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Introductory essays on Scots law (Book, 1978) …

It is not the amount of money circulating in a country which determines the rate of interest. Money is but the representative of value. The effect of a larger or smaller currency is to depress or raise the prices of all commodities. What is really the subject which produces interest is not the money, but what it will purchase. No man borrows money to hoard. He borrows it to employ in productive industry. He is willing to pay such an interest as the profits in the business in which he invests it will enable him to pay, and compensate him besides for his risk and trouble. The capitalist who has money to lend is willing to take such a sum as will equal the average rate of profits less the trouble and risk of employing it in that way. It will be seen that the actual rate of interest depends on the demand for, and supply of, capital; and its necessary rate—that centre about which it oscillates—is the average rate of profits on capital. It is proper to remark, in order to avoid a very common mistake upon this subject, that the rate of profits in all employments of capital is nearly the same, allowing for the effect of certain circumstances of convenience or inconvenience, honour or dishonour, which often make a great apparent difference, but which form no element in that which determines the interest of money. A large nominal rate of profits often includes compensation for skill and responsibility, as, for example, in the business of the apothecary or druggist. Another remark is, that in periods of great mercantile pressure there often arises a sudden demand for capital, which makes interest run up very high. This is because merchants willingly incur large sacrifices, and will give much more than money is really worth to them in any investment, in order to avoid the ruinous consequences of mercantile dishonour.—

Get this from a library! Introductory essays on Scots law. [W A Wilson]

Corporations are public or private. Public corporations are such as have been created for the purposes of municipal government, including all the inhabitants within a certain district or territory: such are cities, towns, boroughs, &c. Private corporations include, properly, all others,—religious, literary, charitable, manufacturing, insuring, or money-lending associations, as well as railway, canal, bridge, and turnpike companies,—with which in number and variety no country so abounds as the United States. Charters of incorporation granted by the legislatures of the States to all private corporations are considered as executed contracts within the protection of art. 1, s. 10 of the constitution of the United States, which declares that “no State shall pass any law impairing the obligation of contracts.” The Trustees of Dartmouth College Woodward, 4 Wheat. 518. In the popular meaning of the term, nearly every corporation is public, inasmuch as they are all created for the public benefit. Yet if the whole interest does not belong to the government, or if the corporation is not created for the administration of political or municipal power, it is a private corporation. Thus, all bank, bridge, turnpike, railroad, and canal companies are private corporations. In these and other similar cases the uses may, in a certain sense, be called public; but the corporations are private, as much so as if the franchises were vested in a single person. The state, by virtue of its right of eminent domain, may take private property for public purposes upon making compensation. It may delegate this power to a private corporation, by reason of the benefit to accrue to the public from the use of the improvements to be constructed by the corporation. But such delegation of power to be used for private emolument as well as public benefit does not clothe the corporation with the inviolability or immunity of public officers performing public functions. Grier, J. Randle The Delaware & Raritan Canal, 1 Wallace, C. C. Rep. 290.

Introductory essays on scots law ..

Introductory essays on scots law glossary

It is unnecessary to remind the American student that the chief executive magistrate is but the agent or servant by whom the will of the States and people, as expressed in the constitution and the laws made in pursuance thereof, is carried into effect. It is a fundamental error, into which Blackstone as well as other political writers, have fallen to consider the social or original contract as an agreement to which the parties are the governors of the one part and the governed of the other part. It is a compact between the different members composing the society, individuals if the society forms a state, states if it is a confederacy; and the governors are but agents, whose mode of appointment, continuance, powers, and duties are prescribed in the frame of government.—

The convention in Scotland drew the same conclusion, viz., the vacancy of the throne, from premises and in language much more bold and intelligible. The mystery of the declaration of the English convention betrays that timidity which it was intended to conceal:—“The estates of the kingdom of Scotland find and declare, that king James Seventh, being a professed papist, did assume the royal power, and acted as a king without ever taking the oath required by law; and had, by the advice of evil and wicked counsellors, invaded the fundamental constitution of this kingdom, and altered it from a legal and limited monarchy to an arbitrary despotic power; and had governed the same to the subversion of the protestant religion and violation of the laws and liberties of the nation, inverting all the ends of government, whereby he had the crown, and the throne was become vacant.” Tyndal, 71 Fol. Com. of Rapin.—

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Introductory essays on scots law dictionary

