Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-03-01
A Nut to Crack

We see disposition in certain quarters
to frown upon the attempt made by the
Legislature of this State to relieve Farm
Mortgagors. Men disposed to ridicule and
find fault with such measures will soon
learn, that sensible and well disposed peo-
pie cannot be inundated by any such
means. The most that should be required
of a Legislature is that it maintain equity
between all classes of men. We think it
would be hard to prove that the bill which
passed the Senate would not be just to the
holders of tho mortgages. Admit for mo
ment, that the holder iciU thereby be sub
jected to protracted delay and serious en-
bartassments in the foreclosures, 50
much SO that he would thereby be prompt
ed to accept of only tenth part of the
amount, in full satisfaction for the mort
gage; must it necessarily follow that the
law is negotiable on that account? We
think not It may be that, following what
is the rule of law and equity in many in
stances, the holder would not be allowed
any part of the sum secured, although he
innocently purchased under the conviction
that the whole transaction was just. 1t is
natural to inquire, why should an innocent
purchaser of fraudulent mortgage be pro-
tected, any more than an innocent pur-
chaser of a stolen horse, or forged note ?
1t would indeed seem that the distinction
and difference made in the two cases is an
arbitrary one, not founded in equity nor
ministering to the public good Hence We
regard it as still an open question. whether
the holders of these fraudulen securities
are entitled to any part of the sums men
toned therein. We are far from consider
ing the bill in question as q tacit admis-
sion, that the debt is just, as some have
affirmed. The passage of bankrupt laws
by both Congress and State Legislatures,
at the same time, as in Wisconsin, allow
ing the debtor considerable amount of
property, shows that a large liberty has
always been exercised by law makers in
making rules for the adjustment of de-
mands in peculiar cases. OF tho same ma
ture is a term of redemption given to a
mortgagor, after sale of the mortgaged
premises; and yet this provision is album
dainty sustained, although complained of.
1t is obvious that cases will often arise,
justifying and demanding this species of
special legislation, which must be expected
to excite complaint from that class of men
who look at only one side of subject
Let the opponets of such legislation
crack the following nut In times of spec
ulation city issued R. R bouds to twice
the amount of taxable property, Those
bonds are held by one hundred persons =
not one of whom will mako any compro-
mise, but all the holders claim to the full
amount of what they hold. Since the
property cannot be sold except as subject
to all arrearages which remain due on the
bonds, it is evident that no person (not
excepting the plaintiff in execution will
bid. How then is any satisfaction to be
made? When corporations are evidently
bankrupt, ought not law be passed to
wipe out their indebtedness, so thst the
city may again prosper-or would it be
better (to crafty some dog in the man
GER that nothing of the kind be done,
and the whole city be left to decay and
sink into dead sea?