The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-05-09

JOHN A. HOLMES VS.. EIBRTDGE GERRY.

JOHN A. HOLMES VS.. ELBRTDGE GERRY. al
This was an action brought under the stat
ute against usury, to recover back usurious in
terest alleged to have been paid on the fifth
day of July, 1864. On that day six thousand
dollars were paid by Holmes to Gerry who
the.eupon conveyed to Holmes a stand in
Westbrook tlen and long time before occu-
pied by said Holmes as his residence, the legal
title of which he once held, but which for
many years had been in Gerry. This suit
brings up the transactions of eleven years, dur
ing which Gerry had procured and furnished
money which went into the hands Of John G.
Myers, the contractor of the York and Cum
berland Road Gerry does not deny that he
received more than six per cent. for the money
furnished. -1"i' sl-t1 A.ii 7fs" ,noi1
Holmes story in brief, is this: that in April,
1856, he was largely a creditor to John g. My
ers, the contractor in building the York and
Cumberland Railroad Myers was unable to
go ON. and with q lawsuit on his hands against
the York and Cumberland Railroad induced
Holmes in hopes of payment for advances
already made 10 assist him IN procuring mon
ey to aid him in carrying on his suit. Holmes
was persuaded to furnish additional to Myers
or, to use his own expressive phrase, to nu"se
an Old sore, He applied to Gerry who was his
counsel and confidential friend. Gerry fur
enished him money at two per cent. per month,
for which he gave security; first the endorse
ment of his brother-in-law Dow, then his real
estate his homestead in Westbrook, right
out deed, under verbal agreement to recon-
vey on payment of principle and interest,"
Myers was unable to pay Holmes his dues
but as some satisfaction, gave directly to Ger
ry his own note for the same sum which
Holmes had given his own security for in
round numbers $4,000, and deposited bonds Of
the York 81 Cumberland Railroad, as collater
al. Gerry now holds Holmes real estate and
Myers note and bonds, to cover the same debt.
Holmes says the Myers note and bonds were
deposited with Gerry, as n friend, and for his
(Holmes9 benefit Myers was owing largely
and could not pay, but be had bonds. on. the
York and Cumberland Railroad This note
and collateral We're put into Gerry's hands,
'hat whatever was realized for them should 60
to Homes. p eHA 20 ,t4&-TEvC I
Anings went on; Gerry gave Holmes a wri;-
lug 10 reconvey his homestead on payment Of
" ~ six months. The six months cxnir-
ca and some time after, Holmes went To Cor
~ ana offered payment, and asked a reconvay- !
anoe' Gerry refused to give it in the terms If
tue writing, but demanded $1,000 for the nron-
cry, On the advice Of counsel Holmes mid
tne money ana received the conveyance of tla
rea! estate ana brings this suit under The stat-
ute against usury. He says be does this be-
cause Gerry asked larger sum tban
the terms agreed upon, and did not give. him hin
the benefit of the bonds Deposited by Myers
for him. ''' 7'lj11'Sii'
Terry makes triple defence: '' -
lst. The money was furnished to Myers and
not Holmes '''' ~ i''-'''''N
u it was not loaning. of monev--b,t a
pi'ourihg OF money of third persons. and a
ioanihS OF his endorsements craai. - -,
III Its procurement: = 49, " ''''
od Inc action was not brought within ono
year. "''piii one
These were his legal defenees H. ,J,,;g,
that in any of the transactions he hal ors 49,
anything above what was fairly dna -, ~.
basis Of the contracts; he asserted tbat 90 r..
as the bonds We're concerned, he had Tho ~.
thority of both Holmes and Myers to ann
pirate them to the payment of the rent--tLat
he had caused them to be sold at public ,,,o
ton to fix their value, and had bid them in