date

5 Feb y 1808 on L d Eldons Bill
5 Feb y 1808

on L d Eldons Bill

Appeals

Principle

Say for example non-commercial interest, 5 per cent; commercial interest, 12 per cent: rates

15. These two main rates may each of them, be subjected to ulterior[?] modification /diversions/; viz. as many as can be deduced by any determinate and fixt differences produced in the case of non-commercial by the nature of the property, in the case of commercial interest by the nature of the branch of truth, and in both by the circumstances of place and time, the acedental degree of exigence[?].

16. Whatsoever be the rates there fixt provisionally by general rules it be competent[?] to either party to apply for a variation grounded in the special circumstances in which either himself or the party on the other side is placed: each party alledging by [...?] oath or oath of credulity as the case may be that the interest made by himself has been or as the case is would have been, or that the interest made by the adverse truly has been or would have been difference by such or such an amount from the provisional rate fixt by the general rule. on[?] which application made, it should be incumbent on or at least let it be competent[?] to the Judge at his discretion to grant /institute/ or reform the investigation, and according to the results to substitute any greater or less rte of interest to the provisional rate fixt by the general rule.

17. the provisional rate thus fixt by the general rule may be distinguished by the appellation of ordinary rate: there fixt per [...?] [...?] by /on/ particular investigation, ordinary rates. Extraordinary rates will thus come to be taxed, as costs are taxed.
Similar Items
  • Title: [5 Feb y 1808 on L d Eldons Bill]
    Description: 5 Feb y 1808

    on L d Eldons Bill

    Appeals

    [...?] [...?] what a man would like to receive[?] the wrong. Provison[?] in case of wrongs for which [...?] will not allow a man to admitt the existence[?] of the equivalent.

    12. The loss of the use of money, in whatsoever of the above ways the loss were produced /occasioned/ a more commercial man can not have /has not/ received adequate compensation, unless he has received over and above the principal, non-commercial interest at the same rate at which, had it not been for [...?] temporary loss be created or if he had pleased might have received it: and so in the case of a commercial man [...?] to non-commercial, commercial interest

    13. So a converse[?], from a non-commercial man the profit to[?] will have derived or may reasonably be supposed to have derived from the temporary use of money which by his own wrong was left to that other will not have been compleatly taken away, unless, being a non-commercial man, he has been made to pay non-commercial interest for and during the rime in question, or if /being/ a commercial man, commercial interest

    14. To save in general / By a general rule/ the delay, vexation and expense attendant on particular investigation, rates of interest corresponding to the different situations in which we may be placed with reference to /in respect of/ the opportunities of profiting by the use of money, should for the purpose of the purpose of the provisional allowance[?] to be made in the sum of interest to a party wronged, od the restitution to be exacted on the like sum from a wrongdoer be fixt by general rules: his rates rates corresponding to the two terms of the main distinction between non-commercial and commercial money at any rate.
  • Title: [5 Feb y 1808 on L d Eldons Bill]
    Description: 5 Feb y 1808

    on L d Eldons Bill

    Appeals

    [...?] continued

    8. Profits of stock: profit derived in /by/ the way of arteficial increase or exchange from the use of a [...?]-mass of property, employed in the way /shape/ of stock, in any line[?] of productive industry; such of husbandry, money, fishing, manufacture communal exchange or conveyance /loco motion/.

    9. Any portion[?] of the matter of satisfaction considered /[...?]/ given in the shape of money, in satisfaction for loss of the use of money or moneys worth, is or may be termed interest - viz. in that sense in which it is meant to signify interest of moneys.

    10. Satisfaction in the shape of interest must to be adequate, be a quantity different, according to the condition in life according to the occasions and opportunities, proposed and habitually employed and or which to be used /employed/ by the portions[?] in question, in respect /for the purpose/ of the making advantage for the time in question.

    11. Considered with reference to these opportunities and occasions more in general may be divided into two principal classes - viz. non-commercial men, and commercial men; and interest may in the same point of view be distinguished into non-commercial interest, and commercial interest: the rate of commercial interest being assured equal to the rate of commercial profit.
  • Title: [30 Jan y 1808 Appeals 3. Interest]
    Description: 30 Jan y 1808

    Appeals

    3. Interest allowed

    Viwed in its proper light this remedy such as it is will be seen to [...?] a satire upon the system which gave birth to it. In addition to the 5 per cent interest, compound interest at the same rate! At what point of time is it that the first addiction thus to be made to the ammount of simple interest would commence? At the [...?] not [...?] than half a year after the first payment on the [...?] of the simple interest had become [...?]: so that for a delay that [...?] but a day of half a year, the value of the remedy as equal to 0. At 5 per cent at the end of 14 years, the principal when the interest is computed in the mode of compound interest doubles itself. [...?] now to a commercial man who in the character of plaintiff has been having[?] the whole time commercial profit, and that his[?] compound though it be but the [...?] of the rate of commercial, profit - viz 12 per Cent, the calue of this remedy. At the end of the years or thereabouts instead the ,5 which be at sample interest he would have raised[?] for the interest of the first year on the principal of ,100 to he will receave ,10: at the end of the years 2 per cent less than he ought to have receaved at the end of the first year.

    To [...?] enormous a pitch. must the mass of factitious delay have been swilled[?] before this pretended remedy whether in the character of satisfaction to the party wronged, or of punishment to the wrongdoer, can have become any thing better than chip[?] in porridge.