Abstract

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt:...gave opportunities for abuse which did not exist before. Where these powers were greatest, these abuses developed first and made the earliest public scandals. It was here that the business men themselves felt the need of remedies deeper reaching than those which the law could give. Combinations of merchants or manufacturers or of financiers outside the regular lines of banking were a later thing, and therefore we are only at this moment correcting the evils which are incident to their conduct. It takes a long time for a man to learn to transfer a principle of morality which he fully recognizes in one field to another field of slightly different location and character, particularly if the application of strict morality in the new field is going to hurt his personal interest. I remember a story of a country court in a warranty case which furnishes an instance in point. One man had sold another a cow, and had represented that cow as possessing certain good qualities--adding, however, that he did not warrant her. The cow proved not to possess the qualities alleged, and the buyer sought to recover the purchase-money. As there was no dispute about the facts, the plaintiff's attorney thought that he had an easy case; for it is a well-established principle of law that a disclaimer of warranty in such a sale does not protect the transaction from the taint of fraud, if the matters in question were ones which the seller really could know and the buyer could not. He showed a sufficient number of legal precedents to illustrate this principle, but was somewhat dumbfounded when the opposing lawyer rose and said: "May it please the court, every one of the cases cited by my learned brother is a horse case. I defy him to produce one relating to horned cattle." The...