The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-08

WnlcD constitutes tue reserved peTceutage
the only thing that he has paid as prpmium
Ia this monthly Instalment Of one dollar ad.
dItionsi per share. 10 fact, the only part oil
that which can be properly considered a
premium is the excess over legal Interest
for the use OF the money.
Now, u this contract Is legal In ifs incep-
tion-tbat is, II a man may coDtrsct TO pay
these monthly instruments. 10 continue until
the end OF the Association, which assume
TO be settled by this court In general term
am'nnabe to see why he NAV not contract
that II he chose to settle advances he may
pay ratable proportion OF that premium
up TO the time when the advance Is settled I;
and do not see why contract to pay this
additional dollar per month up 10 the time
OF that settlement Is not such a contract to
pay q ratable part OF the premium during
the time for which he has the Use OF that
money or advance. It may be SAID that be
simply had the use Of the money, and csn
only be compelled TO Day interest. II seems
to me that he has bad more han that. He
has had the privilege all the time he has bad
the money TO treat II as absolutely his, and
to continue his monthly payments only till
the Association winds up IFS affairs.
He has all The time had the use oi this
be has had something more than the use OF
the money for the time intervening between
the advances and the time Of the settlement
OF the advances. Then il he could contract
TO pay legal interest for the use nf the
money, and could contract also for The aGdi-
tiopal premium with the special privilege
attached to this advance. do not see that
there is anything illegal II at he time OF the
settlement he shall be charged with the
additional dollar per month as the ratabe
proportion OF the premium which he was 10
pay. The language OF article 13 Is:
"Any siOckhOlder desiring 10 settle ad-
vances shall be charged with the actual
amount advanced to him, and with all
unpaid dues, fines, insurance, taxes,
and losses, and credited with the amount OF
dues paid upon the stock upon which such
advance has been made. together with the
interest accrued. at be rate Of 10 per cent.
per annum, on the amount OF dues raid in
on said stock. prior TO the date on which
such purchase was made, and upon settling
the balance he shall be entitled TO a deed OF
release" II was argued that the term
"dues" in this article, which are TO he
credited, embrace both the original monthly
contribution and the additional dollar per
month upon the advance. Now, n that Is
the effect OF this language, the result would
be that a party would simply be charged
with The advances without anV inter-
e.t, and credited with what he had paid IN.
He would have had the use Of the money
for nothing. do not see that that could
have been the intent OF this contract. The
only proper construction is that the add-
tionaI dollar per month was substitute
for premium and interest. and party
should not be credited with that as against
the principal OF the advance. In other
words, a dollar per month was premium
for the enjoyment OF this advance with the
special advantage attached TO it. instead OF
interest on the sum advanced. A great deal
OF hardship is said to result from this prO-
vision, but | rather incline to the belief that
II results from improvident contracts to pay
q high premium.
Now this leads me to the conclusion that
the contract requires the party TO be charged
with the original advance. expenses, &c, in
conformity with the 18th article. and not TO
be credited as against them with The addi-
toual dollar per month. The auditors re-
port. wbicn states the account between the
parties on this principle, is therefore APP
DrOyed