In Clayt. 135 it was said that if A., being at York, give his horse in London to I. S., the latter may have trespass without other possession, (F. N. B. 140. Perkins, 30,) and that though, by the civil law, a gift of goods is not good without delivery, yet it is otherwise in our law. 1 Rol. R. 61. Vin. Abr. Gift. It was, however, recently determined that, by the law of England, in order to transfer property by gift there must be a deed or instrument of gift, or there must be an actual delivery of the thing to the donee. 2 Bar. & Ald. 551.—

If the owner of a chattel bring an action of trespass or trover against one unlawfully in possession, or, waiving the tort, an action to recover the price or value of it, and recovers judgment, such judgment, while it vests a title to the damages in the plaintiff, operates at the same time as a transfer to the defendant of the plaintiff’s title to the thing. It results from the conclusiveness of the judgment as a bar to any other action by the plaintiff, or any one claiming under him, against the defendant, or those deriving their title through him. The authorities are not harmonious upon the question whether a mere judgment without satisfaction or payment of the amount recovered by the defendant will produce the effect. See 2 Kent’s Com. 388, 389. The learned chancellor expresses the opinion that the negative is the better doctrine. But if the ground of the rule that the judgment transfers the title to the defendant be that before stated in this note, then it is plain that payment or satisfaction of the judgment is not necessary. A prior judgment, whether paid or not, can be set up as a conclusive bar to any subsequent action for the same cause between the same parties or their respective privies. Floyd Brown, 1 Rawle, 121. Marsh Pier, 4 Rawle, 273. Merrick’s Estate, 5 W. & S. 17. Morrell Johnson, 1 Hen. & Munf. 499. Rogers Moon, 1 Rice, 60. Carlisle Burley, 3 Greenl. 250. That satisfaction is necessary, on the other hand, is supported by Curtis Groat, 6 Johns. 168. Osterhout Roberts, 8 Cowen, 43. Sanderson Caldwell, 2 Aiken, 203. Jones McNeil, 2 Bailey, S. C. 466.—

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Introductory essays on scots law - …

Wardship is also incident to tenure in socage; but of a nature very different from that incident to knight-service. For if the inheritance descend to an infant under fourteen, the wardship of him does not, nor ever did, belong to the lord of the fee; because in this tenure, no military or *other personal service being required, there was no occasion for the lord to take the profits in order to provide a proper substitute for his infant tenant; but his nearest relation (to whom the inheritance cannot descend) shall be his guardian in socage, and have the custody of his land and body till he arrives at the age of fourteen. The guardian must be such a one to whom the inheritance by no possibility can descend, as was fully explained, together with the reasons for it, in the former book of these commentaries. At fourteen this wardship in socage ceases; and the heir may oust the guardian and call him to account for the rents and profits; for at this age the law supposes him capable of choosing a guardian for himself. It was in this particular of wardship, as also in that of marriage, and in the certainty of the render of service, that the socage tenures had so much the advantage of the military ones. But as the wardship ceased at fourteen, there was this disadvantage attending it,—that young heirs, being left at so tender an age to choose their own guardians till twenty-one, might make an improvident choice. Therefore, when almost all the lands in the kingdom were turned into socage tenures, the same statute, 12 Car. II. c. 24, enacted that it should be in the power of any father, by will, to appoint a guardian till his child should attain the age of twenty-one. And if no such appointment be made, the court of chancery will frequently interpose, and name a guardian, to prevent an infant heir from improvidently exposing himself to ruin.

Holdings : Introductory essays on Scots law / | York …

This wardship, so far as it related to land, though it was not, nor could be, part of the law of feuds, so long as they were arbitrary, temporary, or for life only; yet, when they became hereditary, and did consequently often descend upon infants, who by reason of their age could neither perform nor stipulate for the services of the feud, does not seem upon feodal principles to have been unreasonable. For the wardship of the land, or custody of the feud, was retained by the lord, that he might out of the profits thereof provide a fit person *to supply the infant’s services, till he should be of age to perform them himself. And if we consider the feud in its original import, as a stipend, fee, or reward for actual service, it could not be thought hard that the lord should withhold the stipend, so long as the service was suspended. Though undoubtedly to our English ancestors, where such a stipendiary donation was a mere supposition or figment, it carried abundance of hardship; and accordingly it was relieved by the charter of Henry I. before mentioned, which took this custody from the lord, and ordained that the custody, both of the land and the children, should belong to the widow or next of kin. But this noble immunity did not continue many years.

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