Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-22

old darkie preacher, "Whatis thetrouble,
old man2n Colored gentleman replied,
Nothing, massa; jess want to 'spute
wild you"
Seeing that tho 'Old Mans" arguments
against immigration are all upon the prin-
ciple that govern country debating socie-
ties, Just for argument sake; and indeed
most of them may be regarded as in the in
teTest of immigration, because so easily
answered, l shall not take much space
in combating them. The only danger is
that strangers may not appreciate the
motive and may really be driven off by
the sold Mans" arguments notwithstand,
ing his friendship for the cause of immi-
grafton.
In assuming that none of the Tennes-
see lands viii suit the immigrant, the Old
Man has carried the joke little too far
He at least might have said that the land
at $50 per acre, which he says is entirely
too high for the immigrant, is neverthe-
less as good, as easy of access, and every
way possessing as many advantages as
! lands in Ohio and Pennsylvania, which
are worth from 800 to $3.50 per acre.
The argument about the mountain lands
is alike subject to criticism. 1t is not
true that capitalists are utterly averse to
making inves ments in mountain lands.
Two European gentlemen, of large
means, have made considerable invest
ments in Grundy county in the last year,
and more than one hundred families of
thriving, industrious people have settled
in the same county within the last three
years. Those people are by no means an
ignorant people, and they consider their
condition much improved.
One gentleman, Mr.. John Mof1t, with
in the last year has purchased several
Thousand acres of these lands, and by an
industry in developing them which the
mountain people were strangers TO, he
has already sold off portions at q profit
OF 1000 per cent. Why do friends of
immigration like the cold Man" persist
III telling strangers That our lands are so
high they cannot afford to buy them2
D ges not the sold Man. know that in all
the States north of the Ohio river where
| time has given the same advantages of
| rosds, schools, churches, etc, which it
| has to Tennessee, the disparity in the
price of lands is sufficient to awaken the
| belief that Tennessee lands must ad-
vance. The argument that the whole
| population of Tennessee are an intelli-
| gent, enferprising, active, wide-awake
people, evidently proceeds upon theory
which the ''Old Man" may have well IN
derstood when he was quite lad, of con-
viDcing young lady that she would do
well to accept his hand bytelling her that
she wss pretty. The purpose Of this re
ply to an cold Man" is not parley with
him about the Abstract question of immi-
grafton, but to help him 'unrsvel the
tangled yarn" He is for quitting real
estate on the market upon an equal foot
ing with bonds" that is, eff you tax real
estate you must tax bonds equal to the
tax on real estate"
The ''Oid Man. places the whole trou-
Die about capital in Tennessee upon the
defects in our mortgage laws, and says,
Suppose you could prevail on our Leg
islatuTe to pass a law, so that the holder
Of real estate cOu mortgage it for pOr-
ton of its value and such that the mort
gage could be realized on it within ten
DAYS without expense to him, then l will
agree TO show Col. Celyar more money
in Nashville than immigrants would bring
him Ia an age"
Now, l propose business with the Old
Man under this proposition, and will meet
him at any time be may Suggest to ST.
range the prelimiuaries. In 1853 the
Legislature passed the law which the
"Old Man" Saws would relieve us, and
furnish the country with I'll the money
needed. I will agree to find the parties
| in Nashville who will make the mort
cages on real estate as q security, not for
$40 Of its value, as cod Man" pro-
poses, but On much more favorable
| terms 10 the lender-say oue-half. will
have the titles examined by any commit.
! tee of lawyers 'thc cid" man may name,
and then viii get the professional OPin-
ion Of that same committee Of lawyers to
| the effect that. 1cith0W Doubt, q mort
| gsge on real estate, in a fair and bona
| ,fde transaction, properly written upon
| tue agreement of The mOrtgsgOr TO waive
| the right Of redemption since the act Of
1888, aud, upon ssle, which may be
made in ten days after the mortgage eX-
pics. passes the title to the purchaser,
| without expense and without any decree
Of f reclosuIe-
After the decision Of our Supreme
Court in the case of Cherry VS.. Brown
| reported in 4th Saced's reports, p 475,
there was doubt and uncertainty as to the
| rights OF the mortgage, even when the
| equity of redemption was expressly
| waived. but that decision was made upon
general principles, as laid down by Mr..
Story, and applicable to all the States,
alike. l. superinducei the legislation
TO be found in the Code, sec. 2l2i, by
which the right of redemption is given:
Isl where land is sold under execution;
81, where it is sold under a Gecree of 6
| Court OF Chancery, and 81, when it is
! sold uud"T = deed Of trust or mortgage,
| 5rthOW q jU6iciW sentence, 1r7leSS tht
right 0fredemptiOu is expressly 1OajUeO
! Jy the deed or mortgage. No reputa,
ble lawyer can be found in Tennessee
VINO viii say, that since this law, a sale
| cannot be made without the expense and
| delay of foreclosure aud without tht
! right of redemption In other words, if
| the "Old Man can find party who vii
| lend ten mechanics five thousand dollars
! mot eight on ten thousand dollars worth
Of rra' estate, viii prepare mortgage
or deed of trust, providing for the sale
within ten days after the debt falls due,
without the right of redemption, auC
| without expense 10 the lender; such s
derd "a vii pass tie fee by the sale, aDt
upon finding the man who viii make the
! loan, frs. esk him who his lawyer is, and
if h. has legal decency enough to veal
clean linen, viii get his certificate thai
| this csu be done
Il the old man will take the pains to g
| 90 the hanks and other money dealers II
| Nashville, he viii find that he is entirely
mistaken a. to the real trouble in Oul
financial affairs.
! admit that orr condition ia q pitiab,c
| on,; laws allowing Ten per cent interest
Thousands Of people, prudent business
! men, men of integrity and sterling worth
| who would gladly improve their property
If they could borrow money on undoubteC
and unconditional real Cs'ate mortgages
( and vet MT abe TO borrow one dollar