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.
