Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-02-02

OF fees in suits brought under the statute,
regardless of what may have been the
stipulations of contracts, or what may be
deemed fair and Just in the absence of
contract, can not be defended. There is
no good reason why the Compensations
for such services should not be treated as
other services are, and paid for either as
agreed upon by the contracting parties,
or, in the absence of contract such
amount as they may reasonably be worth,
that amount to be determined in case of
dispute by the courts
The bill provides for the enforcement of
all mortgages and deeds of trust, as well
those now executed as those hereafter to
be executed, by fore losure by suit in court,
and not otherwise, and it therefore for
bids the enforcement OF powers of sale in
all such instruments hereafter executed,
and attempts to prohibit the enforcement
of such powers of sale in such instruments
as have heretofore been entered into be-
tween parties of this territory and else
where.
Though in most of the states and terri
tories, powers of sale inserted in mort
cages and deeds of TRUST by the parties
thereto are favored and enforced, with
occasional statutory directions as to the
notice of sale Hereunder, such provisions
being in favor OF fair and reasonable
notice of the time, place, or manner Of
sale, it is doubtless within the province
of the legislature to define for the people
of this territory rule of action as to the
method of enforcing mortgages and deeds
of trust for the future as then, parties de-
string to contract in that form may be ad-
vised of the force and effect to be given
by law to that class of contracts. In such
cases all parties to such contracts would
be fully warned of the legal effect OF the
instruments executed, and no one would
have just cause of complaint, if the law OF
which they had or might have had full
notice was duly executed.
Yet general legislative policy permit
ting our citizens to acquire and dispose of
their individual property by voluntary
contracts as they may deem proper, is
better and more in harmony with the
spirit of our institutions than to seek by
statute to regulate or hamper such acqui-
sitions and disposals.
The serious defects of this bill are how
ever not so much in its provisions fer the
future, as in its attempt to annihilate con-
tracts already made. As before stated, a
large number of mortgages and deeds OF
trust containing valid powers of sale and
securing large sums of money have been
executed in good faith under the laws Of
the territory 1t would therefore seem to
follow as an undeniable conclusion in
honest business methods and good morals,
that as to such voluntary contracts, they
cl, 1>a
and solemnly made under seal. To deny
this right Of the contracting parties tC
full benefit of the security contracted for
and its speedy and inexpensive enforce.
ment in accordance with the terms upon
, which the transactions were entered into
would be species of reputation of liza
bility by contract, which, if it could be
/ legally enforced, would seriously impair
the credit of the territory.
Let it be once understood that the law.
making power of New Mexico has the
disposition and the power to destroy any
OF the securities for investments already
contracted for, and the capital of the
money centers awaiting investment, and
which it is so desirable We should invite
/ into our territory to aid us in the develop
/ ment of our great natural resources, will
never cross our border. The strongest
t guarantee and invitation to Investing CAPT
tai is good faith. When that is destroyed
no other inducement can take its place
EDMUND G. Ross.
Mr.. Perea moved, which was carried
that the council proceed as in committee
of the whole to continue the considera
ton of G. B. No. 66, an act relating to the
finances of the territory of New Mexico
The committee worked hard till 12:1t
o'clock and finished about half of the
bill, though making but very few amend
ments to the bill as reported back from
the finance committee.
Mr.. Catron moved that the committee
do now rise, which motion was adopted
The president announced before the
council adjourned for dinner he would
present message in writing to the coun
Gil, which was read, and is as follows:
| EXECUTIVE OFFICE,
Territory Of New Mexico, :
Santa Fe, Feb. 2, 1889.
To the Council Of the 18th Legislative Assembly
Gentlemen | have the honor to an
nounce to the council that have this day
approved the following council bills, tt
wit:
c. B. No. 10, an act to provide for fill
ing vacancies in county offices, etc.
c. B. No. SO, an act providing for the
qualification OF justices OF the peace, etc
: G. B. No. 80, an act concerning the
negotiability OF promissory notes.
EDMUND q. Ross.
HOUSE.
fridays AFTERNOON SESSION.
The entire afternoon session was taken