James Clark McReynolds

“ It said-
'The clause we are here dealing with does not appear to operate in that way (i.e., 'to relieve the carrier from the consequences of its negligence') . * * * The clause is gratified by determining the amount of the whole tonnage damaged, and multiplying by the damage per ton. * * * In operation the clause only eliminates prospective profit, and limits the damage to the owner's actual loss in the transaction. It may even operate to his advantage if the market value at destination is less than the invoice value. ”

“ All claims for which the ship and or carrier may be liable shall be adjusted and settled on the value declared by the shipper or on the net invoice cost plus disbursements, whichever shall be the least. ”

“ Phoenix Insurance Co. v. Erie & Western Transportation Co., 117 U.S. 312, 322, 6 S.Ct. 750, 754, 29 L.Ed. 873; Pennsylvania Railroad Co. v. Olivit Brothers, 243 U.S. 574, 586, 37 S.Ct. 468, 472, 61 L.Ed. 908; Gulf, Colorado & Santa Fe Railway Co. v. Texas Packing Co. ”