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ia witness, &C \at in Bia^fSaio andChatUi MortgturA

Digitizeci by





are ijuoted and dealt in

ai the Stock Exchange,,

bat the pnncipai uans-

lOtkB taae piace in the

ces ot the ka/ge dealers,

h whuro panies desinng

Invest m oi dispose of

ids may transact then

mess eithei ih person ut

jugh a brokei The

iers are ordinarily pre*

ed to buy and sell either

laige or small amounts at

the current quotations.

This mode ot dealing greatly facilitates transac-
tions in Government bonds, and adds to their desir-
ability and convenience lor investment ; as it enables
the investor to purchase the bonds for immediate
delivery, or to convert them into money at once, and
also 10 ascertain, before he buys or sells, just what
price he must pay or will receive, instead of taking
the chances of an order to buy or sell at the market
prices, or at a fixed limit at the Stock Exchange.

The difference between the prices at which the
dealer is prepared to buy or sell the more active
bonds, on a steady market is usually one-eightb_

ei one per cent, with orraiianally wider Tiiia!>

All the different issues of Government bonds nov
outstandmg are m registered (orm, except the Fonrs
and Four-and-a-halla, which are both coupoQ and

Coupon bonds, at times, sell higher than regit*
tered l>onds ot the same issue; the difierence in
price in their favor occurring^ for the most part^
when United Sutes bonds are in demand in Euro*
pean markets, and for the reason that registered
bonds are not taken for the English and German
markets, except to a very limited extent

When bonds are not being sent abroad, and the
demand is for home investment exclusively, the price
of the registered bonds approximates more nearly or
becomes equal to, or a little higher than, that of the
coupon bonds.

Registered bonds rarely sell more than one-eie^tfa
of one per cent higher than coupon bonds, for the
reason that the latter can always be converted into
the former at the bare cost of forwarding them to
the Treasury Department for that purpose.

The Currency Sixes derive their name from the
fact that the interest on them is made payable in
•* United States Treasury notes or any other money
or currency which the United States have, or shall
declare lawful money and a legal tender.**

All the other iasaea of bonds derive the narpea bj

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wUch they are known from the rates of interest
whicdi they bear, or which they bore when originally

An the issues of United States bonds now out-
standing, except the Currency Sixes, are payable in
coin, either by the express terms of the Acts under
which they are issued, or by the pledge of the faith
of the United States in the "^ Public Credit Act ** of
March 18, 1869.

The Currency Sixes haying fixed periods to run
of from thirteen to seventeen years, with no option
on the part of the Government to call them in be-
fore maturity, are, for this reason, desirable for long
investment for Savings Banks, estates^ trust f un<k
and banking purposes.

The Three-and-a-half-per-cent bonds, continued
from Sixes of i88x, and known as '^Contmued
Sixes,** are now being called in from time to time,
and will probably all be paid off from the surplus
revenue, withm the next two years.

The Three-and-a-ball-per-ceut bonds, continued
from Fives of 1881 and knowL 9S "^Contmaed
.Rvcs,** are pretty certain to remaui audisturbed tor
several years, unless the holders are ottered m the
meantime, by new legislation, the advaDta^e of ex-
changing them for bonds having a dehuite time to
run, as an equivalent for a somewhat iowei rate of

The Four*and-a-half-per-cents have still nine
years to run ; but the Foiu-per-cents, having twenty^
five years to run, must be considered as the most
desirable for permanent investment of any ol the
issues now outstanding, unless the avoidance of the
high premium is desired, in which case the C6ntin>
aed Five9 will be most suitable.


Coupon bonds, being payable to bearer, pass by
delivery without assignment, and are therefore more
convenient for sale and delivery than refi;istered
bonds, which must be assigned by the party in
whose name they are registered. The interest cou-
pons being also payable to the bearer upon presen-
tation at any Sub-Treasury of the United States, the
holder of coupon bonds may collect his interest
without the necessity of personal identification.

