Page:Federal Reporter, 1st Series, Volume 7.djvu/36

 M FEDKRiL REPORTER. �the defendants, or any one, had good right to purchase them ■ on any terms they could agree upon with Morgan, and to hold them for their full amount against the orator, and by so doing they would infringe upon no right of his. He owed them, and all the right he had was the right to pay them according to their terms when due, so long as they should be outstand- ing. He could purchase them himself, or procure any one else to do it for him, upon any terms he could make. He did not purchase them himself for himself : the defendants pur- chased and took them. If the defendants purchased them for him, he has the right to stand upon their purchase ac- cording to its terms, as if he had done it himself. If they purchased them for themselves they ha'd the same right to hold the notes for their full face after the purchase that Mor- gan had before. And if they had it then they have it yet, for there is no pretenee that the notes have been paid since, otherwise than by being charged in this account. So the question is whether the defendants purchased them for them- selves or for the orator. The defendants became interested to purchase them because they wished to_ avoid the conse- quences of the efforts Morgan would make to collect them ; but their interest to get control of them has no tendency to show that they did not buy for themselves,. It would rather show the contrary. They did not hold out to the orator that they were purchasing to hold for themselves at their full face, and it was not necessary that they should. There was no duty resting upon them, nor would there be upon any pur- chaser, to consult or inform him at all, Nor were the inten- tions of the defendants, or of the member of their firm doing the business, of importance, unless made known to the orator, and in some way acted upon to his detriment, if not carried out. �The master finds that the orator supposed that the pur- chase was made in the service of their mutual and respective interests ; that what was paid for them would be charged as an advance under the contract, and that he was warranted and justified in so supposing from the circumstances, and' the ��� �