite that both essentials—the skill aad the an- thorit -—shou'd be united in the same pe-son; other- wie, in the emergency which calls for theie exer- cike, the catastrophe to be avoided might become inevitable. Indeed, so palpable ia this trath that the able counsel who advo.ate! the doctrine in | question were forced to admit that with the nauti- cal skiJl must be combined the power of discigiioe; but y contended that this power did ac- tually reside in Mr. Neil, acting either by a uted authority from (irsene, or by authority derived from the owner of the vessel, and that disobedience to Mr. Neil contrary to the orders of Greene, would be disobedience to the master himself, and, of conree, punishable as | | such, There is no evidence that McNeil acted by any deputed authority from Greene, even if the lat ter could depute such an authority, His whole | J¢ power was derived from the commission which he eld from Draper, the owner of the vessel. But apart from this, the theory of the plaintiff's counse! requires that Greene should acquiesce in, and en- force, the orders which McNeil was to give; aud it virtually concedes that in the absence of such acquiescence, or of unanimity between them, the kill might become inoperative from the waat of the recessary authority to enforce its orders. Until, therefore, it is shown that Greene, as master, was | under a necessity of enforcing the orders which McNeil, a4 navigator, might give to the seamen and subordinate offiters, the whole theory lacks the only element which caa give it plansibility. Suck then being the necessity of authority conbined with #kill, in the person entrusted with the naviga- tiom of the vessel, the warranty, when it calls for the ekill, calls also for the authority, and whoever be the officer, or poraon, in whom tne latter resides moet be the one to pe ees the former within tae meaning of the cont . The law for the protes- tion of commerce, with all its entrusted inte'es:s of of life, has wisely clothed one person, bat one, with ali the authority requisite to the e wuccessful dis charge of the harardous duties involved in the navigation of the veesel, and that person is the master. Not ooly Grea the general maritime law give bim Lat yeh but express Casagee fl defined and, in some instances, enlarged it, and have, moreover, prescribed penalties for disobedience, and established through the medium of shipping ar- ticles or contract between the ronster seamen, which create mutual righ's and obligations. (1 Btat. at large, 1790, ch. 29.) Among other things, these statutes provide thats seaman who hes not signed these articles shali not be bound by the re- gulations, nor subjec; to the tes aad forfeitures contained in the act, and which regulations, pensl- ties and forfeitures prescribed A. e statutes, and which are thus [pera A, J —, otoren rotection of the authority of the master, as well as tre rights of the seaman; neither could he be guilty of desertion withia the meaning of the atatate, which defines that offence to be the absenting of himself by a eeaman who hes signed a contract for the vo hout leave of the master, or officer comm in the absence of tae master. There ites providing for the punishment of m against the master, and for the panisument of the master himself who, in a fereiga port, for es & seaman qm shore. (Act March 3, 1835, vol. 4; act March 3, 152), same vol. 3 ar | in \ loss 10 the ship or cargo, by reason of his owa negli- | gence or miscondact, or that of the men whom he employs. This responsibility attachbs to him by virtue of the supremacy of his office, and it is trae of no other officer in the sbip. It has ita analogy the responsibility which attaches to tue supreme head in all governments, and, as in the case of the latter, flude its compensasion io the authority which accompanies it over those for whose conduct the responsibility exists. (3 Kent, 235. Abbot, 231. Flanders on shipping, §66. Stone va. Kelland, ed, the risk bad never an inception. (1 Marsh. Iig, | | Wash. C.C.R., 142.) If auch be the nature and au: ch. 5, 00. 