The difficulty of holding coupon bonds with safety
by parties not provided with burglar proof safes or
tanlts of their own. has been, to a considerable ex-

tent, removed t^ the establishment of ^^ Sa(Et S^te^ittdBl
Companies,'* who undertake, for a modanto ouf^,
pensation, the custody of securities, uxudes tbe WhiH
favorable conditions for securing absolute zadWf j

Coupon bonds may be converted into regiisk id
bonds of the same issue, at the Treasury i>cv«-^
ment in Washington, but there is no ptovisiu« of
law for converting registered bonds into couj^M

Coupon bonds forwarded to the lleasury Depas^,
ment for conversion into registered bonds shotild be
addressed to "The Secretary of the Titjasury,
Washington, D. C ; '* except in case they are for»
warded by a National Bank, or foi account of a
National Bank, to secure deposits or circulation ; in
which case, if they are to secure deposits, they
^should be sent to "The Treasurer of the U. S.;**
or, if they are to secure circulation, to " The C6mp*
troller of the Currency. **


Registered bonds are issued without interest con*
pons, and are filled up in the name of the registered
owner» payable to him or his assigns. They are reg-
istered on the books of the Treasury Department id
the name of the party to whom they are filled up^
and are not available to any other person until prop*
erly assigned 01 transferred by the registered owner.

If registered bonds* are lost or stolen, payment
may be stopped by notifying the Treasury Depart-
ment at Washmgton, as detailed in Chapter VI.

For this reason, registered bonds afiord greater
security in case of loss, theft or destruction than
coupon bonds, and are therefore preferable for long
or permanent investment, and for investors who
have not the proper facilities for the safe keeping of
coupon bonds.


Registered bonds are transferable on the books of
the Treasury Department at Washington, when for
warded there with a proper assignmt' filled up and
executed in accordance with a form printed on
the back of the bonds. When a transfer is made,
the old bond is cancelled and a new one issued in
the name of the party to whom it has been trans-

As the interest on registered bonds, as it becomes
due. is sent hv check to the owner, at his Dost-offioi

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|(|dre8fl^ thb address should be ^ven with each

An executory administrator^ trustee, guardian, or
attorney cannot assign bonds to himseff, unless he is
specially authorized to do so by a courf possessing
lurisdictioD of the matter.

Regbtered bonds forwarded to the Treasury De-
partment for transfer should be addressed to ** The
]^egister of the Treasury, Washington, D. C./* ex-
cept in case they are forwarded by a National Bank
or for account of a National Bank, to spcure de-
posits or circulation, when the instructions contained
|n the succeeding chapter should be followed.


An Government Bonds are dealt in and quoted
flat — ^that is to say, the quoted market price is for
the bond as it stands at the time, including the ac-
crued interest, except that after the closing of the
transfer books the registered bonds are quoted ex-
interest — that is to say, the interest J]ien conjjijg due
belongs to the holder of the bond at tl^e time of f)^p
closing of the books, and does not go wftji th^; j^ppd
to the purchaser.

In comparing the ppces pf ^he coupon an4 reg}?-
t^red bonds during tjie period }n which the Jrfinsfer
books rem^n closed, \t st^o^ld be remepiberpd that
duping that tipae thp qupted price of thp poupon
bonds include^ the accn^ecl ipterpsf falling flue on
the first of the ensuing mppth, while t}i^ pf the rpg-
istpred bq^ds doe^ not If the iHarket v^^e pf the
legist^refl a^d poupon l>pnds ^ tl^p t\vfie k the s^p.
thp differpucp ip the quotqd prjce^ of tl^e ^wo wili bp
equal |p t|ie value of th^ JAteres^ included in thp
one 9nd pot in the othei:. ^or ex^i^le : f f , ip the
month o( December, when the books ^e p}os^d pfp-
paiatocy to the payment of tfi^ interest due January
M^tbj^ cqupon Four-per-cents are qifoted at ii8,
|llteq;pa|ent for thp registerec^ |:>on4s of the same

issue would be 1x7, the thie^ months* interest being
equal to one per cent

The interest on the different issues of Govern-
ment bonds now in circulation is payable as foUowa
— viz.:

