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Page 125 - But though this natural order of things must have taken place in some degree in every such society, it has, in all the modern states of Europe, been in many respects entirely inverted. The foreign commerce of some of their cities has introduced all their finer manufactures, or such as were fit for distant sale; and manufactures and foreign commerce together have given birth to the principal improvements of agriculture.
Page 479 - ... khan. He thereupon calls together twelve experienced and skilful persons, selected for this purpose, whom he commands to examine the articles with great care, and to fix the value at which they should be purchased. Upon the sum at which they have been thus conscientiously appraised he allows a reasonable profit, and immediately pays for them with this paper, to...
Page 416 - For which reason the affairs of commerce are regulated by a law of their own, called the law merchant or lex mercatoria, which all nations agree in, and take notice of. And in particular it is held to be part of the law of England, which decides the causes of merchants by the general rules which obtain in all commercial countries ; and that often, even in matters relating to domestic trade, as for instance, with regard to the drawing, the acceptance, and the transfer of inland bills of exchange...
Page 255 - Thirdly, and lastly, commerce and manufactures gradually introduced order and good government, and with them, the liberty and security of individuals, among the inhabitants of the country, who had before lived almost in a continual state of war with their neighbours and of servile dependency upon their superiors.
Page 479 - When thus coined in large quantities, this paper currency is circulated in every part of his majesty's dominions, nor dares any person at the peril of his life refuse to accept it in payment All his subjects receive it without hesitation, because, wherever their business may call them, they can dispose of it again in the purchase of merchandise they may have occasion for.
Page 416 - Thus in mercantile questions, such as bills of exchange and the like ; in all marine causes, relating to freight, average, demurrage, insurances, bottomry, and others of a similar nature ; the law merchant (d), which is a branch of the law of nations, is regularly and constantly adhered to. So too in all disputes relating to prizes, to shipwrecks, to hostages, and ransom bills...
Page 416 - To this head may most properly be referred a particular system of customs used only among one set of the king's subjects, called the custom of merchants, or lex mercatoria : which, however different from the general rules of the common law, is yet ingrafted into it, and made a part of it (¿) ; being allowed, for the benefit of trade, to be of the utmost validity in all commercial transactions : for it is a maxim of law, that " cuilibet in sua arte credendum est (13).
Page 480 - Should any be desirous of procuring gold or silver for the purposes of manufacture, such as of drinking-cups, girdles, or other articles wrought of these metals, they in like manner apply at the mint, and for their paper obtain the bullion they require. All his majesty's armies are paid with this currency, which is to them of the same value as if it were gold or silver. Upon these grounds, it may certainly be affirmed that the grand Khan has a more extensive command of treasure than any other sovereign...
Page 479 - ... the principal officer, deputed by his majesty, having dipped into vermilion the royal seal committed to his custody, stamps with it the piece of paper, so that the form of the seal tinged with the vermilion remains impressed upon it, by which it receives full authenticity as current money, and the act of counterfeiting it is punished as a capital offence.