Next, take a case where a limit has been set to liability which
had previously been unlimited. In 1851, Congress passed a law,
which is still in force, and by which the owners of ships in all
the more common cases of maritime loss can surrender the vessel
and her freight then pending to the losers; and it is provided
that, thereupon, further proceedings against the owners shall
cease. The legislators to whom we owe this act argued that, if a
merchant embark a portion of his property upon a hazardous
venture, it is reasonable that his stake should be confined to
what [7] he puts at risk,--a principle similar to that on which
corporations have been so largely created in America during the
last fifty years.
It has been a rule of criminal pleading in England down into the
present century, that an indictment for homicide must set forth
the value of the instrument causing the death, in order that the
king or his grantee might claim forfeiture of the deodand, "as an
accursed thing," in the language of Blackstone.
I might go on multiplying examples; but these are enough to show
the remoteness of the points to be brought together.-- As a first
step towards a generalization, it will be necessary to consider
what is to be found in ancient and independent systems of law.
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