Eaker

In this action the plaintiff seeks to foreclose a chattel mortgage given to secure a note for the sum of three hundred and fifty dollars loaned by the plaintiff, a broker, to the defendant. Judgment on the pleadings was entered as prayed for by the plaintiff, and the defendant appeals therefrom.

The note provides that defendant shall repay said sum of three hundred and fifty dollars in installments of fifty dollars each month; also pay interest “at the rate of three per cent per month from date until paid, interest payable monthly, and if not so paid to be compounded monthly from date due, and bear the same rate of interest as the principal. ’ ’ There are various other stringent terms of note and mortgage which we need not repeat here.

The appellant claims that, since the note provides for interest at a rate greater than two per cent per month, the transaction is one forbidden by the statute relating to personal property brokers. (Stats. 1909, p. 969, as amended in 1911; Stats. 1911, p. 978.) Respondent admits that the transaction was invalid if the above mentioned statute is constitutional. He contends, however, that said statute is unconstitutional and void: 1. Because it…