22 June 1807

(7)

Letter V

II. Litig.

II. Def t malâ fide

These phenomen...[?] no serent[?]. Judge & Co: they have invested themselves of them accordingly.

The less the check applying itself in restraint of litigation, under whatsoever name - burthen of satisfaction, burthen of costs or any other on either side (on the present occasion the defendant's side) is in value, meaning apparent value as it appears in the eyes of the litigant - in value, magnitude, certainty or uncertainty, proximity or remoteness, being taken into the account, the less its force and efficiency in such its character of a check: the greater, the greater.

Whatsoever be the value which an object viewed from the Defendant's side of the suit possesses in the eyes of the Defendant (value being composed as above, of magnitude, certainty and proximity, multiplied into each other) that value will be different in the eyes of the plaintiff, the object being viewed from the plaintiff's side.

If the given sum considered as about to come into the Plaintiff's pocket in the shape of gain the value will in the eyes of the Plaintiff, be greater than the real: and so in the case of the Defendant.

If the same object considered as about to go out of the Plff.'s pocket in the shape of loss the apparent value will in the eyes of the Plaintiff, be less than the real: and so in the case of the Defendant.

Such happily on the hole[?] for mankind is the constitution of human nature: hope is predominant over fear: the phenomenon has been noticed by Adam Smith and others.