WILLIAMS' CASE.—3 BLAND. 227

ment of it, would yield and secure to the infants an income nearly
three times greater than the net rents of the property, exclusive
of the outlay for repairs and re-building. To maintain the in-
fants, and to improve their income, by converting their estate into
money, and investing it with as little delay and hazard as may be,
are the chief objects of this proceeding. It is more necessary, in
cases of this kind, where the Court is, in effect, moving ex parte,
for the benefit of infants, than in controversies to which adults
are parties, that the estate should be advertised for sale at auc-
tion; and thus completely put into the market to prevent any un-
fairness, and to insure a sale at its full value, either at the ap-
pointed time of public sale, or at any subsequent period in another
way, if a public sale cannot be made of it.

It is true as suggested by the trustee, that lands sell to greater
advantage on long than on short credit; and it is better, in cases
like this, to sell on an extended credit, with a stipulation, that in-
terest shall be paid annually, than for cash; because the equitable
lien is the best security the infants can have for the payment of
the principal and interest of the purchase money. A sale on long
credit, in cases of this kind, is always regarded by the Court as
being, in effect, an investment of the balance of the purchase
money for the benefit of the infants. And. therefore, the pur-
chaser will not be permitted to pay it before the stipulated day of
payment, without paying the interest thereon, which would have
accrued up to that time, so as to prevent any loss by the delay in
making another investment. But on the other hand, if there is
every reason to believe, that a good and safe investment may be
immediately made; or if it appears, that there are any outstanding
* incumbrances upon 'the estate, that it may be sold on a
shorter credit, or for such a proportion of cash as may be 212
necessary to clear off any then existing incumbrances, as dower,
mortgages and the like.

The Court can have no objection to an alteration of the terms of
sale as proposed by the trustee; but in order to prevent a sale of
the estate, at public auction, for less than its value; the trustee
must fix a price, or have a reserved bid for the benefit of the in-
fants. Under ordinary circumstances, where property is offered
for sale at auction to the highest bidder, it is held at law, though
doubted in equity, to be a violation of the terms of such an agree-
ment, and a fraud upon the sale and the public to take advantage
of the eagerness of bidders by screwing up the price by means of
a puffer or bye-bidder; Bexwell v. Christie, Cowp. 395; Howard v.
Castle, 6 T. R. 642; Crowder v. Austin, 13 Com. Law Rep. 11; Mon-
crieff v. Goldsborough, 4 H. & McH. 282; Bramley v. Alt, 3 Ves.
620; Conolly v. Parsons, 3 Ves. 625, note; Townshend v. Stangroom,
6 Ves. 338; Smith v. Clarice, 12 Ves. 477; nor can a purchaser, on
the other hand, be allowed to depreciate the value of an estate