, 1874-04-10
Arguments Of tho Hon. Lyman Trum-
bull and Writ Dexter.
Judgment Granted and Appeal
Taken.
Sa1o OF nIr. Scamlnon's Property
to the Marine Bunk.

mortgage for a220, 900, undor which. 1t will DO
remembered, Mr. Scamnon's property on tho
corner Of Congress streot md Michigan and
Wabash avenues was sold about ton days ago.
At tho sale J. II. Roo8 was tho nominal bidder,
but 1t Ia understood that Mr. Dabcocls. Presidont
Of tho Mortgage Company, Ia tho real owner.
WHAT THE. atohT0A0E wAB Fon.
Tho caao being beforo Judge Williams yoB.or-
div. It appeared that on 11ay so, 1872, A1r.
Boammon borrowed Of tho United Rtatos
Mortgage Company e92o, 900 gold, payable In
insta1ments, tho first OF which will DO due hlay
80, 1874, aud tho last hay so, 1882 interest pay-
ablo senli-annunlly on the 30th Of November md
May--with provision authorizing tho Mortgage
Company to doclaro tho wllolo principal duo at
onoe If default was mndo in tho payment of my
lnstallment Of principal or interest for thirty
days after due. Tho loan was secured by g mort
gago On rcal cstato III tho City of Chicago, md
accompanied by power Of attorney authorizing
s @ ns s Gssy sntsf " aaf"1n5 II pa Sf
auy inataltment aa provided by tho tdrma OF the
loan. N1r. Seammon having failed to pay the
interest due November 30, 1874, tho Mortgage
Company deelarcd tho principal Rum due at
once, and on March 81 adyortiaod tho nortgagol
property for nalo. At tho snle tho ontiro mort
gagged property wus bid oil for et00.000, and thia
was .........
MOTION TO ENTER Ut JUo1N EST
for tho balanco Of tho principal Of tho entire
Thla motion waa rceistcd by Mossrs. Tr'lm;;
bull l. Aver, on tho ground TINT the mortgagel
property had been bid OF by tho President Of
tho United States Mortgage Company, at Eroat
baIanco of tho principal not yot duo;
that by tho salo Of tile mortgagcd premises, tho
United States Mortgage Company had made ID
Interest duo and that no installmont Of intorest
or principal being now due by tho torns OF tho
lonn, no Judgment could be ontered up on tho
warrant Of attorney. In other words, that 1t
vns competent for NIr. Scammon, ut any time
before tic entry Of d Judgment under tho power
Of attorney, to havo come forward md hayo paid
all installmonts then duo, and haeo thereby pro-
vented tho entry Of Judgment for tho installmonts
which, by tho tor1nB Of the lonu, wcro not to fall
duo TIL future poriod; thet W. tue Ba!e Of tho
Company had paid itself all TINT waa duo, and
that It must wait till thero was failure to
meet Homo subsequent inatallmont before 1t
could declare tho whole sum duo alid enter 1lds-
ment for tho amount undor tho power Of attor-
ney. 1t wns innsted that the Mortgage Company,
bY collecting from Eca,nmon all tint was now
due. could not deprive him Of tho right which
be would otherwise hayo Ind to como forward,
Judgment for tlla tustallmonts hereafter to bo.
como duo.
MI. TRUa1DuLr
also appealed to tue equity Of tho Court, saying
erty @ psoh worth e oyer 500 ooo6 had beon aold Tor
$1d0,0o0, md that then these hard-hearscd
lnoney-lendors came iuto court with these ex-
traordinary papers, judgment-noto, etc.. demand
ing Judgment for the balance; and TINT tue
times wero hard ,-nnusually so,-monoy very
Ecnrce, and the whole facts Appended strongly 10
the equitable consideration Of the Court.
Iii. DEXTER, IN REPLY,
enid that this was not an arena ot Hontlncnt, bnt
court Of Justice, and that he need make no
apology fos asking in bollalf Of his ciient those
remedies which tho law gnyc, mud Which Mr:
Scammon contracted for whom he obtained
plaintiffs money. As to nfr. scammons being
ovcrreachod in getting him to execute such pa
person likely to be gul]ol by anY ono, but, how
over TINT might bo, lo would transfer TINT por-
ton Of Senator Trumbulls censuro to h1a brother,
hIcCagg, who was the fe-loug frlond of Mr.
was loan nado in Now York before tho present
Mortgage Committee VAS appointed, md before
he (lr. d. was thcir, attorney. Tho lenders
employed Mr.. McCagg to draw tho papers, nnd
gnrl to their nature, md hero they wero. Aa to
the oppression, it is easy to make sweeping
charges.
THE EVIDENCE
Just takon before Your Honor" snid Alr. Dexter,
"shows that tho default occurred last November,
and tha! the Mortgage Company did not press
AIr. Ecammon, but waited all winter, md during
tho winter repeatedly offered to mako him q now
loan for the interest due, which Mr. >. declined.
principal nor iuterost but only security for IN.
tereat due, and this on property greatly depre-
ciated aud bringing no rents. DOCS any ono ox'
poet to be troatod moro kindly by tholr credit
ors? And II debtor could not comply with ne
reasonable request. bis case is hopeless. II he
could, but would not, ho deserves no forboar.
nnco. a. to
THE VALUE OF TIE PROPERTY,
tho Senators statements wore prepostcrons
The loan m1at hnyo been made largely on tue
strength Of hfr. Scammons name. Tho build.
ings wore empty and Situated whore they would
be long tilno without tounnts.. Taxes, IN.
nuranco, anu repairs running against property
TINT no ono would occupy presented poor out
look, as to moneys boing close, II sonatot
Trunlhull know half as much about money as Aie
successors hc would know that it was novol
moro abundant. It can bo had at 3 per cont on
good mortgages in Chicago. II this property is
really worth from s4oo,O6o to $500, ,0O0 "a tue
Senator Bays how casy for bIr. Bcammon tc
eSr19S Sno$ # upon nronort9 It to sy y t the M0rge
tonco of itsvalao. This sale was widoly adver.
tised. Why did not some Of these gentlomou
who think so highly Of it put in an appearance
There ia
ANOTHER REASON
why this proceeding should 10 no longer do.
layad: Creditors doHorvo honorable treatment
They any Mr. scammon il unfortunate. Ii no.
it bacomoH moro tllan ever hia duty to bc
straightforward. Tho aalo was made list Tues:
day, and tho Company was on that day entitled
to ita Judgment. Tie debtor asked delay thai
he might negotiate, which has bocn granted
but, pontling this delay, it Is in proof TINT ht
has sllppea upon tho record mortgages to th'
extont OF nearly quarter OF million doliart
to other parties. IL it snfo to treat with auel
parties I During tho delay no new. Bocurltio
could be houorably malo, but it Aas been dono
As to
THE TDINT OF Law
i 1t can bo called such-as applying to thls caso
Whom tho landlord in tho .caBo cited dstra'.ot
Tor rent, ho affirmed tho lease and annulled th'
previous forfeiture In this case thore was NJ
forfeiture; there was debt Of $22, 600, wlsol
and become duo by condition broken.
JUDGE WILLIAMS
.ald that 10 could ace no objection to tue tudg
nant. The proceedings wore regular; til
Judgment would DO givon, in any other caso; an,
no could not Heo why Mr. Scammon'a caao shoult
90 mado IN exception.
u Judgment M was nceordingly rendered for s160,
1928 In gold com OF tic Un,tol States d