The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-01-30

ssA House AND LOT FOR ONE HUNDRED AND
ELEVEN DoLLARs."-In reply to paragraph
under the above head which appeared. IN LIE
NEWS of yesterday, we have received the toi-
lowing letter, which explains ITSELF NO state
ment Of a particular case can, however, dis-
prove our assertion that, from various causes,
real estate now thrown upon the market WILL
not. and does not, produce anything near to
it's real value:
To The Edaors of The Charleston DaRy .Neaos'
Reading in your issue of this morning an
editorial headed ga house and lot for enc hun
dred and eleven dollars" which, il unnotlced,
may leave the community wrongly impressed
as to the facts Of the case, and be used again
as q strong argument in defeating justice 30
far as the creditor is concerned. feel called
upon to make a plain statement Of the case Of
s.Brown uS. Miller" in which the house and lot
in Mount Pleasant was sold yesterday, under
ssDecree in Equity" Prior to the war, ], as
agent of other parties, purchased, as an In
vestment for gold, bond secured by tae mort
gage of tho property above mentioned, but re.
fused to do 80 without guarantee Of payment
from the seller Of the bond (who had sold the
agreed to do. Failing to collect in any inter-
est on the bond for seven years, felt myself
called upon to protect those represented, and
informed the guarantor OF the bond that l
would be compelled to foreclose the mortgage,
unless some satisfactory arrangement could be
made for the security Of the debt: PROPOSE
tions were made to the drawer Of tho bond TO
turn over the property, leaving it to himself
to name fair price. This he decmied, Wltn
the declaration that he WAS insolvent, and that
the matter must be arranged by for oreclosure.
I was therefore compelled to do 90, with an
understanding between the guarantor and my
self that he could bid in the property and ar
range my claim as agent on the pledge OF other
securities. So long as MIR. Miller was in possess
sion of the property neither nor the l.uarantor
could derive any benefit from the rent Thereon,
was deteriorating daily from want Of necessary
repairs, and that no attention whatever was
paid thereto. 1t was under these clrcum-
stances that The property sold apparently at so
great sacrifice. My proposition to the party
responsible for the payment Of the kond, long
since past due, was to allow him any tune,
from one to ten years, to settle the same, with
interest at seven per cent: Per annuIa. Ins
Judge, in the present condition OF affairs, was
a sufficiently liberal proposition, aad one to
which the guarantor willingly assented.
most certainly would not have sacrificed my
interest by allowing the property to be sold to
any 'sthird party" or pass into the hands OF
any ssmerciless Shylook" for the sum it nomi-
palIy brought. It does appear but simple
Justice that q creditor be protected in some
way against total loss. The forme: holder Of
this bond received my gold or its equivalent
therefor, and all asked was security that it
would be refunded, in his own time, with the
old legal rate Of interest at seven per cent. per
annum. The community can now judge
whether the creditor in this instance was un-
reasonable in pursuing the only course left to
rrga1l ho InfA
ofothers entrusted to his care.
Very respectfully,
Your obedient servant,
JOSIAH s.. BROWN.