The miners' express. (Dubuque, Iowa) 1849-1854, 1853-01-12

| lender. 10 prove greater than the legal tate
interest. The manifest eff CT of such law
would be, not only 10 deter capital from seeking
employment within our limits, hut TO drive hence
much of what is already employed, by striking
at the foundation o! that which is the great bona
that indissolubly unites and keeps boundthrmiy
together, all the component elements OF, not
only the commercial, but also the social and
political world, viz the invioabilty and binding
Grce of contracts Destroy this bond, and with
il society returns 10 its original chaos Impair
it, and you weaken to corresponding degree
that high of integrity, the maintenance
and cultivation of which, should be the Chief
great councils of nations, or the more limited
spheres of the domestic circle For example,
let law be passed making it usury - lend
money at greater rate than ten per cent,
whilst ia the pursuit of a Legitimate business,
my money is worth to me fifteen per cent, it is
not likely that will loan at losing rate,
(mercly because the law says that must d."
50, il loan at all,) unless in some particular
case, where accommodation, rather than emol-
ument is the object Under this condition OF
things, am applied to for loan. The law
says | shall receive no more than ten per cent;
but my business honestly pays me fifteen, SO
decline lending. The applicant says. VIII
allow yes ufteen per cent, the money will be
wortl, tlat 10 me; shall not ask an accommo-
dasion at your hands, and at the same time ex-
pect YOU to be the loser thereby. The contract
is entered into, and the papers signed, sealed
and delivered. Pay day comes round, however,
and the party finds that it will not be conve
nlent for him just then to pay, 50 he puts 1t oil
with the conscientousness that he has the law
all in his own hands, aud finally concludes TO
turn witness under the usury law, and not pay
at all, or only just to suit his own convenience
Here is direct breach Of faith between parties,
in the face Of the most solemn contract known
10 the law, viz: that under seal; and all sane
toned, nay. encouraged by the express and
deliberate enactment of our Legislature 1t
may be said that no honest man would be guilty
OF such an act; but such an answers not to the
point, for if an honest man would not, dishon
encouragement extended by the law of the
land.
But we will 90 even further than this; We
shalt not rest The point with the encouragement
which Is extended to dishonesty, for by such
law, temptation is thrown in the way even Of
the honest man, which may prove his fall. lie
may, in the first instance, have entered into the
contract in good faith, but when the day OF pay
ment arrives, it finds him straitened by un'
foreseen mshaps. not to be able to meet his
engagements, even to the amount of the princi
pal alone A dependent wife and family sur
round the hearth.stone, whose comfort and sub
sistance present themselves to him as consider.
atoms paramount in importance to all others OF
a present nature. The law holds out TO him
the inducement to break faith as certain
means Of relief
In reply to all this, it will be argued, we sup
pose, that inasmuch as the contract is con-
tract in violation of law, he is not bound by 1t
beyond his pleasure. This may or may not be
gal answer, but is i, an equitable one? Is
it such one as will stand the test of strict in
tegrity. To our notion, certlinly not. The
law is made with view TO the protection of the
debtor, and he need not enter into any contract
different from the one which The law provides
and if he dncs, he thereby valves that protec.
ton, and 81 far as he is concerned, the law re
mains inviolate, and he is bound in good faith
to observe his contract. Such at least are our
notions OF integrity
We may have something more to say on this
subject.