The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-09-25
THE ronEcLosunE LAW.

The honor of the state OF Washington is
upheld BY the decision OF the supreme
court that the mortgage law passed By The
last legislature does not apply 10 mort
Cages made prior 10 the time II went into
effect. The law as It now stands can do
comparatively little harm. II is p0eerless
70 affect contracts entered upon prior 10 It's
passage. and IL viii make Il more difficult
for irresponsible persons TO obtain loans on
property which has only fictitious value.
1t VIII undoubtedly compel lenders OF
money TO be much more careful about the
value OF the security they take. ard render
II less easy to borrow; but the Populsts
who passed the measure expressed their
avowed purpose 90 make It more difficult
90 borrow, on the ground that Il man
could not borrow Il would be a blessing
The man who cannot borrow. OF. account
OF this iaw. can thank Popuilst doctrine
Tor his suffering; and those who had al
ready promised 10 pay hack money Dor
rowed VIII be held 70 their contracts. The
decision Of the supreme court Is not sur.
prise 20 anybody who Is familiar with the
general principles Of law upon which The
decision IS based.
The Importance Of the matter. and the
general public interest taken in IL outside
OF the legal profession. has probably in.
duced the court 20 40 over the ground a.
some length. bat the reasoning Is az the
most primary character. and admits ot no
controversy. The law being on the statute
books officials have heem bound by it until
. judielal decision had been rendered. but
IL manifeslly violated fundamental prln-
elples % constitutional law.
The Law 81 question was PASSED by the
legislature FOR the purpose % making more
Eayorabls terms FOR = moy,gasor than hc
had contracted fer IA his moF,esre- II
granted a years stay Of execution ard
sale under foreclosure O. .magtgsse. during
which TIE mortsager WoUiA have rosses-
zion sna revenue. ard IL required THAI
minimum value shoaid te placed upon she
property by APPRAISERS. and IL no hi1 over
~ per Gent OF such apprslsemcat was of-
serrd. thea the sale would be postoaued
The court very properly umlts SIS con-
ments % the oousutauonallsy az She law.
and "a hola.ns it % be Unconstitutional SO
Ear as IL reiates 90 contracts already made.
Il sastaius che rrineiplo % tAat fnyiois-
hiity Of contracts Nhlco IS fauaded upen
honesty ard geea falth ana supported in
ethics a. wcll as ia law. y the yatue az
contrast Il dsteroratod or lessened by
the pasr3Ae ~ 4u art. the ohissatl5n az rae
act is aaost certainly impaired. 9yae oourt
ssaflrn,s is she mest cnPhayic naaacv a
general ar.ne.ale Wh4sh. 81 aay BE hoped
VII never bc aas,afsa hy ans variety %
eleeumstaeees. 20 81 tes prlsseipie 81 law
thai the lsW vai.a IS es ssstcacs n ere
tinle a contract ss srs3o te.enaes a part %
contract. ia tie casa before che caart
q sppesrcd taat e VAS expressly st pa
late ia the vacrteazs thzs the law Ia ssrce
al tAe tluae the eo-ssses sszs z1ase saea,a
Become Halt q tAa contrast. but IN tae
sesenca u auca Stipulation shs EJECT
wou'd lo .as s%me.
Thls = tao valaAs1s a p~taclrls 60 es
tTIned air. L 10 Gre 81 tacse absolutely
fasr eoadisians val.a arp.y 70 bo,h parties
t. = cansr2ct. 49, ans .nvasson q is var.-
rArts snuss Inevitably resalt "a wrcax -
Gar as the 1~g Is eoa,e-a-3 ., tie astura.
thst : , z1>re -ratfsv * poH,y. sid 70
Ran wAo l. e4ssat.ss.ca e N IA psev .eaass
.eea snake a laalras; wtlea shaa eozss
withia SIS soces -t il aet altasegass
had la~. the oets-tlonztgs Eeatures aaaat
& are that & atseoassd 80 hs retroactive
mh.eA sas a. laiury Be Ga, mertgake~
lad Il as e a. less eszgct s.sszss.l.ags.y.