The Thames

Messrs. Barney, Butler, and Parsons, for the appellant: The witnesses do not, indeed, agree as to the purpose for which the bills of lading were transferred, but the facts show that it was as security for the acceptance, and not for the payment of the draft. Thus–– 1. The draft was a time draft, having fifteen days to run, and was taken at the rate of such paper. Van Pelt would have had no motive to buy cotton on credit if his house was not to have the benefit of the purchase till the credit expired.