Cannon v. McNab & Eastern Bank

The facts of this case may be stated as follows: The appellant, Thomas J. Cannon, being a dealer in cotton for speculation and profit, réceived from the Eastern Bank of Alabama, on the 21st of July, 1862, $12,359 in Confederate treasury-notes, as an advance on *100two hunderd and twenty-nine bales of cotton. He left the cotton receipts in the possession of the bank, with authority to any agent of the bank to ship the cotton to Liverpool on his risk and account. It was then to be sold, and the net proceeds were to be applied to the payment of the advance and interest upon it to the date of the…