Trade

"Men lend their money to traders upon mortgages or consignments of goods, because they suspect their circumstances, and will not run the risque of their general credit."

"It is the privilege of a trader in a free country, in all matters not contrary to law, to regulate his own mode of carrying it on according to his own discretion and choice."

"Arbitrio domini res cestimari debet: The price of a thing ought to be fixed by its owner."

"The law merchant is a system of equity, founded on the rules of equity, and governed in all its parts by plain justice and good faith."

"There are many situations in life, and particularly in the commercial world, where a man cannot by any diligence inform himself of the degree of credit which ought to be given to the persons with whom he deals; in which cases he must apply to those whose sources of intelligence enable them to give that information. The law of prudence leads him to apply to them, and the law of morality ought to induce them to give the information required."

"An universal custom is a law, and I know no distinction between lex mercatoria and consuetudo mercaborum."

"Convenience is the basis of mercantile law."

"When a general usage has been judicially ascertained and established, it becomes a part of the law merchant, which Courts of justice are bound to know and recognise."

"Nothing can fall within the custom of trade but what concerns trade."

"The law merchant respects the religion of different people."

"Persons in trade had better be very cautious how they add a fictitious name to their firm, for the purpose of gaining credit."

"A proceeding may be perfectly legal and may yet be opposed to sound commercial principles."

"It has been uniformly laid down in this Court, as far back as we can remember, that good faith is the basis of all mercantile transactions."

"Prudent business men in their dealings incur risk."

"Most businesses require liberal dealing."

"I have always thought it highly injurious to the public that different rules should prevail in the different Courts on the same mercantile case. My opinion has been uniform on that subject. It sometimes indeed happens that in questions of real property Courts of law find themselves fettered with rules, from which they cannot depart, because they are fixed and established rules1; though equity may interpose, not to contradict, but to correct, the strict and rigid rules of law. But in mercantile questions no distinction ought to prevail. The mercantile law of this country is founded on principles of equity; and when once a rule is established in that Court as a rule of property, it ought to be adopted in a Court of law. For this reason Courts of law of late years have said that, even where the action is founded on a tort, they would discover some mode of defeating the plaintiff, unless his action were also founded on equity; and that though the property might on legal grounds be with the plaintiff, if there were any claim or charge by the defendant, they would not consider the retaining of the goods as a conversion."

"Paper currency, guarded by proper regulations and restrictions, is the life of commerce."

"Whether a transaction be fair or fraudulent is often a question of law: it is the judgment of law upon facts and intents."