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Such a wrong ought not to be allowed in a country claiming an enlightened government. It is the thief who is protected in America, not his dupe. The old law of caveat emptor protects the SELLER of fake mining stocks, not the BUYER of them. There is little or no actually enforced law to protect the latter.
"Caveat emptor," said Sypher. "I beg your pardon?" said Dennymede, who had no Latinity. "It means, let the buyer beware; it's up to the buyer to see what stuff he's buying." "Naturally. It's the first principle of business." Sypher turned his swift clear glance on him and banged the window-ledge with his hand.
The bondholders would have been reminded of the sound doctrine, caveat emptor, which signifies that those who make a bad bargain have only themselves to blame, and must pocket their loss with the best grace that they can muster. As it was, Egypt had long ago been marked out as a place that England wanted, because of its vitally important position on the way to India.
There is no proverb more common than that of "caveat emptor." It is Judge O'Hagan's business to do for the poorer party in each bargain made between a landlord and a tenant that against which the above proverb warns him. The landlord has declared that the tenant shall not have the land unless he will pay £10 a year for it. The tenant agrees.
Caveat emptor let the buyer beware expresses an extreme development of this, and in its common signification, that each side is to be permitted and expected to take any advantage of the other side that it may be able to secure, it describes a state of warfare rather than of business.
That is to say, Robert Owen believed that a business transaction where both sides do not make money is immoral. There is a legal maxim still cited in the courts "Caveat emptor" let the buyer beware. For this maxim Robert Owen had no respect.
It is necessary to attend particularly to the character of the person called familiæ emptor. There is no doubt that at first he was the Heir himself. The Testator conveyed to him outright his whole "familia," that is, all the rights he enjoyed over and through the family; his property, his slaves, and all his ancestral privileges, together, on the other hand, with all his duties and obligations.
Farmers whose fruit trees adjoin a public thoroughfare will also state that the average automobilist has quite a different code of morals for apples and pears than for money and gasoline. "Caveat emptor" let the buyer beware! This has been the motto of the seller of merchandise since the beginning of trade.
The Familiæ Emptor, being himself the Heir, knew exactly what his rights were, and was aware that he was irreversibly entitled to the inheritance; a knowledge which the violences inseparable from the best-ordered ancient society rendered extremely dangerous.
If the Legislature has protected the purchaser in spite of the doctrine of "caveat emptor" by enactments against adulteration of food, and has in addition, created machinery to enforce those enactments, are not we justified in asking that it shall also protect us against incompetence, especially in cases where the effects, though not so obvious, are even more harmful to the community than those which spring from impure food?
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