date

28 Dec r 1806 Scotch Reform To L d
28 Dec r 1806

Scotch Reform To L d Grenville

(9

Resolut. 14

Costs

To the case where the delay has been produced by a speculation of dishonest inquisitors economy the same remedy applies as far as it goes.

But to this the remedy does act over[?] the whole extent of the mischief /disease/: it is a part only not the whole - the /an/ after part not the fore part of the unjust profit that the decision attached upon - the part only and not the whole of the loss /[...?]/ that it attaches upon, and compensates /[...?]/ for /makes satisfaction/.

To take away the motive to injustice, the interest awarded should relate /go back/ to the point of time at which the compensation commenced - taking away then the profit of /by/ injustice if not always in case of mere temerity, at any rate always in case of malâ fides.

Then again as to the rate of interest In a case like this - Would ordinary the greatest ordinary interest be sufficient? Shall it be in the power of a wrongdoer to borrow at ordinary interest of his adversary him whose money he has made himself - of the party whom he injures[?] /[...?]/? In a case like this extra interest therefore presents itself as an allowance as well which [...?] the case /situation/ of the wrong-doer is that of the party argued[?] - whether prevention by force[?] of the of punishment, or satisfaction in the want of the punishments having proved inefficient - be considered.

As to the rate of interest it is a point which /in respect of which/ to be settled according to justice a considerable latitude of discretion must be left to the Judge. So much in default of specific reason for any higher or lower rate. But if cent per cent has been made of it by the defendant, he being conscious of his own wrong, cent per cent should be taken from, and given if not to the plaintiff, to some one - in a word to any one else. No man shall take advantage of his own wrong says the maxim under the technical system so frequently quoted under the technical system, like so many other /the rest/ of these maxims, so misleading - not to say so unfrequently observed.
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    Which thus /In every case in which // So many cases/ under the arrangements established by the law a man derives from his own wrong a neat[?] ballance on the side of advantage, though it be but a one per cent, though it be but a fraction per cent, so many cases in which the result is not justice bu a bounty upon injustice, an encouragement for committing injustice: and an encouragement which so far as depends upon the law, [...?] so far as a man understands his own interest, meaning his pecuniary interest, and is governed in his conduct by such his interest, is sure to be effectual.

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    The demonstration made by the word compound added to the word interest is characteristic and instructive: in shew a mountain, in effect a mouse.

    Not an atom of satisfaction where[?] the object unjustly withholden is instead of the artificial thing called a sum of money, a natural thing in any shape whatsoever, moveable or immoveable, and up to any value: where the thing withholden is a sum of money, interest merely, by which, no intimation to the contrary being given, any thing more than the legal 5 per cent would not naturally be understood - interest 5 per cent or less, at the outside power given to the wrongdoer, by a forced loan, while he himself is making, 12 or 15 per cent or any higher rate of profit; to borrow the money of the party injured at that price.

    To make amends for an omission thus wide and palpable, what have we? instead of more simple interest, enlargement of the power to the extent of compound.

    Now what are the views of the learned Advisor with respect the duration of this part of a Scotch cause? till six months have lapsed the difference between simple interest and compound amounts to nothing /is not worth a farthing/: for the computation of the interest I take for granted will not take place oftener than twice a year, if so often. Should the duration of the cause, i.e. reckoning from that stage from which the interest is to begin to be computed amount to 14 years by that time at compound interest the sum to be paid on the score of interest will have been doubled. But /Note/ that if instead of being thus paid at the end of 14 years this double interest had been paid at the time that the first years payment of simple interest ought to have been, the amount of the satisfaction would still fall short of that ordinary per centage in the way of profit of trade which the injured party if a trader would have made.

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  • Title: [20 Jan y 1808 Scotch Reform]
    Description: 20 Jan y 1808

    Scotch Reform

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    Loss to plaintiff, say, as before, 12 per cent: advantage to malâ fide defendant by keeping the money in his hands, say as before, 5 per cent: costs payable by him say, as before, 5 per cent: add[?] payable by him to the plaintiff in the score[?] of interest, 5 per cent. This leaves to the malâ fide defendant, disadvantage /pecuniary loss/ to the concupiscible appetite, 5 per cent. But his advantage by profit to the irascible appetite, is still 12 per cent: if then such be the state of his mind that for the 12 per cent advantage obtainable to the use of his irascible appetite, his concupiscible appetite is content to suffer a loss of 5 per cent, in other words, to pay at the rate of 5 per cent, an encouragement to imploy the hand of the law in doing wrong - an encouragement, and that an adequate and effectual one, is still[?] held not to him and given to him by the law.