Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-01-07
COMMUNICATIONS.


Pr Tie DsaoGss.
Amid re general discusaion and agitation
Of the shinplasters question. Il may not Be
amiss TO look at it, legal bearings. which
seem to be entirely overlooked by writer's
upon the subject. and are scarcely thought
Of by those who are daily receiving and
paying out ss currency what should he con-
sidered worthless trash. Did it never occur
to them that not dollar Of it can ever be
collected, unless the issaen choose 70 pay ,
that payment cannot be enforced in any
court Of justice; that the public have sbso-
lutely no security but their honor.
Let Us refer TO the law. and see how the
matter stands. mo person association. or
corporation shall issue any bills. drafts, or
other evidences Of debt to be loaned or put
in circulation as money. or to pass or be
used as currency or circulating medium ;
and every person. association or corporation.
and every member thereof who violates the
provisions Of this section shall be punished
by fine not exceeding one thousand dol
lars"
Now, 1t 10 we'll established rule Of law;
that every contract made in violation Of
law, 10 void. No right can be derived from
any agreement made in express opposition
to the laws Of the place where It 10 made,
and it hiss been held that persons may avoid
their contracts by alleging their own erimi-
nality. provided it consists in some positive
statute Of the government. The law II the
same if the transaction be prohibited by
statute. although it be not expressly declard
that the contract is void. The authorities
are abundant and conclusive to show that
no action can be maintained in any court Of
justice upon these illegal promises to pay
denominated Shinplassevs. The party who
receives them is presumed to know that he
does is in violation Of law. and that he &C
quires no right % against the issuers which
can be legally enforced.
1t ia said that confidence Is the soul Of
business. 1t too often proves the ruin OF
the unwary. We may have confidence in
the ability Of an individual who proposes to
pay his depts in shinplAsters. to the amount
of hundred thousand dollars. but where
is our securityf If for any unforeseen con-
tingency. these rags should become as
WORTHLESS 40 the the old Continental cur
rency.' people may have occasion to open
their eyes in pious horror. and wonder that
they ever were such dupea
A man can issue million dollars Of these
shinplasters as easy as he can ten. There is
no barrier interposed except tho statute,
which makes it q criminal offsnse. The peo-
pie at largo have no means Of knowing
when they are safe. There is no guarantee
but personal honor. individuals with .
present credit. even i: shey happen to be in
q failing condition, can impose upon the
public to an unlimited and alarming extent
Upon their very face these issues bear the
stamp Of suspicion. Ifthose who put them
in circulation are wealthy. they have the
means of raising money to meet the de-
mands Of their business, and there is no rsa-
son why they should be allowed to put
their fingers in the pockets Of the poor men
and take from him his hard earnings. There
is no reason why they should enjoy privil-
ages az immunities which are not equally
accorded to all. If they are not able to
pay their debts, they should share the same
fate as any poor man in life circumstances
Take any firm in this city, for instance, and
suppose them to be indebted to . single
house in the sum Of three hundred thous-
and dollars, let them issue their promises to
pay to the amount of hundred thous-
and dollars more, and who would endorse
their note for fifty thousand! And shall
the community do it, and share the loss, if
1t should occuri This is the question for
tho public to answer, and their own folly
may some day answer it JUSTICE.