HOYE v. PENN.— 1 BLAND. 37

JOHNSON. C., 9th June, 1824.—Ordered, that the trustee do not
pay to the representatives of Charles Penu, or their orders, any
further sums of money without the further order of the Court, or
to any other person claiming to represent them, or to allow any
other credits on account of any receipts the representatives may-
have or shall give; provided a copy of this order is served before
the payment.

The trustee, on the 11th of June, 1824, reported, that under the
authority of the order of the 25th of October, he had, on the 7th
then instant, resold the tract containing 285 acres, of which James
Ferree had been the purchaser, for $10.50 per acre, amounting to
82,992.50; which sale was absolutely ratified on the 14th of March,
182G.

The matter of the petition of Hoye and others, filed on the 9th
of June, having been brought before the Court, the solicitors of
the parties were fully heard.

BLAND, C., 28th February, 1825.—In this case, the lands of two
debtors, Waters and Penn, have been sold under a decree of this
Court, to pay the proportion due from each of a joint debt. The
proceeds of the sales thus made, were reported to be more than
sufficient to answer the whole demand. The securities for the
purchase money were the lands themselves, and the purchasers
with personal securities. The purchaser of Waters' land being,
as is alleged, unable to pay, or insolvent, that land itself was
again sent into the market; but owing to the general depreciation
of such property, it has not sold for any thing like the original
purchase money, or indeed a sufficiency to pay the proportion of
the debt with which Waters was charged.

But, when the property was taken out of the hands of Waters,
and sold, the parties tacitly conceded, and the Court solemnly
adjudged, by confirming the trustee's report, and thereby divest-
ing Waters of his real estate, and converting it, for the purposes
of this suit, into personalty; The State, use Rogers v. Krebs, 6 H.
& J. 31; that a sufficiency of his property had been taken to pay
the debt due from him. This debt, as to him, was then satisfied;

who had, at that time, obtained the management of the Bank of the United
States, and the crippled and powerless condition of that institution, left all
property free to return to its proper and real value.—(Report Cond. Bank,
49; Letter 2. April 1819. from Pres. Cheves to Secr. Crawford; North Amer.
Review, January, 1831, Art. 2.) A recollection of these circumstances seemed
to be necessary to a distinct understanding of the nature of the extraordinary
depreciation spoken of in this case, and to shew how it happened, that, when
this sale was made to Ferrce, in November, 1818, people had been induced
"to put imaginary values on estates;" by which so many who purchased
about that time were afterwards totally ruined. Chancellor's Case, post,
note (q).