Page:Federal Reporter, 1st Series, Volume 2.djvu/53

 46 PEDEBAIi REPORTER. �ment who maies an early blant indorsement, payable tohîm- self, thereby discharges ail subsequent indorsers thereon from liability as such, the same as if he had stricken their names therefrom, �The only case cited which is directly in point is that of Cole V. Cushing, 8 Pick. 48, in which is was held that such an act did not discharge the subsequent indorsers, but tbey still remained liable to the holder. To the contrary of this there is a dictum or suggestion in 2 Par. on N. & B. 19, to the effect that "it might be said in such a case that when the holder made the note payable to himself by the first indorser, he made himself indorsee of that indorser, and thereby dis- charged ail subsequent indorsers." �The suggestion, "it might be said, " however distinguished the source, scareely amounts to a quœre, and certainly cannot overcome or cast doubt upon the well considered decision in Cole T. Cushing, with which my own judgment wholly concurs. �It is not to be presumed that the holder of a note with a number of indorsers thereon will intentionally discharge any of them without some reason or consideration commensurate with the loss of security for bis debt thereby sustained. The indorsers having no right to be discharged, the act of the plaintifif ought not to be construed to have that effect, unless it plainly appears that such was the intention with which it was done, than which nothing is more improbable. �The direction written by the plaintiff over the indorsements upon the notes is not written over the signature of Gaston exclusively, and, under the circumstances, may be regarded as having been made with reference to those of the defend- ants as well as that of the former. �The defendants were without interest in the notes. They were mere accommodation indorsers, and their signatures couid not and did not have the effect to transfer them to any one, but only to give them currency so as to enable Gaston to dispose of them as he did. �Under these circumstances there is no room for the infer- ence that the plaintiff intended by this act, even if it had no ����