The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-06-30

'des 81 adttath, aud II 10 y universal maxim,
that where interest does not run with the prn
eipal, none accraes uniI a default IL made IN
payment.
IL is clear that this Is an unwarrantable ming
ling Of the ideas Of interest which lt 10 admitted
Is the child Of contract, with damages which are
located by operation Of Law. CAN II damages
and IL follows legltimately from tho breach Of
the con,ract--cali Il ntcresrand you are driven
to create q contract by implication 10 sustain
II. When right or remedy ranges itself as
logical sequence under one class, II much
more properly belongs there, and II will con.
duce 10 greater accuracy and system, To oon'
tinue ii there, than TO place Il in u category
which requires the creation Of . ho,ion 10 gain
II Abundance.
Sd Where an account has been liqai.
dated by both parties and the debt therefore
becomes due aud payable, /, ca,r,ss interest on
the same ground OF debt payable At specific
time The real condition OF such an account
Is, tina, before liquidation, where the accounts
are mutual, or where they are not, the credit Is
not limited, the debt 10 not due until the liqui'
dalton takes place, and then Il at once bee ones
the duty Of the debtor to pay the balance or
amount found due by him, aud On default. the
law makes him pay damages Tor the breach OF
the contract 20 pay, and was there no legal
STANDARD of interest 70 control the damages,
they would have to be AscertAlued in the sane
manner A dam Ares in Nuy other case are de
termintd, by proof.
The fourth head IL similar Ia principle 10 the
third and nrocerds entirely upon the breach of
the ron,rac, Ia nav - hen the debt ia found 10
he due.
The hfth, 10 confined 10 cases where al agree
mani ar n,omi.e 10 pny interest. a, interest. h.
clearly implied. by the very acts Of the parties,
~ where charges Of interest are made and not
objected To, or where interest has under lIks
other creditsrs. and the pa,ties act upon a
hnorledg of the fact. In such cases ,hr con
tr.c, IL clenr. and IL deprpds upon TIE contract
and NOT upou ia breach that ,ntere., 10 recover
ali.
VIA, n,.ces a bey ond doubt that tho court
in M. ASS in 8 Cows confused the term inter
,,f with The teri. das,gess Ia. that AFTER emu
ms,.,,n, The ysr,ou. cases in which interest
can n. ,.rnv.r,d Inv ,,rtu, of n contract "a
nr,s, or imnli.d. II nrocsed. 10 hold that inter.
sst NAV h. allowed bv iury in case. Of cost
"a. ,,..n.s. ar fraser far tak iny chsttels " and
After cit,.v a large pumbrr Of authorities, Don.
ciudss that "sil these cases allow interest
where there ha. been fraud. Injustice or deiin.
onsnc, IN, incomnatibility of this idea y IN
the prInoiple that interest can only be recoy.
ered by y,r,ue Of n contract EXPRESS or implied
II manifest. while il consists strictly with the
re.oxer, nj damages 10 n, regulated ,p amour,
IA
have cited the case In 8 Gown. and com.
men,.d unon n AZ much At length. because Il
contsin. n full ooliectlon Of the cases on the
suhi,ct Of tntsrs.t. and damages Which are con.
troiisa nv Nh. rate of interest. and presents
merriam. he hest Illustration Of the extent TO
rhlch mi. svnonymou, u,, Of damapes with
,n,.,.s, h.. h.an inlulyed In nv th, courts.
IN. c..s I'm & Covnn vas decided CORRECTLY. M
w.,s ali IN. case, cit,1 by Senator Spsncer.
,h., I h.vs hssn able 10 And. and moi " i,Lsinpd.
in. a., dig,.uiiy cntn,,iaiued of IL Ix when
.,9a.d ~ m thai difiicultv In view n most val
u.hls auxiliary 10 An understanding Of the
on..t,on of Inicre.t
Numerous authorize. ver. cited by the coun.
sci in sn,no,t al their positlon that what IN
r.rovc,oL after tb. maturity of a contract In
J,m.... and no, ,n,,rest som. Of which have
hs.n shIs ~ examine sine. The argument and
.nm. M, b,t .uiiicien, 10 Establish tho u,inci.
"a. "a. n Hank v Chanin. q Wena All
. Uow II = IA A petsr. 2th
Tho s,.tn,. ~ Mion..o,a Jooa not In ary
manner chang. Tie nature Of interest hui leaves
!, az. c,.a,nr. az contract IA. Y. uaue I,b.
chan az.
ri. ,I.uss In the note I'm ousstion .. md with
,'s ~, ,'u nn", r,,nc,,aI nd in,.r'
49,, =, a.. 81. If a,, nor eent ner month un,il
n.,J :. came, n. regsrded a. a .,iuulstion /.
,,,sr,.1 s,,ic,lv sneaLiny. because tLe con.
-, 49,, .I,ch *. ra,,i.a ~.,. ent. rims nrs
clnde. m, Ide. nader the rule above nJopted.
r.. ,.a,,.c, ~, ,,o,nl.. -. IN ,av IN, or,n
49,. 49,, a., .n.c,.i dav win in,s,..t -, tho
raj. III ihrse u,r cent nor month. and IA, pro.
mise 30 To do, IL utterly inconsistent with the
nn.,i,, that IA, marian did not iuts nd Ia ne 4.
f 80 y, ~ I,,a. -LiL -, 4,
'"'"' """ P'"'"'" ~" ' W
run on new and different contract 10 corr
mence when IN. first terminated. " hlch h ss
$50 ~. -, .,.,, "a. .,n,,.. 90,
r'bt" =" ~ "''"s ""'''r' >f' W"
tract To pay at this certain Gay, must nestfoy
tho idaa of nm agreement not To uay and "A
-. .a,,..., in , n.~ ~, ~, ,,,e,.s, "a
Nv" s""''. Wv" Nv" ~ - ~
commence, the Two propositions cannot ttan1
tngcthsr The only intslIilibls INTERPRETATION
IN ,i.,.. i. ~, The nate n,o,,,.,ng Ia ~. .
"l the clan"' - WV, t"' Ph'P p'"'',"S '" P"y
meant 10 do ~, shd hrfiiIhats tbs contract, nbn
this was eXueuted of b IA by the promise, and
IA L,,,.,.,i,,,, a., a.. a,o,nt.a mich, ma, A..
W." '""k ~ ,,i, =, , a. :
IulniHd' "Pf"su HA' oh oe'"a'' VI Psy"'"t' Wy
., a....., a.. i,,a....aa 81. ~ ~. 80, ,.,,
=" '""ha' - NV ,"'''"" 80 w - -
per month uhtil be PAD TIE note ms Va othef
"a ard. Vas An atsatnpt 10 liquidats the DANA
o.. 10, IN. f.ilu,. To- ,.rfoyu IN. roptraet and
kPI" "' 'A"'' w P'',"'" ~ '''' 49, -.
80. i, .av.nc.
-, u.,I.vx psdaI. , ga,a So,,
c,,p Ion cn,,.is. 10 ,nl.. IN the subi.c, n,
- a.,,.,.s ,n.y D.. i,au,d.,sd Inv sg,..ms,,
,.t,''"a go - ,1, "a h.w a. .o,..
~ aN'""N"t ""' 49, 49,