1,8; T. R192.) To constitute gris sea. | worthy condi y * thority of the office of master, and such the rela- tions between himself and crew; and if it be true, a8 most evident, that the skill and the authorit; must be both united in the same person, then it manifest that the warranty of seaworthiness is not complied with, when the authority is ali in the master, ard the skiil in a subcrdin: to the law, such a first mate, the next highest in authority; but the truth of the proposition becomes | more pa'pably manifest when the person in whom the skill resides occupies so anomalous a position as that held by Capt. McNeil. His dutie: were those of a sailing master, an office familiar in the vaval service, but entirely unknown to the Mercantile marine. In case of tha desth or absence of the master, or the occur rence of any event by which hs is rendered | incompetent to the discharge vf his duties, the right and form of the office devolve on the nex! in command, the first mate, an office known to and recognized by the law. (Copeland vs. Tne New Engaod Marine Ins. Co.,2 Metcalf, 452.) The s¢eman ships subject to this very contingency, and well knowing and understanding, and assenting to the rule; but the nondescript office of sailing master he knows nothing ot, and is not bound to recognise either by the usages of ths service, the maritine Jaw, or bis contract with the master, This very vessel was provided with a first and second mate, opon whom, in order, would have devolved tke navigation and command of the vessel in the event of the death of Ca Suppose this contingency to bave happened on the voyage could McNeil have claimed the right to suc him? Covld he have conteated this right with the chief mate? Allowing that his commission gave ee Greene, him some rights, they gave him no such right as | board, | this. The law of the marine, with which alono the insurer has to do, gives the right of succewion to the next « flicer in rank, and no private arrangement between the owner and McNeii, not koown and arsented to by these defendants, cou'd bave affe ste WEI 714s te claim that tue waste: #enonld be suc: ceeded by & competent officer, cothed by law wit’ the necessary authority to en‘orce discipline. Mo- Neil would have occupied iv :espect to the mate, precisely the position which ne tad maintained in relation to the master. Obedience wou!d have been due not to him, butthe mate, and his position would continue to be what it had been from | the first—an anomalous post of doty, with: out responsibility or power. If this view ba correct, and if, a6 it seems to be conceded, | the mate was a competent seaman, then in what respect, as regards seavorthiners, does the case differ from what it would have been had te vessel left New York without McNeil on board? The skill to navigate would have been equally present in the person of the mate, and with the advactage of his possessing some authority, and the right to claim the succession in case of the master’s omg and yet, can it be pretenced that the veasel would, under such circumstances, have been deemed nea- worthy withio the meaning ef the warranty? But there is a broader aspect in which I thick tnis doc- trine of sea worthiness, os respects the master, may well be regarded. Wheo the powers and duties of this office, apart from the exercise of mere nautical volying the power of fixing the liability of the insu rer himself, it is clear to my mind t} y when they enter into the contract, contemplate in the warranty of seaworthiness, in its application to the master, not merely a skilfal nayigator, bul a person of sufficient experience in his calling, and of adequate judgment and prudence, to be equal to tooee emergencies in which, by hia official act, he may determine the liabililies of the partica. Take, for illustration, the familiar iostances of @ technica) total lcas snd a jothieon. In the first, it is within the power of the master to sell the vere], which he must exercise upon bis own judgment of his owxer’s election to abandon. It msy present & case of extreme difficalty; the master is called to act, net upon certainties, but upor probabilities; and if he acts npon a correct