Continued Sizes of x88i..3)^ ^ ** «' ' u' January i aiul Jnij ■

Continued Flvetof xSSi.})^ **
fpmmnd-a*|ia |f .per«y».<)^ •?
Pouruper^eots. 4 *


IFebruau^'i ao^ Utf t
Augint 1 ^ Nqy. i
( Mardh i and June t
ISetJ^ I £^ Oec. I

ad October x

* Juiy 1 an<

The onlv coupon bonds are in the Four- and the
Four-and-a-half-per-cent loans. They are in de-
nominations of $50, $100, $500, and $1,000.

There are registered bonds of all issues, lliqy arc
in denominations of $50, $100, $500, $1,000, ^^,000
and $10,000, except that of ihe Currency SiJ^es
there are none of a less denomination than $1,000.

Of the funded loans, viz., the Five-per-cents
(continued at ^i per cent), the ^our-and-a-half-per-
cents, and the Four-per-cents, there are, in addition
to the above, registered bonds of the denomination
of $20,000 and $50,000.

It is not generally advisable to have bonds regis-
tered ix^ higher denominations than $10,000, as they
will not bring as good a price in the marVet in
case of sal^ The highest denomination which is a
good delivery at tl^e New York Stock Exchange b



Bonds concerning which the Government has ex-
ercised its option olF redemption, and given notice
that they will cease to bear interest after a certain
date, are designated as ** called bonds.**

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piqT|0N4M qf LAW TEfl>fS.


T. The relinquishing to the uodefw
in Insunmce, of all' thi property saved
order to entitle the insured to claim for

reak down, destroy, or remove ; as, for

te (remove or put an end to) a nuisance.

The unlawful taking or 'detention of a

x?rty in possession or expe<^tancyj against

itention of procuring her marriage or d^

inlawtul taJdngof ab unmarried girl,iia>

OCT uic age oi Bixtieen yeara, otit of the possession, and

•gainst the will of, the father, or other person having the lawful care of

her, aitnoogh done without force or corrupt motives. The former la a

fefooy, and the latter a misdemeanor.

Abettor. A person who encourages or excites another to commit an
offence punishable by law.

Abeyance, irhe fee simple of lands is in abeyance when there is do
penoa in being hi whom it Can vest, so that it is in a sUte of expectancy
or waiung until a proper penon shall appear, or tbe right thereto it
determined. The same applies to dignities or offices.

Abjuration (oath oO- An oath disclaiming any right in the pro-
tender to the British throne, and also the jurisdiction and authority of
the pope Of any other foreign prince within this realm.
I Abortion. The offence of procuring the miscarriage ot a woman
fukk with child.

** Abstract of Title. An epitome of the deeds and dobuments consti>
tnting the evidence of title to an estate.

Acceptance. The act by which a person on whom a bill of exchange
Is drawn undertakes to pay It it maturity. The bill of exchange itself is
•ometfmes caHed, in common parlance, an acceptance.

Accessory. A person concerned In a feloniots offence, although not
the actual perpetrator, nor present at ha performance. He may be
■ocessory either before or after the fact.

Accommodation BUI. A bill of exchange accepted without value,
for tbe parpoke of raising money thereon by discount.
Account Stated. An account closed or balanced.
Acknowledgment by a Married Woman. A ceremony gone through
by a mar-led woman to enable her to convey her interest in land, and
ifb&±i has been substituted f ^r the old process of a fine.

Action. The method bl demanding the enforcement of a legal
pglit: and procuring ttdxtn for a civil Bi jury m the courts of commoii

Act of Parliament. SeeStatntea.

Acts of Bankruptcy are pumcrou s s n c h as keepfx^g out of the way

to avoid a creditor, etc

Addition. The title, degree, profession, or business, anc) also pm
place of abode of a person.

