, 1875-10-23

comes down to half its value. In this case
is is sgain clear that the obnoxious clause
loses all significance, because the propertv
having then only one half of its original
vslle' this vii! be absorbed by the debt
OF the owner himself, not to mention, that
the case itself is almost inconceivable,
since things must then have come to
such q pass, that nobody would NEEDLE with
Estates at any price. Speculations, of this
KIND are altogether vain and Inappropriate,
as human affairs are calculated and plan
ned not upon whatsis not absolutely i'm
possible, but upon what lies within the
limits OF reasonable probability.
La order to make the true value and
effect otthe joint responsibility still clearer,
let US imagine q case. A member of the
Association fails in fulfilling his obligation
to pay interest and instaIment at the time
It becomes due. The Directors take
legal proceedings against him, and bring
the Estate, to sale. Now, except under
the supposition of a general depreciation
of property, in which case the Joint res
possibility 49,, as We have seen, Of no
consequences, it would be necessary in
order that any loss should ensue, first that the
property, should in some waY or other have
become worth less than half of what it was
at the time OF its admittance, and secondly
that this depreciation had taken place in
such a mysterious manner, that it had
escaped the attention of the Directors and
every one else. Let this however pass.
aud admit a loss to take place. Now. we
have already granted so much on the scale
of possibilities, that we cannot reasonably
go further than to surmise, that the loss
must be but a small one. How is this
loss then covered There is first of all the
Reserve Fund (vid. Ord. of 1874 SO ltr. KY
from which to draw what nav be
wanted only after this resources is exhaust
ed can there % question of applying to
the other members, and as after all these
admissions and imaginary eveptualities,
whatever loss may have to be made good
by the members must be divided on them
all in proportion, the fraction that would
fall upon each Of them must realIy>be small
indeed.
Before quitting this subject Of response
blIlty we would beg to recall to the memo.
ry Of the reader what was stated in our
first communication, namely that the pre-
sent condition and the prospects of the is-
land are OF that nature, and the interests
OF the prOprietors already so closely inter-
woven with each other, that any considera-
BILE number OF Estates canpot. go out Of Gull
tlvation without the rest being drawn after.
Nobody can take upon himself to treat
these considerations as of so little weight,
that they should not at all events recon-
mend caution with regard to the future;
they prove, how small are the chances Of
an Independent proprietor, ut this moment,
to separate his particular interest from
that OF the country generally. He would
however undoubtedly act prudentIy in les
SEEMING his stake by diminishing that interest,
even if it should be at q temporary loss.
If he saw a way to do so. Now the Credit
Association affords him the means of doing
so In the easiest manner imaginable.
Let us take an Estate worth say $780, 600,
and unencumbered. The proprietor would
like; to withdraw himself from the uncer.
tainties of the future, even at the sacrifice
OF part of the estimated value, but sees no
means Of doing SO by a sale. The Credit
Association will not relieve him of the
whole risk, but of one half of it, by a loan
to the amount of $4,000. If he subse-
quently should wish to get rid of the pro-
perty altogether, this will then be easier
TO accomplish, because an eventual pur-
chaser would be assured of a long term