Whatever may have been the theory in former years, it must now be admitted, that a patent-right now rests altogether on the statute, and not at all upon any inherent or natural right of an inventor to the exclusive use of his invention. (b)

The statute in fact makes, or constitutes, a contract between the inventor and the public, resting on sound and actual considerations on both sides. The public engages to protect him in the exclusive use of his invention for a certain time. This he gains. On the other hand he agrees to put on a record open to the public, a description of his invention which shall enable any person of competent skill to make use of it, after his exclusive use is terminated. This the public gains; but their greater gain is in the stimulus to invention given by this protection of the inventor.

It is plain, therefore, that the owner of a patent-right should not be treated as a monopolist, as he once was, who ought to be limited and restrained in every way, whenever an ingenious construction of language or rigorous application of a principle, could turn a decision against him. He is a party to a fair and equal contract, and should be dealt with by the law rationally and impartially. And so of late years, he has been. (c)