Farmers & Merchants Bank of Memphis v. Franklin

The judgment of the court was pronounced by

Rost, J.

Z. L. Gower, a needy speculator, operating at Memphis, in the State of Tennessee, purchased one hundred and ninety-eight bales of cotton from the firm of Goodman & Means, merchants of that place. The terms of the sale were cash. For the purpose of paying for the cotton, Gower offered to the plaintiffs for discount the bill on the defendants at ten days sight, for the sum of $6200, upon which this action has been instituted. The plaintiffs refused to discount, or purchase the bill, until the payment was fully secured by the drawer. One of the…