elementsofbankin025161mbp

THE ELEMENTS OF BANKtNO.
rirst and last
mptio rei sperata, winch all wwh bargains art
to
presumed
be in cases of doubt
"The cession of a RIGHT OF ACTION Iwing U'gal
in tin* Roman
law, the EIGHT of A to receive a debt duo by H may bo Hold
to C."
Thus we see that a RIGHT OF ACTION which JH,
?* wo
shall show hereafter, what is termed a CREDIT or a Dunr in Law,
Commerce, and Economics- is exprowly
included umtar tin* title
"Wealth, Goods, and Merchandise, in Koman Law*
It is exactly the same in erery By atom of Law* It is ono of
the elementary principles
of law that a Kioirr or ACTION w a
species of Property. Thus Mr. Williama **
wiy: Gho*rA-in
action having now become assignable, became an important kind
of personal Property."" A legal cho86*m-adwu cofmtitutfrn a
valuable personal Property." So also Mr, Junt-icn By Ion, ttt
speaking of Bills and Notes, which are liighte of action rnxmlcnl
on paper, says: "This species of PKOPEKTY in now in iiggn^pitc*
value inferior only to the land or Funded Debt of thu kingdom."
This sentence was written more than forty ytmw nm, and wt
may safely
assert that the masa of CREDIT in circulation at thr
present time greatly exceeds the Funded Debt. Ho also a EICHIT
OF ACTION is included under the term *' goods and chntti'In n or
" " effects in an Act^ofJParliament,
We have said enough now to show that a Riant OK ACTION,
or a Credit, or a Debt, is included under tho title of Wwitth,
Goods and Chattels, Property, or Merchandiso, hcoauo it
may IMJ
bought and sold, in every system of law. As wo shall havs to
explain the nature of this
species of property at greator length
hereafter, we shall say no more about it hero, so as not to
my
the same things twice over. All that we want to impress upon
the reader at present is, that BIGHTS of all norta are a distinct
order of Wealth or Exchangeable Quantities*
^
4. Hence there are distinct orders
"
of KxchangonMu
as it is technicaliy"termed, which may
by the terms WoOTT, LABO^, , and Ougiaxir and all
Exchanges, that is, all Commerce, consist in the oxdiangea of thaw*
tihree orders of Economic Quantities. Hence it in earfly that
there are Six different kinds of
Exchange or Commerce