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picture, supposing that it was once in the collection of an eminent
man
Another case may be stated of a man who was desirous of purchasing a
picture, supposing that it was once in the collection of an eminent
man. The seller knew perfectly well that the picture did not come from
that collection and that the buyer was acting under a delusion. He did
not say that the picture had belonged to the collection or had not; he
was silent, although he knew that the buyer would not purchase it if
he knew the truth about its former ownership. For some reason or other
the buyer did not make any inquiry of the seller, or if he did was not
told. But after purchasing the picture the buyer learned that he was
mistaken and that the seller knew this at the time of making the sale.
He sought to recover the money he had paid and succeeded, the court
saying that a fraud had been practised upon him; that it was the duty
of the seller, knowing what was passing in the mind of the buyer, to
have told him the truth about the former ownership of the picture.

years
The world has had its bankers and money-changers for thousands of
years. Babylonian tablets have been found which record banking
transactions which took place in the reign of Nebuchadnezzar. Modern
banking institutions, however, had their origin in the twelfth
century. The first institution of this character in Europe was the
Bank of Venice, founded A. D. 1171. It was based upon a forced loan of
the republic. Funds deposited in it could not be withdrawn, but were
transferable on the books at the pleasure of the owners. The Bank of
Genoa was founded in 1407, and for many years was one of the
principal banks of Europe. It was the first to issue circulating
notes; these were negotiable only by indorsement–that is to say, they
were not made payable to bearer. This was a long step in advance of
the earlier system of deposit transfers which was also employed by
this bank. The Bank of Amsterdam, established in 1607, was the
earliest considerable institution of the kind which looked to the
promotion of commerce. The Bank of Hamburg, established in 1619, was a
bank of deposit and circulation based upon fine silver bars. The
deposits were confined to silver. The Bank of England is more than 200
years old and is to-day acknowledged to be the greatest financial
institution in the world. Nearly all the paper money of England is
issued by this bank. This currency is based partly upon securities
and partly upon deposits of coin. There are three or four banks in the
United States more than one hundred years old. In 1781 Robert Morris,
then superintendent of finance, submitted to Congress a plan for the
establishment of the Bank of North America at Philadelphia. In 1784
the State of Massachusetts incorporated the Massachusetts Bank. The
Bank of New York was chartered in 1791.

corporations are not stock companies
Stock companies are usually referred to as corporations, though all
corporations are not stock companies. A corporation is a body
consisting usually of several persons empowered by law to act as one
individual. There are two principal classes–(1) public corporations
and (2) private corporations. Public corporations are not stock
companies; private corporations usually are. Public corporations are
created for the public interest, such as cities, towns, universities,
hospitals, etc.; private corporations, such as railways, banks,
manufacturing companies, etc., are created usually for the profit of
the members. Corporate bodies whose members at discretion fill by
appointment all vacancies occurring in their membership are sometimes
called close corporations.

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example, if it is overrun with rats, or becomes so decayed that the
weather invades and is thereby rendered unfit–the tenant, so the law
says, has indeed the privilege of quitting, if he did not know these
things at the time of entering; but if he did, he would be required to
live there, however much he might dislike the company of rats or the
presence of the snow or rain, and also to pay his rent; or, if
quitting for that reason, he would still be responsible for the rent
as he would if living in the house
If a house becomes unfit for living therein by its own fault–for
example, if it is overrun with rats, or becomes so decayed that the
weather invades and is thereby rendered unfit–the tenant, so the law
says, has indeed the privilege of quitting, if he did not know these
things at the time of entering; but if he did, he would be required to
live there, however much he might dislike the company of rats or the
presence of the snow or rain, and also to pay his rent; or, if
quitting for that reason, he would still be responsible for the rent
as he would if living in the house. An eminent legal writer has stated
the principle in this way: The tenant can leave if the defect was not
known or anticipated by him, or known or anticipated if he had made a
reasonable investigation or inquiry before he took the lease.

10. A bank must not lend more than one tenth of its capital to one
person, corporation or firm, directly or indirectly, nor lend
money on the security of its own shares, nor be the purchaser or
holder of its own shares unless taken as security for a debt
previously contracted in good faith, and if so taken they must
be sold within six months under penalty of being put in
liquidation.

not taken away, and should fail in business, or that persons to whom
he owed money should sue him and try to hold not only all of the goods
still owned by him but even those which he had sold
Suppose the seller had things in his keeping that had been sold but
not taken away, and should fail in business, or that persons to whom
he owed money should sue him and try to hold not only all of the goods
still owned by him but even those which he had sold. Could they
succeed as against a person who had bought them in perfectly good
faith? It is said that the buyer in such cases can get his goods after
clearly showing that he had bought them and paid for them; but the
evidence of his purchase must be perfectly clear, otherwise the court
will not permit him to take them away and he will lose them.

the equivalency of a certain amount of the (coin) currency of the one
in the (coin) currency of the other, supposing the currencies of both
to be of the precise weight and purity fixed by the respective mints
The _par_ of the currency of any two countries means, among merchants,
the equivalency of a certain amount of the (coin) currency of the one
in the (coin) currency of the other, supposing the currencies of both
to be of the precise weight and purity fixed by the respective mints.
The par of exchange between Great Britain and the United States is
4.86-2/3; that is, L1 sterling is worth $4.86-2/3. Exchange is quoted
daily in New York and other city papers at 4.87, 4.88, 4.88-1/2, etc.,
for sight bills and at a higher rate for sixty-day bills. Business men
who are accustomed to watching fluctuations in exchange rates use the
quotations as a sort of barometer to foretell trade conditions. The
imports and exports of bullion (uncoined gold) are the real test of
exchange. If bullion is stationary, flowing neither into nor out of a
country, its exchanges may be truly said to be at par; and on the
other hand, if bullion is being exported from a country, it is a proof
that the exchange is against it; and conversely if there be large
importations.

is made
The times for paying rent are usually specified in the lease, if one
is made. When they are not the tenant is governed by the usage of the
country or place where he lives.