Watts v. Willing , 2 U.S. 100 ( 1788 )

By the Court :

—That originally the plaintiff had his election to consider himself either as an agent, or as a purchaser, with respect to the bills of exchange; but that the two circumstances, of retaining them in his own hands, and of charging 20 per cent damages, were sufficient evidence to shew, an election to receive them in payment; and that, therefore, for the amount of the bills the defendant was entitled to be credited in an action on the bond.

Verdict accordingly.