case John emelie and other appellant Francis emelie and other respondent that  January Mews dig xiv trustee may lend trustmoney upon good personal security  till a proper purchase of land can be have but be not justify in place it in a  fluctuate or precarious public fund the above seem too broad state nor can it  be consider either as a establish general principle or as result from the fact  of the case which arise out of transaction connect with the infamous SouthSea  bubble nothing can be a great breach of trust than gamble with a fund which it  be the very purpose of the trust to secure from such iniquitous vicissitude by  virtue of article date the d of April make previous to the marriage of the  respondent Francis emelie and Frances his wife sister of the other respondent  sir John elwill pound bank stock be part of the fortune of the say Frances be  transfer to the respondent sir John elwill and the appellant John emelie upon  trust to be sell and the money arise by the sale thereof to be invest in land  to be settle on the say Francis emelie for his life remainder to the say  Frances his brown er p wife for her life remainder to their issue with  remainder to her right heir and until such purchase be make the money be to be  place out at interest and the interest thereof as also the dividend of the  stock till sell be to go and be apply as the rend and profit of the estate  when purchase ought to be apply after the marriage the respondent Francis  receive the dividend of the say bank stock till ladyday at which time the  price of that stock be great advance the respondent Francis and his wife be  desirous to sell part thereof and thereupon in Trinity term they exhibit their  bill in chancery against the respondent sir John elwill and the appellant John  emelie pray a sale of the say bank stock and that the money thereby arise may  be invest in land pursuant to the marriagearticle on the that of August the  cause be hear before his honour the master of the roll when it be order that  all party shall attend Mr Bennett one of the master of the say court who be to  examine whether it will be for the benefit of the plaintiff to have the say  stock sell or not and brown if he find it be for their benefit that then it  shall be sell by the master approbation and the money lie out in the purchase  of land to be settle on the say Francis and his wife and their issue accord to  the article and that until such purchase be make the money shall be place out  at interest and the interest be apply and go as the tent and profit of the  land when purchase ought to go but the respondent Francis fear that the price  of bank stock may fall before this decree can be perfect and the master  approbation have it be then in the long vacation and the master out of town  and be well assure that it will be for the advantage of all party to sell the  say bank stock and that the master will as he afterward do so certify he by  one Abraham Edlin his mother broker sell pound of the bank stock for pound  which be receive by one Mr Wyatt who be authorize by the respondent sir John  elwill for that purpose in order to be bring before the master and lie out in  a purchase of land pursuant to the say decree and marriagearticle at this time  Martha emelie mother of the respondent Francis have a great opinion of  SouthSea stock be very importunate with her son to purchase pound of that  stock which he accord do at the rate of pound per cent for the next open of  the SouthSea book which be to be on the that of September the respondent  Francis thereupon apply to the say Mr Wyatt the respondent sir John elwill be  then at Tunbridge for money to pay for this pound SouthSea stock out of the  say pound in his hand but which Mr Wyatt refuse to do allege that it be  trustmoney wherein other person be interest beside the respondent Francis he  can not with safety apply the same otherwise than accord to the trust and  Edlin the broker employ in buy the say stock inform the respondent Francis  that the same must be again sell he thereupon apply to his mother Martha  emelie and acquaint her therewith who still persist in her opinion that  SouthSea stock will assure rise again undertake that rather than the stock  shall be then sell at so great a loss she will at her own risk take the same  to herself in pursuance of this undertake and in order to enable herself to  pay for the say SouthSea stock mrs emelie borrow of the trustee the say pound  and for secure the repayment thereof with interest execute a bind bear date  the that of September to the say trustee sir John elwill and the appellant  John emelie with a condition recite the article and take notice that the say  pound be lend to her that she shall repay the same to the say trustee on the  that of march then next and because the appellant John emelie be a coobligee  in the say bind from Martha emelie there be another bind execute by he to sir  John elwill alone condition that the say Martha emelie shall pay the say brown  pound and the interest thereof accord to the condition of her bind the  respondent Francis emelie be not present at the execution of these bind or  lend the pound to