A court of equity "has always refused its aid to stale demands where a party has slept upon his right and acquiesced for a great length of time. Nothing can call forth this court into activity, but conscience, good faith and reasonable diligence; where these are wanting, the court is passive and does nothing."Per Lord Camden in Smith v. Clay(1767) 3 Bro. C. 639n at 640n

Explain the meaning of the above statement and analyse the extent to which it governs the exercise of the jurisdiction of the court in legal and equitable claims.