estimate of these probabilities, he would be justified in abandoning, although the vessel be ‘afterwards repaired at less than the estimated expense, A itison, properly made, fixer the liability of the insurer ia gen average; the propriety of making it is to determined by the master alone, although he is at iva to o It with my pe cers. The crew have no authority | premives; it is a Lg. the exercise of which requiree great jucgment in determining the degree of ne ity. A master may be @ competent seman, 60 far aa skill in navigating the vessel is concerned, and yet totally destitute of that jadgment + which would make bim equal to a crisis like elther ot those just referred to; and while it may be admit- ted that the mere absence of a high degree ot jadg- ment and discretion in the master, who is nevorthe lees possessed of general nautical skill, would not of iteeif render a vease] unseawort: the necowity of these qualities as a means of protection to the in- surer shows thet the warranty in ques ion ia with him & matter of substance and not of forw, aud that it embraces a range of qualifications of w. ich nauti cal skill, while it may be the tost indispensable, is nevert eless not the only one. I: ia in the genera! capacty experience, and qualifications of the master, his ability safely to navi, the vease!, and encoun ter the aminrent risks of bis employment, and bia capacity to understand, shoose and decide in those extreme iesues, in which the decirion of the instant determines forever the liability of insurer, thet the | latter relies for the attainment of the only onject which inflcences bim in entering into the contract, the chance of earning the premium. He does not contract (in the absence of evidence to the contrary) to insure & voyage conducted by « landsman ar moster, though assisted in the navigation by a #kil ful person appointed for that purpose; and exp cially may it be eaid that be cannot, with any een blance of trath, be held to Lave #0 contracted when the assistant in question occupies a pout of duty vnknown to commercial usage aad law, ani wholly without authority over the crew. An in- ecmpetent master, with o powerless sasint- ant, ae sot enough to satisfy the reqaire ments of tbis condition, and it would be in- troduving a dangerous principle into the law of insurance to bold the insurer under euch ciream- stepces liable. There is nota particle of evidence to show that the defendants in these cases had the slightest intimation of the arran; it in renpect to the employment of Greene lcNetl, when the vensel fett the port of New York. They had no rew eon to expe t such an arrangement, and in all = bability would havo refused to insure had the cf declare the s¢T0u® innovation in the well understood principles _ of warine insurance, bat 4 violation of good faith tn the defendants. in ali the canes. der the generai maritime la v, ex lusive!y with the | Tae | Z for cari ying on the coal business were never greater ate person. This | would be true, wera such subordinate person known | FINANCIAL AND COMMERCIAL. MONEY MaRKET. Torspar, March 13—6 P. M. Btocks were all up again today. We have Boticed within the past day or two an activa spec- lative movement in some of the fancies, which | have for some time past been very quiet and much | neglected. The upward movement in Reading con- tinues with unabated vigor. Nicaragua Transit, to the extent of more than three thousand shares, sold tc-day at on advence, It is stated that this company have made an arrangement with the Params line by which the price of passage will bo considerably reduced. About $50 wil be taken off | each cless of passengers, which will give a great | impetus to trove, end be of benefit to both lines. Wo blo leern that the two companies stock their gross | receipts, acd divide them equally. This arrarge- ment must be highly favorable for the Nicaragua | Company, ard will, no doubt, be for the best in- tertsie of tho other lines in Panama. This agree mevt is for & long term, and we trust it will be rigidly adhered to. The capital inyoived in the lines of steamers which connect the Atlantic