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P deposited debentures with Simpson as security for a bill of exchange dated 8-25-1864 payable six months after date and drawn by P and accepted by Sanders and endorsed by P to and discounted by Simpson. Simpson had full power to sell or otherwise dispose of the debentures if the bill was not paid when it became due. The bill went unpaid. Simpson deposited the debentures with D to be kept by him for security for and until the repayment by Simpson to D of certain amounts of money advanced on the debentures secured by the debentures. The plea in the case does not state when Simpson used the debentures as a security; before or after he was entitled to dispose of them for nonpayment. D demurred.

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