First in point of time and interest comes the mortgage debt, i.e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.

We regard an action of Contract as an action to prevent or compensate for a breach of a promise; an action of Tort as an action to to punish or compensate for a wrong, such as assault or defamation, which has not any necessary connection with a promise.

The process of specialization tends, almost inevitably, to narrow the sources from which the rules of any science are drawn; and English law is no exception from this rule.

But we remember that it was just precisely in the reign of Richard II that the Peasants' War, following upon the changes wrought by the visitations of the Great Plague, virtually destroyed serfdom as a personal status.

What is technically called the 'fungibility' of money, is its chief value as an article of commerce; and this fact could not long remain recognized, even by such a conservative class as legal officials.

It was natural that the direct wielders of the royal prerogative, men who sat in the Star Chamber and the Privy Council, who knew the secrets of the State and the necessity for prompt action, should despise the merely declaratory character of a good deal of Common Law process. To them we doubtless owe those four great pillars of Chancery jurisdiction, the injunction, the decree, the sequestration, and the commission of rebellion.

But the fact that the word "chattel" has survived as the inclusive legal term for all movable goods, points, not merely to the great importance of cattle in primitive times, but to the importance of the notion of sale or barter in generating the institution of property.