terms it had used to
prohibit precisely such a law as is now before the court,--the
prohibition would be totally nugatory if the law is to be taken as part
of the contract; and the result would be, that, whatever may be the laws
which the States by this clause of the Constitution are prohibited from
passing, yet, if they in fact do pass such laws, those laws are valid,
and bind parties by a supposed assent.

But further, this idea, if well founded, would enable the States to
defeat the whole constitutional provision by a general enactment.
Suppose a State should declare, by law, that all contracts entered into
therein should be subject to such laws as the legislature, at any time,
or from time to time, might see fit to pass. This law, according to the
argument, would enter into the contract, become a part of it, and
authorize the interference of the legislative power with it, for any
and all purposes, wholly uncontrolled by the Constitution of the United
States.

So much for the argument that the law is a part of the contract. We
think it is shown to be not so; and if it were, the expected consequence
would not follow.

The inquiry, then, recurs, whether the law in question be such a law as
the legislature of New York had authority to pass. The question is
general. We differ from our learned adversaries on general principles.
We differ as to the main scope and end of this constitutional provision.
They think it entirely remedial; we regard it as preventive. They think
it adopted to secure redress for violated private rights; to us, it
seems intended to guard against great public mischiefs. They argue it as
if it were designed as an indemnity or protection for injured private
rights, in individual cases of _meum_ and _tuum_; we look upon it as a
great political provision, favorable to the commerce and credit of the
whole country. Certainly we do not deny its application to cases of
violated private right. Such cases are clearly and unquestionably within
its operation. Still, we think its main scope to be general and
political. And this, we think, is proved by reference to the history of
the country, and to the great objects which were sought to be attained
by the establishment of the present government. Commerce, credit, and
confidence were the principal things which did not exist under the old
Confederation, and which it was a main object of the present
Constitution to create and establish. A vicious system of legisl