Delaware patriot & American watchman., 1828-07-25
REASONS WHY THE PRESENT SYSTEM OF ACks
TlONS OUGHT TO BE ABOLISHED,
[Concuted
TCuncluded |

lConcluded
9. AUCTIONS hare teen found By the experience
Of other countries. to be pernicioas to internal
trade. The English government has corrected
this evil. not only by duty Of FIVE per cent ON
large proportion Of sales but also by various res.
trctve regulations. The corporation Of London,
aud the inhabitants Of other large cities, petition
ed for relief stating the severe distress, an6
nunerous frauds that auctions had accustomed
In France this evil does not exist II would
be ruinous there TO the credit Of any person, TO be
known to sell his merchandise il this manner and
scarcely reputable to be seen buying at auction.--
1t is only Of late that an attempt has been made to
sell produce. such as cotton anl! indigo, by public
sale bu' the experiment is unpopular a sale Of
manufactured goods is thing unheard Of. Auc
tons are chiefly, il not wholly. confined To the dis
posal of the estates Of banhtups, and OF deceased
persons: to sales % account al underwriters: and
generally. 70 property se!d under the decisions or
courts Of law ; and even such sales are subjected
TO duty. II is htc.ed that the case is nearly
the same in Germany. and throughout the Cont.
nent Of Europe. Let us benefit hv their expert
ence. and not postpone the remedy I'll AL the tra
ding classes shall be degraded 10 level Of vas
saase 10 few privileged auccneers. Already
the oppression is intolciabe. and. III few wears
more, not only the importer, but also the whole
sale dealer will be swept away.
10 AUCTIONS. by creating an unnatural com
petition unconnected with the wants Of the MA,
ket cause more goods to be sold than ought 10 be
or ihan otherwise. would be sold and encourage
instead Of REFRESHING the great besettiig fraty Of
Notwithstanding
IL. AucTIoNs produce all fhe perncions effects
| of gambling. from the great and sudden changes
of price which they occasion. The same article
often varies from fifteen to twenty per cent in as
many minutes Indeed it often happens, thas
goods Ct the same quality are selling at differ.
ence OF ten or sfteen per cent, at the same time,
and in the same street, in different auction rooms
10. auctions facilitate ,fraudulen. taakruptcies
1 Any one medtating such crime, may buy goods
on credit at private sale, and after erasns or tear.
ing off the marks, convert then, into money at
Auction; and when he is no longer able to do so
either abscond with tic fruits of his vany, or
pay small composition, and retain an ample car
;taI for future purposes. Without the aid of auc.
tons it wold be much more difficult to pursue
such course.
IS. BY means of Auctions any rash or embar.
rasse, individual may, BY sacrificing at public sale
a quantity of any article bevond what the demand
requires, destroy all regular sales of frat arti-
Gle for many months; and TINS render useless
the calculations of the prudent and the eyperien
ced. Is it to be tolerated that the whole mercan-
tile class should be placed continually at the mer
CIV Of every pennyiess Spectator Does not this
directly tend to deter prudent men from becoming
merchants and to leave the trade OF the country
in the hands Of the unskilfal, the unprincipled,
and the desperate
II. .9actions have introduced an extraordinary
system ef injustice IN the appropriation Of the funds
of IRsolrent iebtorS-- unknown in anv other coun
try. and Incompatible with public prosperity. As
il there was something peculiarly sacred in debts
due to auctoneers they require security from eve-
ry buyer, in the shape Of endorser on his note.
If the buyer becomes InsoIvent, he assigns his
whole effects to protect his endorser, and his pur.
chases at private sale frequently almost total
loss. The Auctioneers virtually absorb the whole
estate Relying on this preference, they are pro-