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
later, 1285, though the time of this, the Statute concerning Bakers,
is put by some still earlier, with the Assize of Bread and Beer, in
1266. It provides the standard weight and price of bread, ale, and
wine, the toll of a mill. It anticipates our pure-food laws and
punishes butchers for selling unwholesome flesh or adulterating
oatmeal, and says "that no Forestaller be suffered to dwell in
any Town, which is an open Oppressor of Poor People ... which for
Greediness of his private Gain doth prevent others in buying Grain,
Fish, Herring, or any other Thing to be sold coming by land or Water,
oppressing the Poor, and deceiving the Rich, which carrieth away such
Things, intending to sell them more dear,... and an whole Town or a
Country is deceived by such Craft and Subtilty," and the punishment is
put at a fine at the first offence with the loss of the thing bought,
the pillory for the second offence, fine and imprisonment for the
third, and the fourth time banishment from the town.
The first definition of forestalling is here given. Our modern
equivalent is the buying of futures or dealing in stocks without
intent to deliver, both of which have been forbidden or made criminal
in many of our States. And forestalling, regrating, and engrossing
were things early recognized as criminal in England, and these
statutes embody much of what is sound in the present legislation
against trusts.
Forestalling was very apt to be done in a _staple_, that is, in the
town which was specially devoted to that article of trade; so that
the laws of forestalling got very much mixed up with the laws of the
staple; but forestalling would equally mean going into any market and
buying up all the production. If the article was produced abroad, the
forestaller would try to buy up the entire importation.
Public-domain text, read in full here on John Shaqi.
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