Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-04-28

of interest they bear. aud becaase they
can be deposited in fhe hands Of the
loaner to be held IL his custody ehtil-fhe |
maturity of the obligation, when they
may be cold If necessary, as other per-
sOnal properly is sold by ihe2 agree
ment of the parties, to meet |
the ohligaiion without. a. resort to the \
courts for collection. The interest on the
bond deposited may be set off against the
loan of currency. This is most COVE
nient and effective mode of negotiation,
but it at last amounts to little more than
restriction of all loans 30 capitalists on
both sides, and effects but little good 30
those who are engaged in those industrial
enterprises, whose capital is not invested
in bonds, but in manufacturing and min
ing fixtures, in produce and in current
labor. Other personal property furnishes
hut poor basis, as it must in general re-
main In the hands Of the owner, and is
altogether too subject to removal, con-
sumption on destruction, to be the safe
basis for loans on time. The banker to
whom we refer, said nothing would do to
counterfeit the ruinous policy of the gov
eminent of the United States, exceptthe
ability 10 sell real estate with as much
facility, and with as little chance Of liti-
cation, as personal property sac d
We apprehend the laws Of the State Of
Tennessee are 10 some extent misunder-
stood, on this subject, at home as well as
abroad. Real estate can, at the option of
the owner be converted into cash with as
much facility as is necessary to secure the
prompt collection of debts, and to give
prompt indemnity to lenders of money
An appeal to the Legislature for the pas
sage of laws for the more prompt enforce
ment of contracts is not so necessary
as is generally supposed. The redemp-
ton laws do not stand as ga lion in the
path" of collection for loans on mortgage,
unless the parties choose to place the lion
in the path. The laws of the State pro-
vide for the redemption of real estate in
two years, first, when it sold by execution
issuing from court of law; second,
when it is sold under decree of a court
of chancery, upon the foreclosure of a
mortgage, deed of trust or otherwise
When it is sold under decree of court of
chancery, upon the application of the
complainant, it may be sold upon credit
not less than six months nor more than
two years, without resumption; third,
real estate is subject TO redemption when
it is stsold under deed of trust or mort
gage, without any judicial sentence, unless
the right of redemption is expressly
waived" Code, section 2,124 But to
make this more explicit, the Code pro-
vides that the right of redemption does
not extend to any sale under and by virtue
of power contained in deed of trust or
mortgage, or other instrument whereby
said right is waived or surrendered by
such mortgage or conveyance.--Code,
section 2,125. We do not therefore,
understand the laws of Tennessee as they
are understood in other States, and to
some extent at home, as prohibit
ing any person from selling or
authorizing any trustee to sell his real
estate without redemption, if he choose
to surrender his right of redemption.
Any adult, sane man can sell his real and
personal estate upon such terms and con-
ditions as he chooses, with or without
| redemption, for cash or on credits. II
his deed of trust or mortgage does not
expressly waive and surrender his right
of redemption, then the laws of Tennes-
see leave the owner the night to redeem.
1t is a privilege conceded to him and
operates in his favor in all cases where
he does not choose to surrender by deed
the right which the laws of the State
| gives him. But if he thinks it his inter
est to execute power to any person to
sell his real and personal estate, for cred
it or for cash, with or without redemp-
tiOn, convey the property to the purchas-
er, and pay over the proceeds to his cred
itor, we know of no law which deprives
him of the right to do so.
The laws of the State give this right of
redeeming real estate sold by execution at
law, by decree m chancery, or by deed of
trust, where the right is not surrendered,
as a measure Of relief in cases of none
.ary embarrassment, but these laws leave
every citizen his natural right to close his
own mortgages and deeds of trust with
out the intervention of a court of chan
Gerry.
The active circulation of all the availa-
bic capital of country, is of great
Importance in developing the resources of
such country, and we know of no better
means of accomplishing this object than
by leaving the citizen free to dispose of
his own possessions in life and at death,
in conformity with his own convictions of
duty and interest.
POLITICAL DISABILITIES.