Adams

Mr. Chief Justice Murray concurred.

The defendant, by an instrument in writing, acknowledged that he was indebted to plaintiffs in the sum of twenty-five thousand dollars for moneys advanced at different times before the date of the instrument, and also a further indebtedness of three per cent, per month on said sum, to be computed from the dates of the several advances.

The Court below rendered judgment in favor of plaintiffs for principal and interest, in accordance with the terms of the instrument.

It is contended by the defendant, that the judgment is erroneous; because,

1. The promise to pay interest at three per cent, for the time prior to the acknowledgment was without consideration, and therefore void.

2. The acknowledgment, by its terms, refers only to past and present indebtedness, and cannot operate as a promise to pay interest for the future.

Our statute provides that parties may stipulate in writing for any rate of interest for the use of money, but where there is no written contract, fixes the rate at ten per cent, per annum.

In this case, the advances were made without any written contract as to the rate of interest; and at the date of the acknowledgment,…