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The markets, it seems, now have an added dimension of risk." Call-writing has soared as punters, fund managers, and institutional investors try to eke an extra return out of the wild ride and to protect their dwindling equity portfolios.
Robbers and pirates, it has often been remarked, could not maintain their pernicious confederacy, did they not establish a pew distributive justice among themselves, and recall those laws of equity, which they have violated with the rest of mankind. I hate a drinking companion, says the Greek proverb, who never forgets.
It would be all the more of a pathetic mockery to visit the transgressions of their masters on these victims of circumstance and dynastic mendacity, since the conventionalities of international equity will scarcely permit the high responsible parties in the case to be chastised with any penalty harsher than a well-mannered figure of speech.
It will either be said that equity lies of his side, or some words in the law will be found sounding that way, or some forced sense will be put on them; and when all other things fail, the king's undoubted prerogative will be pretended, as that which is above all law; and to which a religious judge ought to have a special regard.
The possible implications of these glaring facts were cleverly met by President Roosevelt in his message to Congress and by the Secretary of State in the correspondence growing out of the affair. The Government really relied for its justification, however, not upon these technical pleas but upon the broad grounds of equity.
He is an officer of very great power; as no patents, writs, or grants, are valid, until he affixes the Great Seal thereto. Among the many great prerogatives of his office, he has a power to judge, according to equity, conscience, and reason, where he finds the law of the land so defective as that the subject would be injured thereby.
After the adjournment of the Legislature Caleb moved to Richmond and formed a partnership with Webster Jones, who was a graduate of an eastern law school. Jones prepared their pleadings and attended to all equity practice, while Caleb solicited business and tried their jury cases.
An assembly was called, and popular speakers, as had been concerted, came forward to exasperate and incense the multitude; but when Marcius stood up to answer, even the most tumultuous part of the people became quiet on a sudden, and out of reverence allowed him to speak without the least disturbance; while all the better people, and such as were satisfied with a peace, made it evident by their whole behavior, that they would give him a favorable hearing, and judge and pronounce according to equity.
If you had just gained four battles over him, you could not demand more. I have always held you for sovereigns, because I am your friend, but if you would judge by equity and justice, you are not sovereigns. It is not reasonable that the king of Spain should quit the sovereignty for always, and you ought to be satisfied with having it so long as the treaty shall last."
The king might, it is true, do much that was inconsistent with equity without exactly breaking the law of the land: he might diminish his fellow-combatants' share of the spoil; he might impose exorbitant task-works or otherwise by his imposts unreasonably encroach upon the property of the burgess; but if he did so, he forgot that his plenary power came not from God, but under God's consent from the people, whose representative he was; and who was there to protect him, if the people should in return forget the oath of allegiance which they had sworn?
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