Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1860-02-04
M. SC NJ. Fallfoad Farm Mortgag~
ors and Bondholderss-.
GEoRGETowN. ID. c., Jan. 23d, 1S6

GEoRGETowS, d. G., Jan. 23ds 1860
Mr. EDIroR: In your paper OF l2ti
inst. you notice some legal decisions upor
the Railroad Farm Mortgages OF your State
and elicit sympathy for the mcrtgagors b.
the remark that " the homes Of y larg
class Of citizens are involved" Now, ST
there are always too sides to every cast
and ask If "the homes Of large class
Of innocent holders oithese Ponds, which
IRE Involved more or less, are not also en-
titled to some consideration and symp thy
/ I am msseIf sufferer by having invested
large sum 10 these securities; bought
! them upou fuitk IN these 0ery same ''Fa,m
| NoyfQuges," ana was induced to hold them
longer than | should have done-and UNI
iii too late Il realize even portion q
their cosby representations Of a Dneet-
or of the Railroad, who assured me That
the lands ttus paorfgaged made them q
perfectly safe and desirable security or IN
sestment, The farmers, in thus 0olh'ata.
RIG placing these liens upon "thqir homes,
believed that they were to obtain "value
received" for their Obligations; and if they
made mistake, is it Just OF right that IN
nocent holders of their obligations should
suGer9 II such is the decisiCu OF your le-
GAL tribunals, should think that the cred
it Of the State would soon stand at low
figure for honesty good faith, and a just
sense of right But, sir, | cannot think
that any Court above the Influence OF
eparty' power, or OF The ballot box would
render any such verdict. If the mortga-
gors are disposed to act justlyi let til EN-
evince some disposition to redeem their OBJ
legations, and at least meet the holders
thereof Aayfaooy. ], for one, will settle
with them at fifty rer cent.
An Nj. d NJ FARM MORTGAGE
BOND HOLDER.
We find the above in the Crawford
County Courier y he shape Of cores
ponGence. The writer is bond holder,
and one who It's on stool Of peniteuce
just as high as'the one who mortgaged his
Farm both bond holder and mortgagor
having been alike deeeutly gammoned out
Of their money by Deacon Clinton and al
Wisconsin Railroad Director--the one as
s,uing the farmers upon the faith Of gen
tleman and christian that they would ney
er be called on topay anything Lthe 9th
er assuring the Vicsimized Bond holder that
the lands thus mortgaged made them per-
fectly safe! Clinton and the Director both
falsely represented, deceived, lied; and
Mortgager and bondholder were lied to,
deceived and abused purposely, know
ingly and with intent TO cheat and defraud
them. Now, who.is TO blame, the Mort
gagor, boudholder, Deacon Clinton o.
Railroad Director? We know Of no way
10 answer this question better than this:
a draf. is drawn BY A on B-payable to
The order Of G. d steals the draft, FORCES
The came of G, presents it ct the nix of
and gets the money. In law, B be- I
comes the loser, and D, if found cIim
nal and goes to the peoitentiary. Here
IS parallel case, precisely as we under
stand it. Nethert the farm mortgagor nor
he bondholdcr is blamable, except duplic-
tg be crime; in The exchange case above,
8 is no criminal nor is be TO be the loser,
nor is b The banker q criminal, nor has A /
committed any wrong. The banker must
lose the money and the thief who stole
the draft must be punished; precisely
the bondhoIder, whom Clinton and the Di-I
rector consPiFed to cheat, must lose the
money paid for bis bouds; Clinton and
the Director must go to Waupun and the
is free.
One statement Of " Bond folder" de-
serves special attentions; he says. 1.-THE
!. farmers, IN thus volmtdrioly placing
9 these liens upon their homes 5elieged that
!. then uere ID obtain galue received torj
q their obligations" It viii be abundant
" proven in the farm mortgage trials that
such was not the caae-that the farm
could and would never be cali
ed on but for a trilipg per cent; that for
tile bare use Of their names as a certificate
Of character, standing and utility Of the
NJ. a. NJ. Railroad, said mortgagofs would
receive and were warranted in receiving
ed annual dividend exceedif G the amount
Of annual interest upon mortgages; In
short the promises We're countless, the
pledges plausible and prodigious, ana the
amount Of humbuggery extrayagantly al
bomniable and exceeding Satan's induce
mems to the Savior to attend the grand
show and gift enterprise upon high
mountain.
Vein no way censute The Bondholdes;
theirs is hard case, like many others IN
the history Of Railroad enterprises, bank
ing and other stock dealing operations.
The press Of the entire land has warned
them for an age against soulless corpora
-. ~ ...oac hos alca apJoau ovn1