The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1860-04-10

.8i1b1rnnh. 9ispatt4~
sssssa lSssa l.llllliif's,5k, =.
Reel Essass Mseegears.
49, = ~ stAis asats no listle PM pdics
.sescSS sssorl - = 2nl Estate. rirgiAiAas
.seoa susteelsssAi psopls. they entertain =
.s.u-est a. a6sctses ser ~ Md sAae slsvaass
~ urorsety - alnsssaa sacssa poeGaion.-
rssy ssvsst a. ~ 49, 81 jsopardtxtAg II of
p~ssise II % ne Of creaitors -of paede-
Ing Il - sscurtty-or putting It In any way Be-.
yond shslr ultimaas power Of retaiaing or re.
covsrtag II. II AAs bssa only wisAfa short
Tin shas uaasc H. lave Of the STATE a
manr laad couiA - nade liable for his debts
except In . naaner % Indirect Troublesome
and expansive, that IL Was seldom rssortsd to.
vssy many psssons held through prolonged
Mvss large landed estates, while they were
deeply Involved In debts which they never
carsAilsd, aad naAs very little effort to pay
IT, ssatt0snt, he law, snd the usage aDons
lAsA wess thoroughly Angio-Saxon, ana IN.
haritsd nom our ancestors Of the Fsovsnc'aA
days Of he OLD Domiaion.
Among axriculturists, the feeling In oppo-
sition to mortgages on real estate 10 seconded
he nr.atieal visdom. The farmer cannot
.sf.iv morteaes his land for the means OF dv-
s.v ar culsiyating II. The disastrous termi.
nation which 20 generally succeeds this expe-
.,s.nt 10 mise the wind, clearly proves this
proposition.
Bat the prejadics against mortgages has
not confined itself TO the country. 1t has been
stamped upon the public mind Of commercial
voum mites also. very much - their disad-
vantage. 1t not only throws obstacles IN the
way Of borrowing money on real estase. oot
the moment a man mortgages his houses ana
lots for loans II is generally concluded tnat mas
financial afairs ara In a hoDslessly emoar'
r.sasd condition. and there Is a Discrimination
10 credit him. A man may own $4,000 worth
of real property, and may borrow 5000 with
the aid Of an endorser, out of Bank, and main-
taia a eocd credit; but the moment he pledges
his real property TO secure this loan ne Is sus-
uected. Indeed, the owners eee1eal estate
themselves, are opposed in sentiment " en-
cumbering 1t with mortgages.
This in an apti.commercial prejudice ana
derives men in cities OF the best VI resources.
There /. NO better security than real estate
IL Is the very best. And q security 80 I'M
doubted would very much facilitate that IN
dispensabie operation Of commerce. the Dor
rowing OF money, were IL readily available
Hinder the views and prejudices which obtain
amongst us and for the want Of proper legal
forms and usages, the bulk Of our real estate
is but little used for this purpose, whereas, II
we followed the example Of large Northern
cities. whose experience and sagacity nave
framed the best expedients for the active and
prosperou. management of commerce, We
could derive from 1t much additional aid for
the encouragement and extension OF our trade
The condition of real estate In the city Is
entirely different from that in the country. In
the country, the owner Of the land tills it-that
is his vocation. In the city, the zeal estate Is
cut MP in small divisions, which are merely
spots TO dwell upon or wherein to conduct
business. Each owner of the ground has some
vocation connected with commerce or the pro-
LESSONS, from the pursuit Of which he derives
q support for himself and those who may de-
pend upon him. His real estate yields only
the rents for its occupation. Beyond that it is
dormant capital. Now, If he can pledge 1t Tor
loans he can make it active, and be enabled not
only to throw new life into the business he
follows, but will be made to the extent Of his
possessions Of real property, independent OF
endorsers, while he gives the best security for
the loans he obtains. Thus does the loan eff
iected in this way assume the best form for
borrower and lender.
In answer to the prejudice against the
pledging OF real property for loans, it
may be conclusively answered that bor-
hot man VwAu ahnrp
you be unfortunate and fail, your real
estate must finally be sold to pay your credi-
tors 1t must be amehable to the fortnne of its
owner and its fate is not altered by the mode
in which the obligation which forces it TO
change hands is incurred. ss@
The truth is, real estate in commercial COM
munities ought to be like Bank or any other
solvent stocks, that may be used as collateral
security for loans, and should entitle its own.
or to credit and the facility ofborrowing money
upon it readily, since it il the best kind of ee.
curity. Ifit were 90 regarded in this city, the
means of conducting c0mmerce-our acuYe
capital-would be very much increased.-
Money invested in houses and lots here Is
called locked up, and il . business man 80 IN
vests his funds, he 10 deprived, m the man
agement of his business, Of - msch ~ ne % In
vests. Thus IL commercs crippled. The mer
chant has to choose between his business and
gratifying his desire to improve the city. II he
invests money in improvements, he must bt
cramned in bus iness. and probably curtail hit
onerations. In the most thrifty and populous
commercial communities mans houses and
Lot. cattle him 70 be one Of the most favored
.pn,;c.n.s for loans, and the proportion Of ths
,o.v ~ m value Of the property pledged /.
,.r,e. So that q In this way all the none,
i.r...ads In improvements Is not withdraw
s,om . oonmsrce, and Improvements them
..sras ibeconae the basis Of liberal credit they
ara encouraged without detriment to trade
r,rns ase the prosperity, growth, and en-
erattse Improvement Of city rapidly pro
NOTED. Capital il many times worked ore
sns4. Meds to serve In its muluform agencies
ssscdrety and eqiciently. +s
= sssa go Manchester.
sThe question for the people OF Manchester
should be Free Bridge .. no Free Bridge? They
shosld see where their city officers stand. This
question involves her prosperity. her hopes o.
1utdre greatness and power. We desire to SEX
her outstrip Petersburg In . year or two, a. shs
can easily do IL har people have enough of Life
and public spirit in them 70 accomplish inca.
sure which h 90 plainly the best thing thatcau
be done Tor their welfare. We desire to see the
aged town Of Manchester excel Petersburg, not
because we desire to ses Petersburg less than
her, hut because we wish 10 see her greater
thaa Petsrsburg. We wish to sec Manchester
prosper % rapidly that she may ran ahead Of
~ Cockads town, and yet leave q margin for
rapid growth Of that public-spiritsd city.
Tho people Of Manchester ought to hold
meetings and determine upoa course Of poll