Mobile register and journal., 1845-02-24

l
 ing the lawful interest al SIX per ceni per Onnum, the bond and mortgage sued on bearing interest at the rate of eight per cenIum. -.....-4ss..=z
 2. That they are against the statute of usury in New York, where the bond is made payable.
 }. That they are void because against the statutes and policy ofAhbama.
 In addition to these deences, the defendants in- sisted that no money actually paid by the bank in abatement of the usury, and that the original de- fects still exst that the deed of Mrs. Hitchcock was null and void, because she had not qualified un- der the will execulrix; and that the deed was in violation of the trust created by the will of Mr. | Hitchcock.
 The learned chancellor, CrensIaw, gives the sons for his decision as follows:
 l. That the place of the contract was the city of Mobile, and that the parties stipulated with refe- renee to ibe interest laws of Alabama, and had a right stipulate for any of interest not forbid den by such laws. -D
 2. That Alabama being the place of the contract, there be violation of the statutes of Pennsyl vania or New York, because il was lawful to siipu- late for any rate of interest permitted by the laws of ihe place ofthe contracts a.at
 3. That the charter of the bank is not violated, because more than six per cent was not taken within the commonwealth of Pennsy ylvania-the only re- l striction imposed being that of place.
 4. That if ihe contract did violate the charter of the hank or the general interest law of Pennsylva- ma, still the contract would not be void, because neither the charter general interest law declare a forfeiture of the contrac, consequence ofsuch vi oaton.
 l 5, That the transaction was not loan or discount within the meaning of the charter.
 6. That no statute or policy of Iabama has been violated
 | !. That the argument for the compromise and pay ment of the $15O,000 is binding on the defendants and esiops them from enquirng into the nature and extent of the supposed defects of the bond and mort gage, il Mrs. IIichcock competent, under H'tch cocks will to make such compromise.
 8. That Mrs. Hitchcock was competent under her husbands will. to make the compromise and veyance -. ..,. ......+ 1 g. That the compla,nanis are entitled 10 a strict foreclosure, and to be queted in the possession of ihe morgaged premises, and decrees that the rece- deliver possession of ihe premises 10 complaint ants, and that the injunction granted be psipetua- ted.
 The cau-e went up on writ of to the Su- prrme Court, hy whom the yiews and decrees of the Chancellor are fully confirmed. The opininion is given by Judge Ormond, and present his language on of the points In reference to the contract he says: "The contract was made here, the money s to be paid in New York. and secured by mort gage lands in this state, also executed here It is to have the benefit of this security that this bill |" is filed The rate of interest received upon the debt s 10 secure which the mortgage was made, is the e- gal of interest of this State. and it is not pre- " tended that all this is to violate ihe '' usury law of New York where the money WAS payable. To this it may be added that this the !" domcil of the debtor, and here the money bor- |" rowed. Can refuse 10 enforce contract which " strictly conforms our own law, merely because |" the contract stipulated for the payment of the mo- |" ney in another place, where the rate of interest was lower than it s here! We think The |" tract is 'bona fie,' is sanctioned 6y law, and ss cannot re4~ 10 enforce h We gre conducted to :" this conclusion not only because upon amhorit,
 such appears to be the ia, bm also because accord, '' wth sacred morality and the obligations of good ':fah. The result of this invest igalon is that the !" contract between Mir. Hitchcock and the bank is !" not usurous made in conlravention of the laws |" of this State, and that the bank had the power to '' make such contract within this State IL follows therefore, that the mortgage taken by the bank to " secure the debt may be ioreclosed.
 On the subject of the deed madebv Mrs. Hitch. cock, the learnedJ eudg remarks :-
 The agreement (with James Erwin) was execu- <" ted apparently in good faith, the money was paid " and Mrs. Hitchcok executed her deed, in which sle recites, that by virtue of the power conferred " OR her by the will of her husband and in conslde- <" ration of the amount of the mortgage debt and terest, she acknowledged. devised, released, con. seyed, and forever quit claimed the Trustees " of the Bank, all the esale. right, title, inter est use, trust. property, claim, and demand wlatsoev- " CT at law well ns in equity, in possession as |" well as in expectancy. in the mortgaged premises i" This is beyond all doubt conveyance of the equi- "ty of redemption in the mortgaged property Such " was the intention 0fhe parties is obvious from the previous negotiations, and such is its legal e !" feet Mrs. Hitchcock is estopped by the deed from " denying that such her intention. The argu. " ment urged that Mir. James Erwin was not her | - sBent, is ahh"efcu ny ihe ueeu itseHs ana " III " truth, as alleged, she did not receive the woney 6 it mud be charged to her implicit confidence in " the agent whose acts she ratified, by fulfilling all " his engagements in her behalf. That this large " sum of money was paid to Mir. James Erwin to |" extingush the claim which he set up to the eight <" store houses in Mobile. which were covered by 's the mortgage to the Bank, would be incredible, " fit were not as il is fully disproved.
 The 'bona fdes' of the act on the part of the agents of the Bank, has been attacked, but we " think without the leaso undation in justice. The charges this head against the agents of the Bank founded the supposilion that the BaHk debt s was illegal and the mortgage invalid, and ii is no where pretended that the equity of redemption was '' worth the price paid for the compromise. It would seem to be m truth, if the money had been fairly applied it's legitimate purpose, the payment " of unsecured creditors, most valuable arrange. s' ment for them. It does indeed appear that some |" stratagem was to be resoried to to conceal the t" transaction from other creditors, which was cer- tainly objectionable all arce is, but we are un. able perceive any thing illegal immoral on the "p part of the agents of the Bank" .- a..- l r
 GREATEST DISCOVERY OF THE AaE-The Electric Magnetic LigM.--Messrs. J. Milton Saun. ders and John Starr have last succeeded with their light, and brilliant affair it is. The apparatus with which their light is made is small, to allow Of easy transportation; but il may be increased an indef. mite extent and with it's nargement is the increase cf inc sze of inc light Thoup but the size of naa