the say Martha and John emelie nor be the same lend by sir  John elwill on any other term than that it shall be in good and responsible  hand at interest until it can be invest in land pursuant to the say decree and  marriagearticle and the say Martha be so far from express any fear or  apprehension in relation to the say SouthSea stock that she even then declare  her firm belief that that stock will rise again but find soon afterward that  SouthSea stock have brown er p fall below any probability of its rise again to  the expect height the say Martha and John emelie endeavour to turn the loss  thereof upon the trustmoney in prejudice of the respondent Frances and her  issue and contrary to the say decree and marriagearticle and the express  condition of the bind and for this purpose the say John emelie and Martha  emelie in Trinity term after the respondent sir John elwill have recover  judgement against they upon the say bind exhibit their bill in chancery  against the respondent to have the bind deliver up and cancel upon transfer  the say pound SouthSea stock and pay pound and interest residue of the say  pound sound their equity upon some letter that pass between the respondent  Francis and the appellant John emelie to which Frances the wife and her  trustee the respondent sir John elwill be no way privy or consent to this bill  the respondent appear and put in their answer but before any far proceed be  have the say Martha emelie die have make her will and appoint the appellant  executor thereof and thereby bequeathe the interest of pound to the respondent  Francis emelie for his life and the principal to his child or child in such  proportion as he shall think fit with a devise over in failure of such child  or child and the residue of her estate to her executor in trust for all her  child but after take notice that she have pay pound for the say pound SouthSea  stock which the respondent Francis be to make good to her she declare that  whatever the say Francis or his heir can claim under her say will be to be  liable to make good the loss that she shall sustain by the say pound SouthSea  stock the executor have prove this will exhibit their bill of revivor and  supplemental bill to which the respondent Francis and his wife put in their  answer insist that on the sale of the bank stock they have no view of purchase  SouthSea stock and that though the say Martha emelie have prevail on the  respondent Francis to purchase SouthSea stock yet she have take the same upon  herself and that the pound bank stock ought not to be replace but that the  whole pound shall be apply accord to the say marriagearticle and decree The  respondent brown Francis admit his mother will and hope to have the benefit  thereof but he nevertheless submit to the court how far the legacy thereby  give he or any part thereof shall be liable to make good the pound SouthSea  stock he conceive himself not to be in any manner concern therein on the that  of June and the d of July the cause be hear before his honour the master of  the roll who be please to decree that the pound SouthSea stock shall be sell  by one of the master of the court and that with the money arise thereby and  the pound residue of the money raise by sale of the bank stock in the  plaintiff hand and out of the personal estate of the say Martha emelie decease  pound bank stock shall be buy by the approbation of the master and replace to  the same trust as the pound bank stock former sell be subject to and that  thereupon the bind shall be deliver up and satisfaction acknowledge upon the  judgement and that sir John elwill shall be indemnified and have his cost of  that suit and so much as the say Martha emelies estate be damnified by replace  the say pound bank stock be to be make good out of the pound legacy and the  respondent Francis emelies share of the surplus of the say Martha emelies  estate the respondent sir John conceive himself aggrieve by this decree appeal  therefrom to the Lord chancellor insist that the same ought to be vary for  that the whole pound for which the bank stock be sell ought to be make good to  the trust and the bind and judgement to be take as a security for the same  that he ought to have have his cost at law as well as in equity and that if  the decree have be right as to the pound stock yet there be no direction for  the application of the dividend thereof or of the interest of the pound on the  saint of February the cause be reheard before the Lord chancellor Macclesfield  who be please to order that the say decree shall be reverse as to the purchase  pound bank stock and replace it to the same use and trust as the pound bank  stock former sell be subject to and decree that the bind enter into by the  plaintiff John emelie and Martha emelie decease shall not be deliver up or  satisfaction acknowledge on the judgement recover thereon but upon payment of  the say pound with interest for the same which interest be to be pay to the  defendant Francis emelie but the principal to be place out at interest on  security brown er p to be allow by the master till a purchase of land can be  find and a settlement make pursuant to the