Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1859-11-25
For the Journal. /

MR. EDITOR I'm the Journal Of the 1T
inst, you suggest several topics for the cor
sideration of the Legislature, at its mel
session, and say, among other things, tbs
you are in favor of ~
8. Laws affording better protection fror
heartless and remorselsss creditors. If it
true (as majority of the Supreme Judge
recently decidedly that there is no redemption
under our laws from the foreclosure Of mort
cages, let us have the defect remedied. w
shall also be pleased to see an appraisemen
law brought up for consideration. 5
Allow me, by virtue of my privilege as a
old subscriber, to enter my humble protes
against the spirit Of the above suggestions
believe it to be doctrine founded upol
reason, and approved by experience, that tn
State which gives to the lender the readies
means of collecting his claim, and exempt
from seizure by execution the smallest amour
of property, is at all times in the safes
financial condition. Other things being equal
such State will have the largest amount o
money in circulation, and its citizens will b'
able to borrow at the lowest rates of interest
While vexatious and expensive delays in
making collections by suit, and the facilities
always afforded to dishonest debtors for
swindling their creditors, by laws passed
exclusively for the benefit of the debtor, must
inevitably drive away capital, and greatly
increase the rate of interest.
The people and the bar Of the State have,
I think, until the recent decision of the
Supreme Court, generally acted upon the
supposition that the mortgagor of real estate
could redeem after sale; and, consequently,
in many localities, those who loan money
have insisted upon taking Deeds Of Trust to
secure their loans, with power to sell the
pledged property after few days or few
weeks notice, upon default in payment of the
loan. Now, if you should give to the grantor
in the Trust Deed the right to redeem, then
the lender would insist upon an absolute
conveyance to him Of the property sought to
be pledged, with an agreement on his part to
re-convey upon payment of the debt.
This State is borrower, needing millions;
and every law that hinders the collection Of
debts makes the act Of borrowing more
difficult and expensive. -.
. We should remember, too, that all legisla-
tive enactments that make it easy for man
to be legal cheat demoralize the whole
community. -..s.- e ,..i
.wAn appraisement law, compelling the
creditor to take property at an appraised
value, should regard as statute acknowl-
sdgement Of universal bankruptcy, and also
as pretty strong symptom of universal ras-
cality. The ease with which payment Of
honest debts is now evaded is not at all
creditable to us as State. Do not make
bad matter worse.
Itwas written of old, "Render unto Cesar
the things which are Cesar's." In the name
of justice, do not let US interpose between
Caesar and the things which are his any more
obstacles, snares and cheats than our statute
books, the records of our courts, and the
huge, swift growing volumes in our recording
offices, now disclose. 40 DEBTOR.
Nov. .1s, 1859.
RErARKs.-We admit the force of our
arguments against placing
too many obstacles in the way Of collecting
debts; yet, at the same time, think an enact
ment providing for redemption from the
foreclosure of mortgages is but just to the
unfortunate debtor, while it does not subject
the creditor to any loss, and to but little
The law has received the
sanction of general custom; and, indeed, in
our own State it was supposed until recently,
to be in force.
We should like to see this subject more
generally discussed, as also an appraisement
law; and for that purpose invite any of our
readers SO disposed to write communications
for our paper relative thereto.
->e>--
The YEAR's FOREIGN TRADE AT NEW YORK.
up to the present time, the importations
and expectations at New York stand as fol-
lows, contrasted with last year:
Importations in 80, 1921, ,197 900
49,. 128, ,879, 900
Excess over last year, $92,318,OO0
Expectations in '59, 9,047, 900
C 6 ,so ' A7 400 nm