Adjudication. In England, the act of giving judgment, as, for In.
stance, when a bankruptcy judge Ends a party bankrupt, it is callet) tba
A4judication. In SoHJa n d U is applied to the law whereby a credifor
attaches the property oi his debtor, and has different significatiooa
according to the nature of tlie property attache4.

Administrator. He that has the goods ot a person dying wlf|ioii| %
will committed to his care, for the purpose of iqjraf disfi^^utjon. Tltf
nearest of kin is entitled to admmlstration.

Admiralty (Court of), has cognizance of a|| cfvil (hut not now, as II
had formeriy, of crimmal) matters, arising on the high seas, or on tbai|^
parts of the coast which are not within the jin^its of an ^n^lish coontf.
—Also of prize cases. Criminal matten are (riab|e be|oce the oftUnaiy
assize courts of the nearest English ooup^.

Ad Valorem. Stamp duties, t|ie amoup^ o|w||iGli It reg^lkatcj! ^
cording to *he value of the property, etc., are so terimed.

Advowson. The right of presentation to ap ecc|esfast|cal b cnefl oi.
He who possesses this rig|it Is styled the patron*' ^^vowboqi are a|
three kinds, presentative, collative, or dona^ve*

Affidavit. A written sutement upon oaf|i. |t mua^ |>e •worn befnnt
a person authorized to administer oaths ; who that is, depends opoo
wl^at the affidavit relates to. The same o^cer is i^ iisiuuly emponw
ered to administer oaths In all the courts.

Affinity. |telatk>n \>y marriage between (he hni|>an4 Of wife and'
the blood relations of either ; but not between the hiisbam) and wi£t

Affirmation. A solemn declaratjon f n lieu of an oa^

A Fortiori. By so much stronger reason.

Agent. A person appointed to do an act for anotfier. Theactwbeo
performed is, in law, the act of the principal ; the maxim being ^qol
facit peralium factt per se.*^

Agistment. Where cattle are taken in to pasture; from agiaer, f. a.,
levant and couchant.

Alderman. Literally, an elder man. In London the aldermen are
magistrates chosen for life.

Alibi. Elsewhere. A defence by which it is proved that the aocussd
was not at the place where the offence was committed at the tiiae of Hi

Digitized by




Aiiea« Oom Don ta a forHgB eonatry out of the alkffUaoe of the

ToAUea*. To ooowf or ditpow of property to anocher.
Aiimooy. Aa ailowaaoe oiade jj a husbaad to bis wife when tivlog
apar (roo tier
Aliunde: Eiiewliera, bettdet, Ac

Auegatioas. Tht pnartmgi ta the Wrctfritrkal Conrta are ao

Airefiaace. The obodkttoe wlikfa erery tub ject owea to hia prince
m liege lord.

Allocation. An aOowaiioe made on an account in the Bzcfaeqner.

Allocatur. The certificate by which a taxing maater oeitifiea the
amount ai which he liaa taxed a tnL of cocta.

Allodial (cootradisungttiahed from feudal), ia where landa are held
free i. c. wnhout being aub|ect to any fine, rent, or aenrke.

Amicua Curije. A oounael (or by-atander), who informa the Judge
on a point ot ,aw, on which be la doubcfui or mtttalrm.

Aoceator. The law dittingnwhea b e tw ee n anceator and prede-
cessor i the former is applied to indiTiduaJa> the latter to corporatiooa.

Ancient Demesne. A tenure of landa partaking of the propertlea
both ot copybotd and freebol'l

Apparstor. A mcaaenger chat aenrea the process of the BcdesiastU
cal Court

Appeal. The removal of a cause from an inferior into a superior
court, for tlie purpose of impcactung ibe Judgment of the inferior

Appearance to Action. The Unt formal step t>y a defendant in an
action or suit. It i» a nuuce thai he intends to defend.