with the Pacific coast wnounts to millions of dollans | and thse who bave embarked their means | \ im theese enterprises should be foirly ro- | murerated for the ontlsy ond risks. Illi ois Central Railroad bonds have beea quite active during the past day or two, and have advoncei rspidly. The sales a’ the first board to- | day smounted to $41 000, at an improvement rang: ing trow { tol per cert, on time. We sllude to the | old bonds. The last issue has not been operated in | much late y State stocks continue active and baoy- | apt. Indiana 5's were not sustained #0 well today ax otbers, but the silos were large. The t vo and a | balfs command much better prices than the fives, difference in interest considered. At the first board | Virginia 6's advanced § per cent; INinois Central Bonds, }; New York Central 7's, 4; Canton O>., 4; Nicaragua Transit, 4; Cleveland and Toledo Rail rosd, 4; Quaberland Coal, 4; Reading Railroad, 4; | Chicago and Rhode Island Railroad, 1. Indiana 5's declined 1 per cent and Panama Railroad 1. The nee in Reading is not a temporary movement. Those who operate with that impreesion will make a great | | mistake. An immense quantity of stock has been thrown upon the market at the advance, notwith- | standing which prices continue to move steadily up- | ward. Parchasers at current rates are a clags of capitalists very different from sellers. They are moneyed men, who have ciossiy investigated the affairs of the company, #od are satisfied, if we may judge by the extent of their ia- vestments, that it is + of the bes purchases in the market. ‘The tacilities of the road | or in better order than at this moment, Its wharf Property extends over a mile on the Delaware river, on which the sidelings are «uflicisat to aceomm> date the whole of the cars and engives, extending in a direct line over fifty miles. The road itself is what is called a double track, although nine miles of a third track ia now constructed. The turnouts and sidelings amount to nearly double the extent laid down inthe regular way. It is now ascortained that a tbird track can bo completed for a sum not | exceeding one million and a half of doliara. Tha comp ny now owns the bridge across the Schuylkill river, and the railroad into the city, and through it from one river to the other. This bridge and road formerly belonged to the Siate, and o: iginally | cost one and o talf million of dollars. The | Reading Company purchased it for a vory small | sum— about one-quarter, we believe, of its firat cost. The company owns two squares of real estate in the | city, used a8 depots for paseengers and freight. Its | property, independent of the road and appendages, | {s immensely valuable, and could now be sold for | more than double its cort. Erie, Harlem, Central andallthe Western railroad stocks, conffaue dull and depressed. Not ou of thom possesses the first element of improvement. All are selling for much more than they are worth, and are sustained upos an easy money market. After the adjournment of the Board, the following sales of bonds and stocks were made at auction by umeon Diaper; — $17,000 Indiana tate bonds. £,000 Obio and Missi 10 Hudson River RI a6 «+ 59M interest aflded pi RR. 2d mort., do mort., ‘ort 10, 8, cleveland and 40 do Michigun Southern At the second board the market was a little weak. | This might bave been expected in some stocks after the recent rapid rive. IJlliaois Central Bonds | fell off 4 per cent; Virginia 6's, 4; Nicaragua Tran_ sit, 4; Erie Railroad, {; Harlem, 4; Reading Rail | road, 2; Panama Rai'road, 4. The reported sale of | Panama looks to us as though it should be reversed. Instead of 106 shares at 100, it may have been in | tended to read 100 shares at 105. If the first is | corrict, there has been the decline we notice. The transactions at the Assistant Treasurer's | office, to day, were as fullows :— 1 on Treasury account, 5 do. $217, 00 30 The Bhoe and Leather Bank has purchased the Central Bank building, on the corner of Chamb:rs street and Broadway, for $83,750, and wi'l move Yaid on disburving checks hundred and fitty horse power cach, which are