marriagearticle and the decree in  the former cause but his honour decree be to stand as to the account thereby  direct to be take of the say Martha emelies personal estate and likewise as to  the account of what be due to the defendant Francis emelie and his child for  the legacy of pound devise by the will of the say Martha emelie to he and his  child with interest for the same and brown what his share of the surplus of  the say Martha emelies personal estate amount to but before the defendant  Francis emelie be to have any benefit by the will of the say Martha emelie lie  be to indemnify her estate against any loss that may happen by the say  SouthSea stock as her will direct to be ascertain by the master and in case  the say defendant Francis emelie shall pay the money which the say Martha  emelies estate be liable to pay to make good the say pound and interest then  the say decree be to be vary as to the sale of the say SouthSea stock and the  same be to be transfer together with all advantage arise thereby to the  defendant Francis emelie who in that case be also to have the benefit of his  mother will otherwise the say stock and advantage be to be sell by the  approbation of the master and the money arise thereby and what shall be come  to the say Francis or his child under his mother will be to be apply towards  payment of the say pound interest and cost and that the say decree shall stand  as to the direction touch cost with this further direction that the defendant  sir John elwill who be thereby to have his cost in this court only shall be  also pay his cost at law to be tax by the master from this last decree the  appellant appeal insist p York c Talbot that it full appear in the cause and  particular by a letter from the respondent Francis date the that of September  that he direct the pound SouthSea stock to be buy and order the bank stock to  be sell to raise money to pay for it and in his answer he admit that believe  he have power to invest in SouthSea stock the money arise by sale of the bank  stock he order the say pound SouthSea stock to be buy expect the trustee will  have pay for it out of the money arise by the bank stock that the sale of the  bank stock and the transfer by the trustee be without the master approbation  and therefore not pursuant to the decree in the amicable cause the trustee  must have make good that stock if the price of it have rise and consequent the  money be apply to make good another part of the same transaction videlicet in  pay for the SouthSea stock buy at the same time the utmost that equity require  be that either the profit upon the whole transaction if there have be any or  the bank stock itself if there be a loss as have actual happen shall be make  good to the trust but it be object by the respondent sir John elwill who be  presumptive heir to his sister she have as yet no issue that by the bind the  money arise by sale of the bank stock be declare to be the trustmoney and must  therefore always remain such to which it be answer that the bind be draw by Mr  Wyatt and execute by the appellant John and his mother without have previous  any copy of they and their apply the money immediate to pay for the SouthSea  stock buy by the respondent Francis at the rate of pound per cent when at that  time the stock be under pound per cent brown show that the have no other view  in take the money than to discharge the respondent Francis contract or in all  event to provide that sir John elwill as a trustee shall be indemnified it be  also object by the respondent Francis and swear in his answer that Edlin in a  day or two after he have buy the SouthSea stock inform he that it must be  again sell for that Mr Wyatt will not consent to pay for it out of the produce  of the bank stock and that thereupon the respondent Francis apply to his  mother to be security to Edlin for the difference which be about pound she  answer that stock will rise and rather than there shall be such a loss she  will take the pound SouthSea stock upon herself and that therefore he the  respondent Francis do not further trouble himself about the stock or any  profit or loss attend the same but to this it be answer that this part of the  say respondent answer be not support by any proof and that in a letter send by  he to his brother the appellant John date four oclock on Tuesday which by the  bill be charge to be the that of September the day before the open of the  SouthSea transfer book he write thus I be afraid I can be in town tomorrow so  this serve to advice you that whatsoever ever you and Mr Wyatt agree upon I  will acquiesce to it I see that stock today be brown er p pound and probable  may be low as yet however that do not frighten I if you agree that it shall be  sell when it come up to the price again it be equal to I I will by no mean  that you shall be a sufferer provide the decree be not as Mr hill tell as I be  ready to indemnify you in whatsoever manner you and Mr Wyatt shall agree on  and will be in town on Thursday to confirm it and that the respondent Francis  by another letter to his say brother date from Richmond on Tuesday which be  the that September the day of