Appellant. The person appealing to a superior from the decision of
an inlcnur court

Appana^fe The poruoo of the srounger children of continental

Appointment. A formal execution of tome power or authority • as,
for instance, a power to dispoac of property amongst a ccrtam class, aa
chiiilren or grandchildren

Appraiser A pcrwn who values persona* chattels

Appropriation The appropnaiioo of a payment means the ap-
plying ol a to the discharge «»t a particular debt, where the creditor to
whom 1 IS made hu<* more than one debt due trum the same debtor.

Approver A person guilty ol an .iidiciabie oflcnce. who. to obtain
pardon lot hirose.i makes a ful conlcsbion diud is admitted to give
evidence agamn* h*s accomplices

Arbitration An cxua^udicial method ol settling matters in differ-
ence b\ rcfemng them to the aroitramcni or dcicruitnuiiun ol persons
appointed by the disputants, and termed arbitraiort.

Arches Court A coun ol appeai from all inferior Ekxicsiosttcai
Courts within the province of dnicrbury, England.

Arraignment A tcrtp of criminal procedure A prifw)ncr. alter hav-
Ing had the indictment read over to him, iscoramaiMcd lo »uie whcth-
tr or oo« he is guilty This proceeding ts termed the arrrai^'nmini

Arrest A icga* scuurc, capture, or taking ol a xhjuis pcrb.>a v\ hich
is effected by corporeal touching, or something equivalent thereto In
civi* cases a moo can only be arrested under lei^al process Die officer
cannoi. breaa open a man's outer door f or the punx>sc ol arrestint; hira :
not can arrest on a civil process be eflecied on a Sunday , except after
an escape.

Arrest of Judgment. Where the coun stays a judgment, after a ver-
dict, on some quesuon of law.

Araon. Feionious housebummg.

Articled Clerk. A student bound by deed to serve an attorney pre-
paratory to bis own admission to practice

Articles of the Peace. A complaint against a person to compel him
to find sureties to keep the peace.

Aaaault and Battery. An attempt or offer, with force and violence
10 do a corporal hurt to another is an aaaault an injury actually done
JO the person of another in an angry, revengeful, or msolcnt manner,
be it evet so sraaii is a battery.

Assets. Property whethet real or personal. In the hands of ao exec>
Btor, Ac fo* the pu.poee of satisfyinir debts.

Aaaigoee a person to whom any real or personal property is trans-
ferred by the act of law, as an executor an aasigaae of a bankrupt* Ac,
s bar the aa of party, as a purchaser of a lease.

A iaig nmen t. A transfer of any kind of property from one pcnoa ta

Aaaumpait. A verbal or parol promise expressed or implied, apti^
ing out of a simple contract. The taw always implies a promiae to do

that which a party is legally boand to perform. An action of sw |i>

sit o^promiae ta the remedy for breach of a parol as Hi«n«giiiA^>«t tnm
a written contract.

Aaaurance. The tecaring the payment of a iomof mooey or other
benefit on the happening of a certain event, as, for instance, the death
of a person. This ts the term now usually applied to life contingencies
aa contradistinguished from fires, losses at sea, ftc., as to which the
term inaurance is still used.

Attachment. A process of the Courts of Law and Equity for coa*
pelling by arrest the performance of an act, which a party ts already in
contempt for not performing. Also an ancient remedy open to credi*
tors m London, and some other cities, to attach the money or goodaof
their debtor m the hands of a third party wlthm the city.

Attorney. A person appomted by another by letter or power of at»
tomey to do anything for him m his absence.

Attomey-at-Law. An officer of the superior ooerts of law, legallj
authonied to transact the business of other persons— termed his clieota
~in those courts.

Attornment. An admowtedgment by one person that he holds laada»
or IS the tenant, of another, thereby creating between them the reiatmo
ot land'ord and tenant.

Autre Droit. When a person holds an estate not in his own right,
but m right of another.

