William Burnham Woods

“ It frequently requires the aid of a court of equity to give it effect. The plea to support which the defendant contends the evidence of want of consideration was admissible, clearly sets up an equitable defense. It alleges that the note sued on is based on the 'transactions relating to the business of said partners.' Referring, therefore, to the preceding plea, which states the business of the partners, as we are authorized to do, we learn that the partnership business had not, at the time of filing the pleas, been settled, or the interest of Winston therein or in the bonds been ascertained. ”

“ The counsel for defendant, not strenuously insisting that the evidence was admissible to support the second plea, insist that it was competent to prove the third. They argue that, as want of consideration may be shown in defense of an action on a promissory note, the evidence should have been received. As a general rule, want of consideration is a defense to a promissory note, but it is not always a defense which can be made at law. ”

“ If the defense set up in the plea under consideration could be made effectual in an action at law, it would render obsolete in the equity courts of the United States that great head of equity jurisdiction under which injunctions are granted to stay proceedings at law. ”