The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-12-09

where, If 1t were otherwise, notes thus
going out to the world carrying with them
that credit and validity which the makers
name-he known to be responsible-is cal
culated to give them, would place innocent
holders In remediless position, and con-
sequently destroy the confidence necessary
TO insure an active, requisite circulation OF
commercial paper.
At the maturity Of the note. Paruops wa.
not IDLE to present it for payment, thre.tcn-
ing to employ lawyers, to collect by sale Of
the land under trust deed, il the smonnt was
not forthcoming within few days time. To
this onslaught, however, the Doctor paid a.
attention until few days after, when he
found his land advertised for sale He then
employed firm cf able attorneys, and ilrA
MS bill before referred to, asking an inluuc-
-sson 30 p~r-vrEs snsf others rrem max.
ing sale Of the land or collecting the uqte.
The injunction was accordingly grsnset
and duly enforced by cur tficient n+puty
Sheriff Foearty, and the result was that sale
could not be made.
Fully realizing this deadlock "a the
chances Of possessing a cool 81, 600 more for
Wright, Parsons made bold struggle u dIs-
solve the Injunction, but, to his beuild,nnr
disappointment and regret, the injunction
was sustained, and he reluctantly emerged
from the courtroom. apparently resolved no
longer to remain, and never to again become
a supple instrument Of designing yoke fel.
lows, 70 assist IN the extraction Of money
and notes from young and unwsry men.
1t should be constantly borne in mind that
where these fabulous figures are surrepti.
tiously run up on given piece Of land. the
sworn aim Of the sharks is TO get the l5rg st
possible cash payment leaving but little un-
paid, which, IN every case, is secured by
reconveyance from the purchaser. by trust
deed or mortgage, to = trustee IN case Of the
former, or direct to the g.antor it the latter
The grantor, then, if default is made By
grantee in the payment Of principal or inter.
est, sells under the security and repnssesses
the land, and retains all which has been paid
upon it. Still worse, where he bids as much
under the balance due as he may chooses
be can easily do, because such sales are
never bid at by anybody except the former
Owner-he can then bring SUI. against the
mortgagor for the amount Que ever the bid,
and collect tr, m any other property to the
extent actually owned by the mortgagor
Now, it may be readily perceived that in
whatever light the undue advantages re-
naming with the grantor should be viewed,
the conclusion must be arrived At that the
double, back-actii z, clap-trap system Of
bAmbOozhng the poor purchaser into buying
himself cut Of home, should be suppressed
by legislation, and the time honored and
wholesome redemption laws be applied in
every case Of a cut-throat contract and con.
veyance Of land or homestead.
The magnitude which this high handed
system, in its long, unbeeded sway has as.
sumed, is enough. indeed. to Justify the de-
termination Of every Just man To 10 longer
permit law e he outraged hy the artfce and
tinesse Of spectators VINO thir.t { for and OBJ
tain thousands q dollars they never earn.
This most repreheI sible OF mortgagirg sys-
TENS is So easy Of application to the case Of
an uniformed buyer-be because intended 90
by the projectors constantly serves as
temptation 70 TIE sperulator Ia apply II, in
all its thumb screw severity, to the inexperi-
enced and couhdiug men Of course, the more
tempting where the sln ehty do.larfs within
his grasp, when to take 1t on his oTf-pfAn
and terms, neither incurs the exertion Of earn
ing nor responsibility for wrongfully taking
Il. Since We daily wi ness cases az once
hopeful pu chasers brought to realize the
ngor Of the binding device which
We most deprecate, and from which
there is no appeal, no .demp-
u n, no redress stripped of their
homes and impoverished, and behold he
cormorants gliding tor other victims, to aud
fro, on the iil-gntten profits from the wo1 king
mems sweat, and especially since this is en-
trely IN contravention Of the policy Of the
law We, therefore, lift a wsruirg voice 70
workingmen, and ,mphatically insist that it
Is their duty to themselves to watch, with q
vigilant eye. every guise with which they
are approached. az before parting with heir
precious earnings for q homestead, and also
the right to hold it, that they should care
fully weigh and investigate every step taken.