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In my view, the Christian religion is the most important and one of the first things in which all children, under a free government ought to be instructed... No truth is more evident to my mind than that the Christian religion must be the basis of any government intended to secure the rights and privileges of a free people. Preface to 1828 Dictionary
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BOT'TOMRY, n. [from bottom.] The act of borrowing money, and pledging the keel or bottom of the ship, that is, the ship itself, as security for the repayment of the money. The contract of bottomry is in the nature of a mortgage; the owner of a ship borrowing money to enable him to carry on a voyage, and pledging the ship as security for the money. If the ship is lost,the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it may exceed the legal rate of interest. The tackle of the ship also is answerable for the debt, as well as the person of the borrower. When a loan is made upon the goods shipped, the borrower is said to take up money at respondentia, as he is bound personally to answer the contract.
A contract in the nature of a mortgage, by which the owner of a ship,
or the master as his agent, hypothecates and binds the ship (and sometimes
the accruing freight) as security for the repayment of money advanced or
lent for the use of the ship, if she terminates her voyage successfully. If
the ship is lost by perils of the sea, the lender loses the money; but if
the ship arrives safe, he is to receive the money lent, with the interest
or premium stipulated, although it may, and usually does, exceed the legal
rate of interest. See Hypothecation.
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