This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1840 edition. Excerpt: ... ON UNLIMITED LIABILITY. By James Cox Esq. of Philadelphia. The question of the extent of the liability of individuals, and of their natural right to limit that liability, is one which, in its moral as well as in its economical aspects and relations, is of the highest interest and importance, and the ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1840 edition. Excerpt: ... ON UNLIMITED LIABILITY. By James Cox Esq. of Philadelphia. The question of the extent of the liability of individuals, and of their natural right to limit that liability, is one which, in its moral as well as in its economical aspects and relations, is of the highest interest and importance, and the satisfactory solution of which is intimately connected with the investigation of those general and fundamental principles of justice and of expediency, which should form the basis of all positive enactments. Prominent among the many plausible yet shallow fallacies which have, with a zeal and a perseverance worthy of a better cause, been urged in favor of the device of a limitation of individual liability--of a restriction upon personal responsibility--is the vain and contradictory assumption that the adoption and extension of this system of restraints is required by an enlightened adherence to the dootrines of the free trade theory--a tReory in the general truth of the conclusions of which there is, as we think, no sufficient reason to doubt. What would be the condition of individuals living in a state of the largest liberty consistent with the protection of each in the enjoyment of his natural rights, and under the control of no laws except such as might be necessary to enforce that performance of engagements which is required by a regard to the paramount obligations of morality, and to the demands of justice? A. B. and C. would, as it is perfectly manifest, trade with each other upon the condition of the natural and unlimited liability of each. And should A. B. and C. associate together in order to trade with D. E. and F., it would still, in strict conformity with the moral law, be upon the basis of the natural and unrestrained...
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