now | ready to be placed on the ground. A large portion of the capital stock of the New Jersey Fravktinite Company is owned by gentlemen in Massachusetts, of great experience in the irom business. ‘The annexed statemont exhibits the condition of the leading departments of the banks of Now Or- leans, for the week ending March 6, compared with that for the previous week :— Banks ov New OnvRANS, Cash Liabilities, Depostts, Circulation, ——_ Mar. 6. Feb, 26, 4 $958,264 $925,204 (269,179 1,142,800 1,1 223, 728,208 270,669 219,006 Total. .... $16,4 Lens local notes counted as specie Total pecia 30 0,844,880 Exchange held by the respective banks at the end of the last two weeks: — 6. Bank of Louisiana... Mechanion’ Union Ban! Bank of New Orlea . Soutbern Bank........... The returns for the 6:1 of March, compared with those of the previous week, show an increase for the week ia deposits of $434,732; aft increase in Ape. cle of $423,150; in exchange, of $67,000, and an spparent decresse in circulation of 930; bus as the notes held bythe banks among themselves havo decreased during the week $253,424, a real increase in circulation of $147,444; a decrease in loans of $24,542. With an increase in specie forthe next three weeks, such as the banks have had for tho last three, their epecie will be up to as high a mark as at any time heretofore, and they will, in such a ccndition, be much better prepared to tacilitate the Jarge gmouzt of exchanges that they will, in the next thiee months, be called upon to aid. The banks of Nashville gave notice some time since that oa aud after the first day of March they would receive no notes of less denomination than five dollars, on deposit or in payment of debis. The Cumberland Telegraph says: — The great bulk of the coal henceforth to be mined and shipped {rom this region must be forwarded to mar- ket by the Chesapeake aud Ohio canal, Without « double track to Baltimore, the Baltimore and Ohio Rail- road will not be able to transport over five Bumdred thousand tons annually. Uetil the completion, several ears hence, of the Alexandsia, Loudon and Hampshire accommoda: fe of the Weaternport lie oaly means of transit cd for the increase that may occur each ear, 7 "Tne lmpertance, therefore, of putting the mansgement of thia magn ‘ work into the hands of fait efficiont and energetic men is apparent to all. Hereto- fore it hag pot bern controlled with wislom, ite affairs suffered for the want ofattention oa the part of ing the direction, ax much us they bi ce on the p it by investing co pital in bos this port and Alexahdria As long as the work remains under the management of men who feel no, or at lwast but little, interest in ite confidence will no stored. It will mot do ke {th offices stock to ply betwoem 2 State save been ftipendiaries upon asury, without pos sensing, or if they did ponses# the necessary qualitica tionr, wholly uninclined to exert them to further the welfare of the canal, this great work, will fail of it ra heavy de of everlanti This ev must be remedied, or oi at the best of men 1d be eon that ite such wisdom hould be hi all unnece the work will never be in a conditi to pay ite own Cebte, remunerate the State, or induce persons to aiven | ture upon #0 precarious a business ax boating upon tw wurface The coinage and deposits of the branch mint at | New Orleans during the mouth of February, were as ennexed i ql xT ar New Onteaxs—Deroers avy Coimace Total gold depo Bilver deponita — Silver parted from California gol silver dep ‘al gold and silver deporite 000 pieces, é $60,000 Gold doUare—20,000 pieces... Total gold coinage.,..., Ailver coinage — Hall dollars—250,000 piece, Quarter dollars—176,000 p cee $80,000 00 “ Total silver coinage 144,000 00 Total gold and silver coinage $264,009 00 into it from their present location, corner of W)!