Page:Federal Reporter, 1st Series, Volume 1.djvu/837

 IN SE PEANKLIN M. KETOHUM. 82& �on the apparent title made by the actual possession of it, whieh injury may be equivalent to the parting -with value. For, as pointee! out above, and illustrated by the authorities cited, money is, in ail things, a chattel, and subjeet to the law which govems other chattels, except bo far as it has the peculiar attribute of money in carrying its title by delivery from hand to hand, and that exception is only made on grounds of public policy for the protection of those who tske it as money. �The case of Ex parte Apsey, therefore, if it can stand as an authority consistently with more recent decisions, is not an authority for the position that the firm of Ketchum & Belknap could defend against a suit by Morris Ketchum for his money misappropriated by Belknap to the use of the firm, since here it is clearly proved that Franklin M. Ketchum did not even know, till the fraud itself was discovered by him after the failure, that his partner, Belknap, had paid in the money at ail. It appears by the proofs that Belknap had exclusive charge of the financial affairs of the firm, and the raising of money for its use ; that he alone kept the books ; that Franklin M. Ketchum never examined the books, or knew what was in them ; that the only entries of these trans- actions in the books until after the failure, when Belknap wrote them up, was the memorandum of the deposits made in the bank account of the firm in its check-book, where were minuted, among other sums deposited, these sums in question, against some of which were placed the initiais "M. K.," de- noting to Belknap that it was Morris Ketchum's money, but with nothing to show whether the sums deposited were moneys borrowed or received for debts due the firm, or belonging to the individual partners. Nor, so far as appears, was Belknap ever credited in his account on the firm's books with these sums as money contributed by him. Nor does it appear how his account stood at the time these advanees by him to the use of the firm were made. �Thus, a more complete case of the total want of those ele- ments which are necessary to make out an equity on Frank- lin M. Ketchum's part to this money, on the groUnd that he, ��� �