§ II. On the Sale of Incorporeal Rights

Preliminary note. - Goods which pertain to the matter of purchase-sale are distinguished into corporeal and incorporeal. Corporeal, as we said in n. 593, 2), are those things which by their nature can be touched, i.e. perceived by the senses, such as a field, a garment, gold, and similar material things. Incorporeal are those which cannot be touched, as consisting in mere right, such as the right of an opened inheritance, the right of usufruct, and generally any credits whatsoever. This having been noted:

998. • Query. Whether in conscience it is licit to buy credits or notes, in counted money, below their numerical value?

With the distinction premised between private notes, commercial notes (drafts, for instance), and notes of States or rather public securities, founded in the Government (bonds):

Resp. 1° As to private notes: It is manifest that they can be bought for much less in counted money if they are uncertain or litigated or difficult of payment on the part of the debtor; and this probably even if perhaps to the present buyer, on account of a circumstance special to himself, they become easy to collect; since the price of a thing is determined from common estimation, and not from the particular circumstance of the buyer.² But a serious controversy is conducted among Doctors, yet one more speculative than practical, concerning notes or debts, as they say, liquid, i.e. certain and easily to be paid by the debtor at a prefixed time. Not a few judge that such liquid notes too can be bought a little more cheaply; because purchase, even of such a note, is not the purchase of money but the purchase of a right to money; but a right to money from common estimation is worth less than present money. Others on the contrary think that they cannot be bought for less, because such debts, although physically they differ from present money, nevertheless morally speaking are of altogether the same value. But, as we have already suggested, this controversy seems more speculative than practical; because in practice debts of this kind are more rarely bought without there intervening danger of difficult payment, at least in common estimation, fear of troubles, emergent damage, or something similar, which justifies purchase at a lesser price. For where today is a debt found so placed in safety that in security it equals present money? Wherefore in practice you will safely follow the first opinion.

Resp. 2° As to commercial notes: These notes can be equated with private notes when they are not from those commercial credits which are publicly exposed to be sold in the commercial market (exchange, stock-exchange); but if notes of this kind are publicly exposed there to be sold, then we think it can probably be resolved with Bouvier that they can be bought and sold at the price running in that market, and this not only if those notes are directed to another city and therefore of themselves somewhat perilous, for example if a note, bought in Baltimore, is directed to Boston and is payable there only; but even if they must be paid in the same city; for such notes publicly exposed are held as merchandise, whose price increases or decreases from common estimation according to circumstances.

Resp. 3° As to public securities: These securities from the common estimation of any region whatsoever are equated with ordinary merchandise, whose price increases or decreases according to the diversity of circumstances. Whence without doubt it seems licit to buy and sell them at the current price.