Popular Law-making: A study of the origin, history, and present tendencies of law-making by statuteStimson, Frederic Jesup
History
Popular Law-making: A study of the origin, history, and present tendencies of law-making by statute
Stimson, Frederic Jesup
Legislation -- United States
But perhaps the most important legislation affecting simple matters of
business other than the line of statutes already mentioned, making new
negotiable instruments and controlling the title of property by the
possession of a bill of exchange, bill of lading, warehouse or trust
receipt, are those statutes prohibiting the buying of "futures," or
the enforcement of gambling contracts to buy or sell stocks or shares
or other commodities without actual or intended change of possession,
which we have necessarily referred to in our discussion of restraint
of trade (chapter 4). There is a very decided tendency throughout the
country, particularly in the South, to prohibit all buying or selling
of futures, that is to say, of a crop not actually sold, or of any
article where physical delivery is never intended, and it will be
remembered we found plenty of precedent for such legislation in
early English statutes. Gambling contracts may be forbidden only in
specified places, such as stock exchanges; and the buying of futures
may be specially permitted to favored persons, such as actual
manufacturers intending to use the goods; and both such statutes will
be held constitutional and not an undue interference with the liberty
of contract. These matters were largely covered by the statutes of
forestalling in early times. Legislation more distinctly modern is
that against sales in bulk, and against department stores; more
striking still is the statute, already passed in Wisconsin and
Virginia, forbidding all tips, commissions, or private advantages
secured by any servant or agent in carrying on the business of his
principal, his master, or the person with whom he deals; the statute
even forbids a gratuity intentionally given directly from the one to
the other. It is hard to see how the last clause of the law can be
held constitutional, any more than the laws forbidding department
stores, although such commissions may be forbidden to be given
"unbeknownst."
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account