This  is  allowed  possession  of  his  testator  would  be  bound

on  all  hands;  but  still,  it  was  argued  that  to  pay  the  tax  upon  them,  as  making  part

they  are  not  such  effects  or  securities  as  fall  of  the  personal  estate  coming  to  his  hands ;

witnin  the  true  meaning  of  the  act  of  Par-  and  he  would  be  liable  to  a  devastavit  if  he

liament,  because,  though  they  are  unques-  destroyed  them. In  short,  many  cases

tionably  of  a  certain,  they  are  not  oi  any  might  oe  put  to  prove  them  'effects.'    But

positive,  intrinsic  value. Now,  whatever  the  it  was  argued  that  if  the  word  'effects'

Dank  have  of  their  own,  or  whatever  should  was  to  be  so  largely  construed,  without

be  deposited  with  them  as  bankers  by  any-  any  restriction,  that  would  lead  to    the

body  else,  was  expressly  protected  from  absurdity  of  descending  to  things  so  trifling

the  embezzlement  of  their  officers  or  ser-  as  it  would  be  perfectly  ridiculous  to  state,

vants  by  the  words  of  the  act;  and  though  such  as  the  stumps  of  a  few  old  pens,  or  a

the  bills  in  question  may  not  on  the  face  of  piece  of  blotting-paper,  in  the  omce. But

them  be  of  any  descriptive  legal  value,  yet  the  judges  have    not   found    themselves

they  carry  about  them  such  a  consec^uence  driven  to  that  extreme  length. Their  judg-

at  least  as  may  make  their  preservation  of  ment  only  determines  that  the  words  of  the

infinite  importance  to  the  Dank. *  In  that  act  necessariljr  extend  to  such  securities  or

view,  therefore,  they  have  a  value. But  there  effects  as  are  intrusted  to  their  officers  or

is  another  answer  that  appears,  indeed,  servants,  and  that  the  bills  in  question  fall

decisive :  though  they  may  not  be,  in  strict-  under  that  description. Their  only  tech-

ness  of  expression,  from  the  defects  stated  nical  defect,  therefore,  being  of  such  a

in  their  signature,  the  very  exchequer  bills  nature  as  government  would,  if  necessary,

they  would  be  were  that  defect  removed,  be  bound  instantly  to  correct  and  rectify,

yet  the  government  of  the  country  is  not-  and  the  bills  in  question  being  the  fair

withstanding  pledged  to  pay  them,  even  as  property  of  the  bank,  who  had  purchased

as  they  are. 