- liam and Jobn streete, on the Ist of Mey. Tho | price paid is about $15,000 less than the cost of the building. The bank bas already had offers for | offices, which will give the banking room free from rent. The Shoe and Leather Bank is one of the best institutions in the city, and ita new location will give ita great accevsion of business. It ina | curious fact that leather dealers are leaving the old Swamp and ita vicinity aad going over to the weat | ern side of the city. To give an idea of the charac. ter and credit of this class of merchsnta, we can state that the Shoe and Leather Bank*nevor has had @ note protested. The warrants entered at the Treasury Depact | ment, Washington, on the 10th Inat., were :-— For the redemption of #toc Dekesecsste For paying Treasury debts, +. 133,199 09 Note— Of this’amount the'rum of $607,109 75 was for advertising on account of the ser vice for the Post Office department. | interior Department. ae 58 07 $2,599 00 For the Navy Dep For covering into the Trees neous sources and from lan 16 12 ‘The stockholders of the Western (Wassachasetts) | Railroad bave voted in favor of the construction of arecond track from Mgat Albany to Springfield To meet this and other 6xtra Liabilities, the direc tors are suthorized to issue new notes, or bonds at #ix per cent., to the amount of #1,000,000 The etock or bonda are not to be sold below par. | A bill is before the Legislature of Maine to require | foreigo \nwurance companies doing business in that State to give bonds for the performance of their ob i nx, A bill bas also been introduced aliowlag borrowers to pay seven per cent jaterest per ancum when the rate has been agreed upon between the partics, The present legal rate in the State is 6.x per cent, The peculiar ore called “franklinite,” found very sbondantly in Boesex county, New Jersey, # now eccceesfuly employed in making both iron and 2:00 by ene operation. The iron seema very brillisat, anc js of « silvery white color, or more nearly re sembles antimony. It appears to be brittle in its present ebape, bat the wrought iron made ‘rom it ie eald to be ancommonly tough, and to command the bighest prices, The franklinite ore was sap posed to be almost worthless, bul now that {te re doction into two euch valaable prodacts has been 69 successfully accomplished, ite value must be almat y from miscella | not been over estimated. Only one farnace |s a) | by the wld of two powerful steam engines, 4 t1) | Augnsts Water Power (preferred) 4 bid ; present in operation, but two are soon to be erected, Judgment must be | of sufficient capacity to produce Gfty tons per day, | The large deposits of silver is a gratifying feature in these returns, and we are also glad to see the silver coinage #0 large. Laral stocks are quite active in Boston, and prices tuily sustained. Waverley advanced {, but the market is well supplied with stock at 4,4 | thousand shares or more being for sale at that Boston Water Power ia wanted at 65; Hadley Falls Company 36 to 38, and Lewiston Palle 62 bid Winnissimmet Company (Chelsea) is offered at 90 per share, the last sales being 60 at anction. The per of this company is only 50, and the stock haa wold for ab ut $200 withis two years. Since that time, however, # land dividend of #100 per share has been paid. The company have not pald s cash dividend since July, 1553, Dat from Jan. 1 up to that time they bad divided 24 per cent in cash. The debt of Texas c!amifled in conformity with the requirements of the act to provide for ascertaining the debt of the late republic of Texas, stands us follows: Deaton Tex nan 10 per ct figure ; on r 40 Fight per et. bee. by act Feb 6%, 1840 41,000 128,400 0 Te Treasury 0 1 100 ote 1,000 286,272 9 + 148,196 00 u a 347,078 2b B. Lome A 27 veriens whew In addition to the above are second and third as, claw B and second class B, making a total of 111,055.00 Tl, which mum, an scaled by Texas at ) cents, 25 cents, 20 cents, 10 cents, 70 cents and OO cents, in reduced to $5,000,896 91; conseqaen ily the $7. 750,000 awarded by Congress, should the Io- Gian depredations amount to $1,250,000, will pay the creditors shout twothirds of their claims Th? Ul of the United States Congress provides for the payment pro ) ata; Consequently the lower waled ra'ce are lacteaned and the higner decreased. Th act of Congress muat be enproved by the Texas la piniatare, of the ersembling of which & notice of phree monthe mex! b« wives by th) (-vernor, when, f that body, the Treasurer of the Uni Canpine claims. Gteck Exchange. | Tumpat, March 13, 1866. 