Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1858-06-26
The ACT EEPREsE1sI TING TEE FORECLOSURE
OF .Id0RTGAGE5


OF.A0RTGAGES,
No act Of the last session has occasione
so much complaint, as that respecting n
foreclosure of mortgages, aad the sale {
land under the foreclosure. 1t has bee
reuresented as a violation Of existing con
tracts. and as tending to deter capitalist
from bringing their money into the State
We have supposed that there was som
ground for complaints, and have espresso
our regret that such measure Shout,
have passed.
Some further examination Of The sub
iect, however, has convinced us that tht
act in question has been greatly misun
derstood and inisrepresented. The huC
and cry against, il, has been created By
the interested perversions Of money lend
ers, and three per cent month men; anc
others have united with them without
properly investigating the subject.
The real facts are as follows:
Prior to the adoption Of joe Mills Cole
it required from six to eighteen months tC
foreciose, the time being longer or shorter
according to the terms of the circuit court
in the county wherethe proceedings were
had. This is about the shortest time III
which such proceedings can be conaum
mated in any Stale in the Uoion. BY the
Code, this time was suddenly abridged,
and mortgages brought up with round
turn. Only sixty three days were rcQulr
ed to foreclose and sci! the lands. No
complaint was then made. We heard
nothing then of violation Of contracts
The talking and writing and demonstration
class, were too well pleased with a change
that was all against the borrower, to
breach the subject; while the latter bore
the injustice without murmur.
The law of last winter, which has been
the subject Of so much denunciaton, in
effect merely restores matters to very
nearly The condition they were in prior to
the fall of 1856. Under the present act,
one year is the shortest time in which a
foreclosure can be effected and real estate
sold. This time is little enough, and the
proceedings are as summary as in any Of
the cider states, where money is loaned at
six per cent.
1he press Of this State, and especially
those who have been misrepresenting, in
uocently, we have no doubt, The law rela-
ting TO the foreclosure of mortgages,
should, in Justice TO the State, give public
ily to these facts, That law, as we IN,
derstand it, contains nothing calculated 10
iniure the credit Of the State, or deter cap
italists from bringing money here to loan
or real estate securities. The perverted
and incorrect repres sensations of It's provlS-
ions may have operated unfavorably, In
this respect, and the sooner these are re-
called and the subject placed before the
public in lis true light, the better Mad
ison State journal.
We publish The explanation of the
JomHo}, but we confess that we are una
bic to see in it any answer to the objec-
ton made to the law. Nor have we no.
ticed any of those ''pervertod and incorrect
representations of its provisions" to which
the Journal alludes, The Wisconsin pa
pers have almost all published the law it
self, and, with hardly an exception, have
condemned 1t as impoiite, uncalled foI and
unjust. We think chat it was the great
mistake Of the Session--a mistake, which,
for the credit anil good name of Wisconsin
we hope to see repaired at the esfliest or
portunity.