Each party was to choose out of this association or standing committee,
one arbitrator for himself, and the association were to choose or to
ballot for a third. And here it will be proper to observe, that this
standing association appeared to be capable of affording arbitrators
equal to the determination of every case. For, if the matter in dispute
between the two parties were to happen to be a mercantile question,
there were merchants in the association: If a question relative to
shipping, there were ship-owners in it: If a question of insurance,
there were insurance-brokers also. A man could hardly fail of having his
case determined by persons who were competent to the task.
Though this beautiful institution was thus publicly introduced, and
introduced with considerable expectations and applause, cases came in
but slowly. Custom and prejudice are not to be rooted out in a moment.
In process of time, however, several were offered, considered, and
decided, and the presumption was, that the institution would have grown
with time. Of those cases which were determined, some, relating to
ships, were found to be particularly intricate, and cost the arbitrators
considerable time and trouble. The verdicts, however, which were given,
were in all of them satisfactory. The Institution, at length became so
popular, that, incredible to relate, its own popularity destroyed it! So
many persons were ambitious of the honour of becoming members of the
committee, that some of inferior knowledge, and judgment, and character,
were too hastily admitted into it.
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