The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1861-09-04
For the North Iowa Times.
To the Public.

hihs, referring 10 the recent foreclosure {
mortgage upon the Press and material
Of that establishment in which the write
makes use OF our names in a name
that seems to require Of us passing nc
t'cc. Wewill not stop to point out tn
many very chaste and elegant passages il
Mr.. Tompkins' article which appear to b
thrown in by way of establishment, an
rs speciments Of the rare and brilliant ac
qulrements and transcendant genius O
the author, but proceed directly to correc
the false statements with which his articl
abounds.
When Tompkins & Truax purchased tn
Press they took it subject toa mortgage
upon the larger portion of the materials
made by Orlando McCraney TO secure t.
w. A. Giles debt, Of six hundred dollar.
and interest, for the material mentioned in
the mortgage. At that time and ever since
we have been acting as Giles attorneys
Soon after Tompkins & Truax became in.
terested in the Press, the amount secured
by this mortgage maturcd and as Temp
kins & Truax were unable to pay the same,
Mr.. Giles directed us to foreclose the mort
gage, but believing that we could protect
his interests without revolving to proceed
ing which threatened to be disastrous to
Tompkins 4 Truax, who were then strang.
ers and just commencing business in Nc.
Gregor, we prevailed upon Mr.. Giles to
give them an extension. He did so by di.
viding the whole amount due him into sew
eral small sums and taking their notes for
the same running from ninety days to
eighteen months, secured by new mort
gage on the press and materials. Under
this very liberal arrangement we were as
sured that the notes should be promptly
paid as maturity but not one of them we
believe has been so paid, but we have been
subjected to making frequent duns and COL
Letting, what we have received, in sundry
small sums. About three months since
one of these notes amounting to about
$4,000 matured and Mr.. Giles urged us to
collect the same but frequent and repeated
dunning only resulted in reducing that
amount to between 800 and 800, co.
During this time we were repeatedly re-
quested by Mr.. Giles to foreclose the mort
gage, but we continued to advise him not to
doso. The matter was permitted to run along
until another note Of about $4,000 and
interest had nearly maturcd when Mr. Giles
instructed us that unless we could make an
arrangement by which he would be certain
to get $4,000 by the 18th of September
upon condition that he would extend the
time Of payment of the balance to proceed
at once with the foreclosure. Upon receiv-
ing these instructions we called upon Mr..
Truax the financial manager of the firm
and told him what VIC were instructed to do.
lie replied that ''hc was sorry they had
paid Mr.. Giles anything, that they would
not promise to do anything more and that
Mr.. Giles had better foraclose his mortgage
and take his traps out Of the Office" We
then told him that such course would be
ruinous to them and advised him to reconsi.
der the matter and try to comply with Giles
requirements and adjourned the interview
until the next day. The next day we saw
and talked with him again and he still de-
clined to do anything for Mr.. Giles. These
meetings were had on Thursday and Fri
day. On Saturday we ordered the Sheriff
to proceed with the foreclosure and he took
possession Of the Press Office about O'Clock
IN the forenoon but before he had disturbed
anything whatever Mr.. Truax and his at.
torney Mr.. Odell called upon us and pro-
posed to give bond for the delivery of the
property on the day of sale. We accepted
their proposition and directed Sheriff Hox.
sic to take the bondv But afterwards he re.
fused to give the bond because we could
not relinquish our claim to several hundred
pounds of type which were described and
embraced in the mortgage and constituted
large portion of our security. This they
claimed upon the plea that the old type
which McCraney purchased of Giles had
been converted into new type and that our
mortgage did not cover the new type al.
though the conversion of the old into new
type was prior to the execution of the new
mortgage After the assurance of Odell &
updegratf that nothing should be done to
Giles prejudice, we directed the Sheriff to
leave the press and materials undisturbed
until Mr.. Tompkins should return from
the country. This the Sheriff did. On
the next day Sunday Tompkins returned.
On Monday the Sheriff called again at the
Press office and Tompkins & Tuax refused
to make any arrangement whatever for the
benefit of Mr. Giles or to give bonds for the
delivery on the day Of sale, of the proper
ty mentioned in the mortgage. Thus we
were diven into tho necessity of removing
the property and did so. But Tompkins
says tive were unable without resorting to
personal friends to meet the last note at
maturity by about $50" BY this he evil
IDENTIFY seeks to convey the impression that
he has paid all but $4,000 of the origi-
nal sum secured by the mortgage and that
the failure to pay this small sum immedi-
ately upon maturity caused the foreclosure.
This is the only construction that can be
placed upon his language. Had he desired
to tell the truth he would have stated that
there is balance of $4,000 unpaid, that
nearly one hundred dollars of that sum
matured nearly three months since. That
$4,000 and interest, swelling that amount
To about 60 90 ,aclll xnat,xo N c...z la,...