Autre Vie. For the life of another. /

Average. A contnbuuon to a general losa. When, for the safety of
a ship m distress, any destruction of property is inctirred, all p er soia
having goods on board contribute ratably to the lOss • this is called

Award. The judgment or decision of an arbitrator.

Backing a Warrant. The indorsing by a justice of the peace of tht
county where a wuront < which has t>een granted by the justice of the
peace of another county) is about to be executed, and .s a neccsaary act
to be done bet ore a person con be apprehended in a county diflerent to
that in which the warrant was issued.

Bail. The sureties lor the reappearance of a person released from

Bail- Bond. A document under seoj, by which a person becomes ball.

Bailee An individual intrusted wiili il.c custouy of gooda i tor la«
tance. a earner

Cailifl Dicre are various kinds of hiihfTs , the most common being
those appointed t)v the s'icrtfT. commonly called shcrifT's officer

Bailment. A delivery ol a thing in trust lor sotcc spccioi object Of

Bailor. The person who mokes a bailment, or delivers gooda to a

Banc, or Banco isiitin;^^ in) The sitimgs of the judges ot the so-
pci'KM t-ourih *l Common \^\'f

UanKcr A pcrvjn wtio huiJs the money of another, and disposes of ^
It oji iiJC other trorn umc 'o time directs.

bank Note. A promise by a t>ankcr to pay a specified stun to the

Bankrupt. A trader who is indebted in a ccrtam amount, and has
commuted .m aci oj oonkruptcy Sc*e Acts of Darkruptcy.

Bari^aifi and Sale. A firm of conveyance : but rarely now used.

Baron and Feme The oicl ict'ai style ot h'lshand and w.fc-

Barratry. Any act of the master or crew of a <(hip which is of a crisa
inai OT fraudulent nature, icndine to the prcj-jdicc of the owners.

Barriatera. A body of men qualified bv admission in ono of the tnns
of Court to plead as advocates ; such admission is termed, being ** called
to the bar. '

Base Pee. A freehold e^ate of inheritance, liable to t>e determined
on the happeninir of a certain event

Battct A triai by comtMt. formerly allowed by the law, by which
the innocence or fruil* ot a party was decided.

BaUery. See Assault and Battery.

Bencher. A Senior of the Inns of Court.

B«ncflce. An eodeaiaatical tiviaft

Digitized by



Beaeflt of dmrgy. Certain prirOcges fonnatf cn^oTcd ty tba
dcrg7 akxie ; mf terwaitls a privilege daimed by aU cnmmalt who
could read, but now aboliahed.

Bequest. A teatamentary dispoeltioa of peraonal ettate.
Bigamy. The criminal offence of a married man or wdbum pretend-
ing to many again, hia wife or her husband (as the case may be) being

BUI. The term applied to an intended statute when passing through
Googreas, prior to its becoming law.

- Bill in Chancery. A printed statement of the plaintiff's case In the
form of a petition to the Lord C h an c ellor, prftying for redress. It is
Che first step m a suit

Bill of Exceptions. A mode of appealing from the decision of a
Judge on a point of law.

Bill of Exchange. A written order for pairment of money by one
person (called the drawer) upon another (termed the drawee). When
the drawee has undertaken to pay the bill, which he does by writing
his name across it, he is termed the acceptor. Bills of exchange are ne»
I^DCiable, i. e. they confer on the holder the right of suing upon it,
wfaidi he could net do in the case of a mere ordinary contract, for the
want of that pririty which the law m ordinary cases requuvs between
the parties to a contract. The law as to bills of exchange is governed
by the law Merchant See Law Merchant.

BUI of Lading. A memorandum or receipt signed by the master of a
ihip, acknowledging the shipment of goods, which are osually made
delivexable to the consignee, or his order. One part of the bill of lading
is sent to the c ons ig n e e by post. Dy indorsing the bill of lading the
f up e >ty in the goods is passed to the indorsee, and so from hand to

Online LibraryNugent RobinsonCollier's cyclopedia of commercial and social information and treasury of ... → online text (page 51 of 148)