The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-18

cstoppel. and makes the holder or the
document the practical owner OF the
goods and thus Lord Mansfield's great
conception was embodied In the common
law to the unspeakable advantages OF all
English speaking people.
1t was in this case that Mr.. tce Bull
Ter pronounced chat exalted erlogy upon
Lord Mansfield that has been 50 much
admired Speaking Of the way in which
he had modified the rigorous lines OF the
common law by weaving into them the
equitable principles Of the civil law, he
said
I'VE find In Snec VS.. Prescott that Lord
Hardwicke himself was proceeding with
81 eat caution. not establishing any geu-.
eral principle, but deciding upon all the
circumstances OF the case put together.
Before that period We find that in courts
of law all the evidence in mercantile
cases was thrown together; they were
left generally to jury, and they pro-
duced no established principle From
that time we all know the great study.
has been to find some certain general prin-
c!plcs which shall be known TO all man
kind, not only to rule the particular case.
then under consideration, but to serve as
a guide for the future, Most OF us nave
heard these principles stated reasoned
upon, enlarged and explained TIL we have
been lost in admiration at the strength
and stretch of the human UNDERSTANDINGS. :
The principle was Of such patent prac-
teal advantage that 1t was at once ac-
cepted all over the civilized world, and
has never been questioned since. But
strange to say. the ratio decedendi was
for long time lost sight Of, and learned
courts continued TO give parties the ben.
eft of ownership of PERSONAL properly
thus conveyed to them upon the strange
and absurd doctrine that there had been
of ha la
livery Of the property the document being
the symbol. But some thirty or forty
years ago the Court Of Appeals OF New
York took the subject In hand In Mcneil
VS. National Bank, 46 N. y, 30. and IN
mastery opinion demonstrated that me
title passes In such cases upon the prlls
ciple OF equitable estoppel and not OF
symbolical delivery, Our Court OF APP
peals has unreservedly adopted this prop,
osition as part of the general law OF
tho land In the ,Mihiser case, holding
that it applies to warehouse receipts Just
as much as to bills of lading, both pelng
the same In effect. and thereby convert;
ing tangible PERSONAL properly i''so asa a.
able collateral at bank, and, ~ dong u,
It has done service to the people or
virginia that is beyond the power OF estl-
nation. Without this principle, on!y
those men can borrow money at the paHks
for their business whose credit or pond
and stock cola terals are sufficient 10 sat
isfy the banks Of the safety OF thelr
loans, Without this principle the banks
are accessible to the rich only. But with
this principle every small manufacturer
can turn his establishment into ware
house and pledge his supplies and product
for the money necessary 10 cohauct ahr
expand his business. The decision IS or
sreater importance to the people OF Rich
n,ond than the addition Of ten millions of
dollars to her banking capital would be
without it. without 1t ten millions Of
nav capital would only make that much
more that the rich could borrow. With
1t the present capital rs wide open TO
to put up as security.
The Aboae1, too, II a. much interested