915600 Ind Btate 6’ 360 ahs Nic TrCo bho 10000 do. 6 do ie do 100 do Ww m0 do 100 1000 do. 87's 100 do. we 6500 Ind 2h per ct. 62° 100 do. Noo do... 62% 200 do. M4000 200 do. 300 do 60N Y Cen 00 do 6 do. 10000 Mo 6’ “ D144 2000 Hud K let MB Lo 7000 Hud R ad M Bs £000 Pan Bis 24 is 2000 TIC RR Bas 2009 do 6000 do, £000 do 2000 do 1s000 £000 do 6000 do 6000 IN ORR Fr 8 1000 Har Let M Be 2000 do 8700 NY Con I 20 110 Reading itit de 60 U 8 Trust Co 100 Canton Co,,..0) 4 0b a ai 10 BK 200 do... 930 BOK 15 Mich Cen Kit..., 78 10 Mich South RR. 9@ 10% do... . 1 25 ChickRisland RR OO 3 17K AECOND BOARD, $6000 Ind c 87 ry 100 sla Erie RR 6000 Virg % a 4000 COLO TL 1000 a ' 4000 Hud Kd M iw 10000 Mo 6’... 830 40 she Comm’h Bk 400 Canton Co 400 do 100 do... 900 6 Mich South'n RR ¥@ 100 ama RR... 100 100 A ToLRR.. 1896 200 1& Cal RR. ” 400 10% CITY TRADE REPORT. ‘Tempay, March 13 P.M. Asirs—Were quiet, without ebange ia prices, Brxavervrys.—Flour—The medium and common braada of Btate four were scarce and firm. Tho salea footed ag about 4,600 a 6,000 bb! cluded in which were iafe- rior tocommon and choice State at prices rai ioe freee $5 67 n $9 62, common to good Western Ba 0 68; extra, and 611 60 2 60 for ox- which sold at $0 diminished . Southern About 1,000 w 1,100 etiona, 0 12 « 69 47 Cor inforter andextra. Rye flew $4 ST for Jer- Wheat—The sales em- 00 buabels Fouthern white, 5, 2,000 de, 000 do, do. at $228, Geese was held of Corn—The saloa reached about 38,000 40,008 Jing rome lots for export, at Otc. w 9c. for rn 97 ice. a URE ad Jor- lot of Northern rr or Jersey and North river. Bartegy ranged from $1 20 0 $1 20 Corves.—The market wan gain active and firm. The 0 of Rio, consisting of about 2,66 r quality, at Le, ‘,¢.; 800do., com: quality, at Ue. a LL terma, and 060 mate aes of 7,000 jo market ‘Corton —The market was active, with sales bales, about half of which were for export. Th clored firm, iting the receipt of later b of cotton were beef was a6 change te notice te Havre To Hremen, 660 bole reste , ond 60 tons measurement goods a6 rates for London engaged at 20 Fuurt—The market wan without change. 600 dry ralmna were soll by auction at $2 40064 50; 168 do, balves, ¢ & $1 65; 160 ke 2 3T68 $5.6 yrna fige at de Hiv —The salon embraced about 400 4 600 bales, at Ble. a Bfe Hors + of lant year's were mado at Ite « 30e, ut 100 tons Bootch pig were sold at $80 onthe bout 6004 600 bole. oof prime, at 260. a Ze A Bpirite were held at dle, and 600 bbls, 1, at 61 G2 » ed from Sle. @ 85¢, whale end of buyers ,. insist nad lots of new dit lorenoon 100 bb #. old mans wore eald, About 100 Uerces Indiana mess were of prices old mere, at $14 6 Faily in the f Ne thd of Tenth avenue 49 feet oi otrest, $2,400, Llotaerte street, 10 feet east of Kleventis #1 lot adjoining lant, $1,166; & 1,040, house and jot north side of Fi ts ad y and at of avenue A, 26298, emth 400, 1 lot * and Thirty-Afth ue $2400 (lot east side o 1s.4x1 00, by 100, $1 108 feet om of Kighty of 50 62102 2, 6420; nth and Kightioth +, having @ ¢ 18 10!, 237, lol 18 10067 6, 63,800; ‘jotming the last, 02.650, 1 $5,000, 2 tick house end jot ne te 7,1 four # rear) . No Forty hb third wtreet, 160 feet went of The lot with frame house im tromt treet, betwres Tenth Nook lye pre Sete etree, Moore tert, 102109, Bh, o* went Taylor st of Nowus ote The mate, ot ving t nelemency of the weather, rales were limited We only beard of some 4 0 60 bhde Cabs morcorato, a Aye “ he marke inactive aot #e only he 10 bh i, at Be jee ember and | 6 Voretgn Morkete, Ja, Ve P - A Kinoerey American bas ben » Beet. —¥ mit) Tard—145 firtine eh OLN price wit mete pub i le Wrought Tid att Mace ore m, in cargo, bave brought 25 6 Oe Ot — in cargo % 44 Mupply emall, Pork,T2e for mess, detand ervall, while the eo ppl: ralee & report, Ball —Haler ing ratee)—00 le. wt 200, 66 the. at 1 Vie (4 Wager — 120. 64' a lbe 64 ¥, Teobecre —We have heart of —No pales to repert oa New Kork, Waders, 0) Send 275 pO Gems)