Excerpt from The Bills of Exchange Act, 1890: An Act to Codify the Laws Relating to Bills of Exchange, Cheques and Promissory Notes, With Notes and Comments, Also Reference to the English, American and French Decisions and to All the Canadian Reported Cases, an Appendix Containing the French Text Of
Bills of exchange, cheques and promissory notes are the shortest and most concise legal instruments of which the commercial world makes use. Yet each and all of them have been prolific of judicial controversies. A recent author, who has not only exhaustively reviewed, but even counted all the English cases, finds that the courts have pronounced no less than 2,500 judgments thought worthy of being reported. Although the first of these dates back as far as 1603, the decisions are, up to the time of Lord Mansfield, comparatively few and unimportant. In some of the later American works, no less than eleven thousand precedents appear, while the Canadian jurisprudence is represented by some two thousand cases scattered through the reports of the different provinces. The reporting of two hundred cases means on an average a volume in space, so that the English, American and Canadian reports alone, without taking into account the arrets of France, would form in the neighborhood of 75 volumes already published. Add to these formidable figures, digests and treaties to the number of 25 or 30, and the result is an array of some 125 volumes written in the English language upon the subject of negotiable instruments. It is impossible therefore not to look forward with some discouragement upon the ponderous volumes which the next half century will heap upon the groaning shelves of jurists. Codification alone can avert the calamity which threatens lawyers and judges of being buried alive in the labyrinths of the law. In France, where the laws on bills of exchange and promissory notes have been codified, first in 1673 by the Colbert Ordonnance, and secondly and more perfectly in 1807, by the Code de Commerce, the number of reported cases does not exceed fifteen hundred.
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