Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1861-12-06

FRIDAY MORNING.. ....DEC. ., 1851.
Railroad Farm Mortgages in lIiiao's.
The people Of Winnebago, stephen
son, Carroll and 10 Davies counties, IN
Illinois, have given many Of these mort
cages in ls55-5e. The Racine II
Mississippi Railroad, being in want OF
fund., induced persons in these coun-
ties TO take stock in tie road, giving IN
payment for the stock SO taken, notes
due in five years for the amount. Thee
notes we're secured in each instance, By
mortgages upon land. Various induce
ments were held out to the land holders
in order to obtain these mortgages. II
was promised on the part Of the agents
Of the road, that the Railroad should be
speedily completed to Savannah, on the
Mississippi river. The success of the
Galena & Chicago Railroad, whose stock
was then selling at $3.50, WAS quoted as
an Indication Of tic future yaluc Of the
stock SO bought. The people were as
sured that they would never be called
upon for single dollar of their snbscrip-
tion-that they were Only required TO
bind their credit to the road and tha.
long ere the notes matured, the stock
would acl for more than enough to pay
Oft their notes and satisfy their mort
cages. Induced by these presentations,
land holders in the above named coun.
tics wet heavily into the speculation,
and in many instances encountered their
lands for more than they would now
bring in market, nor was this course
pursued by men OF property alone.
Small farmers, relying upon the repre-
sentatlons made them, morrgaged their
farms, and that, too, without considering
where they were to find the money to
pay them when their notes fell due.
The Peoria IL Mississippi Railroad
Company has failed, aud the road has
heen sold to satisfy its mortgage bonds.
The Railroad is completed no farther
than Freeport, and their notes given IL
ls555G, have fallen due. Most, ii no,
all Of these notes and mortgages, have
been assigned to innocent purchasers
Wi, bout notice, and these holders are
now pressing their claims. The mort
gagora have received absolutely nothing
tor their obligations, except the shares
of stock in the Racine & Mississippi
Ra lroad, now worth less than nothing.
In some cases, the mortgagors have
commenced suits to cvade the mort
cages. In others, they have made
compromises with the holders OF the
notes, upon such terms as they could
make. There is much distress in the
above counties, growing out OF the mat
ter. We do not think We exaggerate
when we say that majority of tue lands
in those counties, are encountered with
these mortgages. T.e people having
received nothing for these notes, will be
either compelled TO compromise their
claims as best they may, or else enter
upon long and vexatlous litigation. the
result OF which, to say the least, is very
doubtful.
We refer to this matter, to convince
our friends in Scott county, that there
are portions Of the West where tie
Pecuniary condition Of the people is
vastly worse than ours that our farmer
friends who are just now complaining
that they ere in the worst kind oil
trouble, because they cannot sell their
wheat at the figures they would like tc
receive, may see that they are mistaken
that there are many 10 the same line
OF business, who would be glad tc
change places with them.
We speak of it, also, as caution to
all classes, to beware how they encum
Der their property for any prospective
benefit which may lay within the range
possibility. The encouragement of in
ternal improvements is matter OF g'ea
Importance, yet the course taken in tn,
case cited, was highly injudicious. Unde
all circumstances, it is much more con
vcnient to have farm-a home and :
living we'll secured, than all the prospec
tive. earthly enjoyments which he mos
imaginative brain can conceive. Let al
take warning by the fate Of those citi
zens OF Illinois, ard see to it that the,
are not thus led into temptation ant
thus swlndled out OF their earthly DOS
sessions.
FARMERS SHOULD Grow WooL.-Com
para.ivelv few realize the fact that tn,
Northern States are now wholly &c
pr'ved of their usual supplies Of cotton
and SO make calculations accordingly
A correspondent: at Washington yer,
properly remarks, that as the Congress,
ofthe Confederate States'' bas formal,