be prepared to find that whilst the feudal system retained its vigour—whilst military prowess and physical force were most esteemed whilst land with its peculiar rights and burthens was thought the most valuable possession-whilst the power of the Crown was exerted to check alienation and the transfer of property, which is the life and soul of trade (per Eyre, C. J., 4 T. R. 320), and generally to discourage the arts of peacein such times, we must be prepared to find but few evidences of anything worthy the name of mercantile law prevailing here. To Richard I., indeed, as some learned writers have contendedbut at all events to at least as early an epoch in our historywe are indebted for the Laws of Oleron, a body of maritime law which, by reason of the wisdom with which it was framed, obtained general reception amongst the nations of Western Europe, and has even been admitted as an authority on admiralty questions in some of the States of North America. (3 Kent. Com. 7th ed. 11-12; 1 Duer, Mar. Ins. Introd. 38; 1 Bla. Com. 419.) It is, however, in Magna Charta, as ratified by Henry III., that we first meet with positive enactments of importance, having direct reference to the Law Merchant, and evidently designed to benefit and encourage trade.1 The 25th chapter of this Act aims at regulating to some extent the sale of the necessaries of life, by requiring that "one measure of wine shall be used throughout the realm, and one measure of ale, and one measure of corn;" whilst chapter 30 enacts, that foreign merchants shall have safe and sure conduct to come into, tarry in, and depart out of England, in order to buy and to sell without being subjected to any manner of [evil] tolls, save per antiquas et rectas consuetudines (see 6 Co. Rep. 239); i. e., according to the established dues and customs imposed by authority of Parliament. (2 Inst. 58; 1 Bla. Com. 314 315.) Such was the wise and liberal policy of our Great Statute for the protection of foreign traders—a policy which was still further carried out in the ensuing reign by the statute of Acton Burnel (11 Edw. 1, c. 1), which was passed in order to facilitate the recovery of their debts by merchants; and recites that the 1 See Reeves's Hist. of Eng. Law, i. 234. absence of any "speedy law" to compel such payment, had deterred many merchants from coming "into this realm with their merchandizes, to the damage as well of the merchants as of the whole realm." Under the Act last referred to, any merchant who wished to secure payment of a debt due to him could cause his debtor to enter into a certain kind of recognisance called a Statute Merchant, upon which execution against the goods or person of the debtor might, on default made in payment of the debt, be at once issued; and "if the creditor be a merchant stranger, he shall remain at the costs of the debtor for so long time as he tarrieth" about his suit, and until the goods and chattels of his debtor be sold and delivered to him. We may add, that the facilities afforded to a creditor by this statute were much extended by the 13 Edw. 1, stat. 3, c. 1, which compelled a debtor who could not otherwise satisfy the claims upon him, to sell his land, or enabled the merchant creditor to seize and hold it until the debt secured by the Statute Merchant had been satisfied.1 With a view to the further encouragement of foreign trade, another statute, of some interest in a historical point of view, was passed in the reign of Edward III. It was then thought advisable to prohibit the export of certain kinds of merchandise by home traders, and thus to attract foreigners to these shores for the purposes of traffic. Certain towns were accordingly constituted markets or staples for the purchase and sale of the commodities in question, under special rules and conditions which there had force-"the staple being intended in its very institution for the resort of foreign merchants, and it being thought wise and expedient that some mode of administering justice between parties should be devised, which would be more consonant with the ideas of foreigners, and more adapted to the nature of mercantile transactions for ease and despatch than the common process of the law." It may be proper to add, that this statute, though originally confined in its operation to persons dealing in certain places only, was by a subsequent 12 Reeves, Hist. E. L. 160. 2 27 Edw. 3, st. 2. 32 Reeves, Hist. E. L. 393, 394. Act (23 Hen. 8, c. 6) extended to all persons who chose to avail themselves of its provisions. The learned reader will remember that Sir E. Coke, in his 4th Inst. ch. 46, treats of the Court of the Mayor of the Staple at Westminster, which, he says, is guided by the Law Merchant, which is the Law of the Staple; and further, that Blackstone, in the second volume of his Commentaries, pp. 160-161, enters at some length into an inquiry as to the nature of estates held by Statute Staple and Statute Merchant. The Statute Merchant and Statute Staple were indeed, as appears from Blackstone, at one time common assurances here, and their tendency obviously was to facilitate the alienation of real property, restrictions upon which had been imposed by Magna Charta, chap. 32, which forbade the alienation of land, unless where the residue remaining to the tenant was sufficient to enable him to perform his feudal services to his lord (Sulliv. Lects. 149, see also 2 Reeves, Hist. Eng. L. 232), and also by the statute of Quia Emptores, forbidding subinfeudation, which has truly been described as "the first step towards voluntary alienation." Upon this point Dr. Sullivan tells us in his 15th lecture (pp. 144-146) that one great and striking difference between allodial and feudal lands consisted in this, that the former entered into commerce; they were saleable or otherwise alienable at the will of the possessor, either by act executed and taking effect in his lifetime, or by will to take effect after his death. Feudal estates, however, were not liable to the debts contracted by the feudatory; for if the creditor might have sold them for debt, a wide door for alienation had been opened by means of fictitious debts contracted by collusion between the creditor and vassal. "But," continues the writer above named, "as times grew more settled, and the strictness of the military system abated-as commerce increased, and with it luxury, the propensity to alienation grew up, and became at length so strong in every country as to be irresistible. And it is a speculation not only curious, but very useful for the students of our law, to observe and remark its progress in England: the first step towards voluntary alienations arose from the practice of subinfeoffing." 66 absence of any " speedy law" to compel such payment, h deterred many merchants from coming "into this realm w their merchandizes, to the damage as well of the merchants of the whole realm." Under the Act last referred to, any merchant who wished + secure payment of a debt due to him could cause his debtor + enter into a certain kind of recognisance called a Statute Me chant, upon which execution against the goods or person of th debtor might, on default made in payment of the debt, be once issued; and "if the creditor be a merchant stranger shall remain at the costs of the debtor for so long time as he tarrieth" about his suit, and until the goods and chattels of his debtor be sold and delivered to him. We may add, that th facilities afforded to a creditor by this statute were much extended by the 13 Edw. 1, stat. 3, c. 1, which compelled debtor who could not otherwise satisfy the claims upon him, sell his land, or enabled the merchant creditor to seize and ho it until the debt secured by the Statute Merchant had be satisfied.1 With a view to the further encouragement of f another statute, of some interest in a historical was passed in the reign of Edward III. It was advisable to prohibit the export of certain kinds by home traders, and thus to attract foreigners for the purposes of traffic. Certain towns w constituted markets or staples f commodities in question, unde which there had force-"the s institution for the resort of thought wise and expedient t justice between parties should consonant with the ideas of the nature of mercantile tr than the common process of that this statute, though on persons dealing in certain 12 Reeves, Hist. E. L. 16 |