Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1859-01-20
NO. %.

arising from their sale, cannot
be devoted to any other purpose, be used
to build any other roads, or appropriated
to pay old debts, or the interest on old
debts, contracted before the grant was
made by Congress. tits not question
oflocal interest, nor can it be made SO.
On the part of the State and State
authorities, it is question of comph-
ance with the law, and the faithful, hon
est execution of great trust.
Entertaining these views expressed
IN the letters to which have referred,
refused, from the first application to
make any certificate or to execute any
deeds. | shall execute the law as I
understand it. | shall give no eertifi-
cate, nor shall | execute any deeds, ex-
cept upon strict compliance with the
law, unless l am compelled to differ
ent course OF the action of this legisla-
ture.
The time has passed, within which
the roads from Madison and from Co
lumbus to Portage City, were to have
been completed The Railroad compa-
NY has failed to that extent in it's under
taking. II is now making no effort to
carry forward the enterprise. 1t re-
mains to be determined by the legisla-
ture what course ought to be adopted
in justice TO all the parties in interest.
One of two courses must be pursued.
An extension of time must be given the
company within which to complete its
contract, upon proper conditions, with
suitable Safeguards, or new company
must be organized for the purpose of
carrying forward the objects of the
grant. If any assurances can be given
by the company that the work will be
prosecuted with any reasonable diligence
and the law in other respects complied
with, it would be far better to give the
necessary extension. In either event.
parties who have made advances of
money and furnished materials for these
roads, upon the faith of the Land Grant
Bonds, when the advances have been
made and materials furnished in good
faith and without fraud or collision with
the directors or agents of the company,
receiving the bonds at the value nomin-
ated in them, are entitled to be consid-
cred. Those who have been parties to
the frauds, and bought bonds at mere
nominal prices, specializing out of the
rascalities Or misfortunes of the compa-
ny or its agents, are entitled to no SYM
pathy. As far as possible such dispo-
sition should be made in the premises
as will aid and protect innocent stock
holders and honest creditors of the COM
pany.
FINANCIAL CONDITION OF THE PEOPLE.
An act was passed by the last Legislature,
entitled can act relating to foreclosure Of mort
cages and the sale of land under such forecles-
ure. The question whether it shall remain
upon the statute book at all, is, like that of its
passage, purelya question for the Judgment of
the Legislature. 1t has been greatly nisun9er
stood and greatly nisrepresented both AT home
and abroad. 1t is neither a stay-law. nor
law to prevent the foreclosure of mortpa
ges, nor collection Of debt. It does not ere.
ate or undertake to create any new dcfnncas
1t does not affect the obligation of any contr,ct
much less impair its obligation. 1t neither in.
creases nor dnnishes security. There was no
constitutional question involved in its passaoe
Was it expedient that it should pass was The
question of the last Legislature. Is il expedi
ent that it should remain? is the Question for
the present one If the remedy in force At the
time a mortgage contract was made became so
far part of the contract that change of rem
edy was unconstitutional, then there was no
law, AT the tune the present act was approved
by which mortgage executed previous 10 the
first of March A. ID 1857, could be foreclosed
except by advertisement. IL could not be done
IN court. If the remedy becomes part of Tho
contract, it becomes SO as much Tor The heneft
of the man who gives the mortgage al for the
man who takes it. 1t is, and should be, lust AZ
unconstitutional to shorten the fine within
which mortgages be foreclesed as TO length
en- it. BY the Code which took effect on the
first of March A. ID. 1857, the time NECESSARILY
consumed in case of foreclosure was greatly
shortened The practical effect of the act Of
last session TO which have referred has been
simply to restore parties to mortgages to obout
the relative condition they were in before tina
Code. II took, then, upon an average, fully a
year to toreclose mortgage, and effect sale.
from which there was no redemption 1t now
takes year to foreclose mortgage, and our
laws give no redemption after sale In this
the State of Wisconsin differs from most other
States, and from almost all civilized nations-
The authorized right to redeem land sold for
debt is as old at least as the time Of Moses The
security is unlike any other class of securities
1t can neither be stolen nor destroyed The
right OF redemption produces here temporary
delay to the creditor entering into possession
or receiving payment of his money. 1t does
not stop interest upon the debt. The creditor
is still paid for the use Of his money. Under
the Code, In numerous cases, mort gage MIGHT
be foreclosed and sale made from which there
was no redemption, in about sixty -three days
Our laws presented this strange peculiarly
lenders from abroad were invited to come here
and loan their money at most exofbitant and
unconscionabe rates of interest, such as scarce
ly any other State ever allowed, and then to
foreclose and sweep away the security in the
shortest possible time This was not only op-
pressive, but it operated great pablc as
well rs private wrong. When sale of real
estate is made to satisfy Judgment rendered
upon a note given without any security the
defendant had and now has two years tc redeem
his land, but when the security runs with the
debt-when it was always serure-as in the
case of mortgage, under the Code a sale
could be made upon foreclosure in about sixtY
days, and no redemption. The financial de.
preston not only in Wisconsin but throughout
the entire west, seemed to the Legislature n
sufficient reason for the slight relief it was
thought would be afforded by that law While
ii might produce temporary Inconvenience to
mortgage creditors, it might save thousands of
debtors from oppression and rum. Whatever
may have been its merits or dement's in other
respects, If it has had the least tendency to pre-
vent foreign capital from being loaned here on
real estate security, and on long time, at high
rates of interest, it has to that extent been Of
great utility. Your serious consideration of the
law is invited, as its continuance or repeal must
depend entirely upon the result OF your DELHI
erations and convictions.
| There are other evils besetting US, to which
deem il my duty to call your attention
The financial condition of the people of the
State is in some respects becoming serious. We
are in the midst of embarrassments which have
been gradually and surely growing upon US for
years, and some process must soon be devised
Tor ultimately restoring the community to a
healthful condition of prosperity. l am aware
of the strong argument used to justify system
Of free trade in money, and am also aware
Of the facts which argue strongly against the
free trade theory. taE
The experience of every ape and of every