1. The Auctioneer is one who disposes of property at public sale to
the highest bidder. The sale of property in this manner is regulated,
in some particulars, by legislative enactments, which have for their
object the prevention of fraud, or the imposition of duties.
2. In Pennsylvania, the present law provides for three classes of
auctioneers, each of which is required to pay to the state a specified
sum for a license. The first class pays two thousand dollars per
annum; the second, one thousand; and the third, two hundred; and,
besides this, one and a half per cent. on the amount of all their
sales is required to be paid into the treasury of the state. To each
class are granted privileges corresponding to the cost of the
license.
3. In the state of New-York, the number of auctioneers for the cities,
villages, and counties, is limited by law; and all persons who would
follow the business are compelled to give security for the faithful
execution of its duties. The state requires a duty of one per cent. on
all merchandise imported from beyond the Cape of Good Hope, one and a
half per cent. on such as may be imported from other foreign
countries, and two per cent. on wines and ardent spirits, whether
foreign or domestic. The laws and usages regarding sales at auction,
in most of the United States, are similar, in their general
principles, to those of Pennsylvania or New-York.
4. A great amount of merchandise, both foreign and domestic, in our
principal cities, is sold by auction; and the price which staple
commodities there command is generally considered a tolerable
criterion of their value at the time. It very frequently happens,
however, that articles which are not in steady demand, are sold at a
great sacrifice. Auctioneers seldom import goods, nor is it usual for
them to own the property which they sell.
5. In all cases, before an auction is held, due notice is given to the
public. This is usually done by the circulation of a printed
hand-bill, by a crier, or by an advertisement in a newspaper; or all
three of these modes may be employed to give publicity to one and the
same sale.
6. Persons desirous of becoming purchasers at the proposed auction,
assemble at the time appointed; and, after the auctioneer has stated
the terms of sale, as regards the payment of whatever may be
purchased, he offers the property to the persons present, who make
their respective bids, he, in the mean time, _crying_ the sum
proposed. When no further advance is expected, he _knocks down_ the
article to the last bidder.
7. A mode of sale was formerly, and, in some cases is still,
practised, in various parts of Europe, called _sale by inch of
candle_. The things for sale are offered in the ordinary manner, as
has been described in the preceding paragraph, and, at the same time,
a wax-candle, an inch in length, is lighted. The purchasers bid upon
each other, until the candle has been all consumed; and the last
bidder, when the light goes out, is entitled to the articles or goods
in question.
8. Auctioneers, in large cities, hold their sales at regular periods;
sometimes, every day or evening. On extensive sales of merchandise,
credits of two, three, four, six, or nine months, are commonly given.
In such cases, the auctioneer often gives his own obligations for the
goods, and receives in return those of the purchasers.
9. This mode of sale is employed in the disposition of property taken
by process of law for the payment of debts, in every part of the
world, where the influence of European law has extended. It is used in
preference to any other; because it is the most ready way of sale, and
is moreover the most likely method to secure to the debtor something
like the value of his property.
10. Executors and administrators often employ this convenient method
of sale, in settling the estates of deceased persons; and they, as
well as sheriffs and constables, _ex-officio_, or by virtue of their
office, have a lawful right to act in the capacity of auctioneer, in
performing their respective duties; and no tax is required by the
state, in such cases.
11. The sale by auction was in use among the Romans, even in the early
days of their city. It was first employed in the disposition of spoils
taken in war; hence a spear was adopted as a signal of a public sale;
and this continued to be the auctioneer's emblem, even after this mode
of sale was extended to property in general. The red flag and spear,
or rather the handle of that instrument, both emblematical of blood
and war, are still employed for the same purpose.
12. Several attempts have been made in the United States, to suppress
sales of merchandise by auction; but these endeavors were
unsuccessful, since experience had proved this mode of effecting
exchanges to be prompt and convenient; and since some of the states
had derived considerable revenue from the duties. So long as
conflicting interests remain as they are, this mode of sale will be
likely to continue.
[Illustration: The CLERGYMAN.]