give the bind write thus I be not very well have  excuse myself from be in town this day my mother go and I hope may make matter  easy I beg that at your meeting Mr Wyatt today you will mention the money I be  to have out of the pound meaning the surplus of the bank stock beyond what be  sufficient to pay for the SouthSea stock that he may agree to the payment of  it and also agree to the settle the account with Mr hill that these letter  plain contradict the answer and show that the respondent Francis always look  upon himself to be concern in the SouthSea stock at least until and upon the  say that of September and it appear that the stock be then fall to about pound  per cent which be a demonstriation that Martha emelie the mother will not  their have take it at pound per cent on her own account that therefore the  respondent Francis ought in all event to make good the loss by the SouthSea  stock whereas by the decree he be to have the benefit of the high price at  which the bank stock be sell though the money thereby arise be pay for the  SouthSea stock which he buy and subsequent the loss be turn on brown the  mother estate to the great prejudice of her other six child who have by her  will only a equal fortune with what be thereby give to the respondent Francis  and even his legacy fall much short of this loss as be evident from his give  up the legacy rather than pay the loss for in fact his legacy will not amount  to more than pound whereas the loss or difference be above pound and therefore  the appellant hope that the decree of the saint of February will be reverse  and the former decree of the d of July affirm with this addition that all the  dividend arise on the bank stock since the sale and which be thereby decree to  the respondent Francis together with the future dividend thereof during his  life may go towards make good the loss until the estate of the say Martha  emelie shall be full indemnified on the part of the respondent Francis emelie  and his wife it be insist c Wearg h Henley that the respondent Francis can not  by his act or write subject the pound be trustmoney to any other use or  purpose than what be warrant by the marriagearticle and the decree of the that  of August and so he constant during all these transaction declare both to the  say Martha his mother and the appellant that the say sum of pound ought  pursuant to those article and decree to have be bring before the master and  lie out in a purchase of land or on good government security or place out at  interest with the master approbation that the same be lend by the respondent  sir John elwill to the say Martha emelie and the appellant John to the intent  that it may not lie dead but bring in a certain income for the subsistence of  the party entitle until a proper purchase of land can bo have but not to be  invest in SouthSea stock which be then so precarious and fluctuate that in  case any profit have arise from this SouthSea stock the respondent Francis and  his wife have not any right or claim whatsoever thereunto and consequent in  case of any loss they ought not to make good the same but Martha the mother  out of her parental kindness and from a opinion that SouthSea stock will rise  do absolute take the say stock upon herself and on the part of the other  respondent sir John elwill it be contend t Lutwyche n fazakerley that if the  appellant be to purchase only pound bank stock and replace it to the same use  as the pound bank stock former sell be subject to the party interest in the  trust will be deprive of a very considerable part of the say pound whereas the  whole be the produce of the bank stock sell ought to be lie out in land  pursuant to the marriagearticle and the first decree that the former decree  make in this cause seem to be find on certain proceed between the respondent  Francis and his mother but the respondent his wife and the respondent sir John  elwill the trustee be no way consent or even privy to such proceed and  therefore she and those who may hereafter be interest in the trust ought not  to be prejudice or their estate affect brown therewith and the rather brown er  p because the respondent Francis her husband have no estate or fortune of hic  own to settle upon his say wife nor be anything settle but what arise out of  her own fortune that by the former decree the bind and the judgement obtain  thereon be upon replace the pound bank stock to be of no effect whereas there  be no evidence nor the least surmise of any fraud in the obtain those bind on  the contrary the same be free and voluntary execute for the absolute payment  of the principal money and interest thereby secure at the end of six month and  the execute those bind by Martha emelie and the appellant John to the  respondent sir John elwill can be for no other reason but to show that they be  to be answerable for the money and interest and to prevent any such dispute as  have now arise it be therefore hope that the last decree will be affirm and  the appeal dismiss with cost accord after hear counsel on this appeal it be  order and adjudge that the same shall be dismiss and the decree therein  complain of affirm jour vol p