Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1859-01-22

nor shall I execute any deeds, except
upon strict compliance with the law,
unless | am compelled to a different
course by the action of this Legisla-
ture.
The time has passed, within which
the roads from Madison and from Col
umbus to Portage City, were to have
been completed. The Railroad COM
pany has failed to that extent in its un-
dertaking. 1t is now making no effort
to carry forward the enterprise. 1t re-
mains to be determined by the Legis-
lature what course ought to be adopted
III 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
It's contract, upon proper conditions,
with suitable safeguards, or a new
company must be organized for the
purpose of carrying forward the OBJ
jects Of the grant. If any assurances
can be given by the company that the
work will be prosecuted with any rea-
sonable 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 ma
terlals for these roads, upon the faith of
the Land Grant Bonds, when the ad-
vances 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 nominated in them.
are entitled to be considered. Those
who have been parties to the frauds,
and bought bonds at mere nominal
prices, specializing out of the rascalities
or mistortunes of the company or it's
agents, are entitled to no SYMPATHY
AS far as possible such a disposition
should be made in the premises as will
aid and protect innocent stockholders
and honest creditors Of the company.
FINANCIAL CONDITION OF THE PEOPLE.
An act was passed by the last Legis-
lature, entitled can act relating to fore
closure Of mortgages and the sale of
land under such foreclosure" The
question whether it shall remain upon
the statute book at all, is, like that OF
It's passage, purely a question for the
judgment of the Legislature. 1t has
been greatly misunderstood and greatly
misrepresented, both at home and
abroad. 1t is neither a stay-law; nor
law to prevent the foreclosure of mort
cages, nor collection of debt. 1t does
not create or undertake to create any
new detences. 1t does not affect the
obligation. It neither increases nor
dlmlnishes security. There is no con-
stltutional question involved in it's pas
sage. Was it expedient that it should
pass? was the question of the last Leg
islature. Is it expedient that it shall
remain? is the question for the present
one. If the remedy in force at the
time mortgage contract was made,
became so far part of the contract,
that change Of remedy was uncon-
stitutional, then there was no law, at
the time the present act was approved,
by which a mortgage executed pre-
yious to the first Of March A. D. 1857.
could be foreclosed except by adver-
tisement. 1t could not be done in
court. If the remedy becomes a part
OF the contract, it becomes so, as much
for the benefit of the man who gives
the mortgage as for the man who takes
it. It is, and should be, just as uncon-
stitutlonal to shorten the time within
which mortgages can be foreclosed as
to lengthen it. By the Code which
took force and effect on the first of
March A. d. 1857, the time necessarily
consumed In case Of foreclosures was
greatly shortened. The practical effect
OF the act Of the last session to which
[ have referred, has been simply to
restore parties to mortgages to about
the relative condition they were in be-
fore the Code. 1t took them, upon an
average, fully a year to foreclose a
mortgage, and effect sale, from which
there was no redemption. It now
takes year to foreclose a mortgage,
and our laws give no redemption after
q sale. In this the State of Wisconsin
differs from most other States, and from
almost all civilized nations. The au-
thorized rights 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. II can Meth
er be stolen nor destroyed. The right
Of redemption produces more tempo
rary delay to the creditors 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, a mort
gage might be foreclosed and sale
made from which there was no redemp
ton, in about sixty-three days. Our