The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-14

IL is CoilCcueu IudC Iut uSuIy law VI
last winter has been productive Of
great good. 1t has stopped the loan
ing of money at rates above twelve
per cent. and it has thereby, during
the past year, saved the people hun
dreds OF thousands of dollars, which
would otherwise have been dragged
out Of them by the 'ssharks.'
The last legislature also passed an
other law which, as we understand it,
was greatly in the interest of the peo-
pie; we refer to the law requiring the
holders of mortgages to foreclose
them by an action in court, instead of
by an advertisement in newspaper.
I"is lar has acted as q stay lar. In
many cases the mortgagee has taken
usurious interest; in some cases all
the balance claimed to be now dine on
the mortgage represents usury; hence
the mortgagee does not desire to go in
to court to foreclose, knowing very
we'll that the debtor can set up the de-
fence of usury, and that he can only
collect what is due him under the laws
of the state. This stoppage of fore
closures is boon to the debtors, and
as the debtors are mainly the farmers,
the producing class, it is blessing to
the whole state; for it enables the
debtore to raise another crop and get
out of their straits. But. as the old
adage has it, ''what is one man s
meat is another mans poison;' and
while the debtors should rejoice at
this state of things the publishers of
the country newspapers are deprived
of their chief source of revenue, and
hence are howling against the law.
This is natural enough. The usurers
also do not like it. Their want law
under which they can clap an adver-
vertisement into newspaper and sell
i man out in six weeks; and by which,
if they see fit. they can overcharge the
debtor fifty or one hundred dollars,
knowing that il he attempts to stop
the sale he will have to take out an
injunction, give bond. and possibly
tender the whole amount due, all OF
which will cost him rs much as the
overcharge in the advertisement.
But between the editors and usurers
they have raised a clam 1r that threat
ems to restore the old law. What will
be the result! The Fergus Falls
Journal said the other day:
1.-The effect of the present law is t.
almost wholly stop foreclosures-but
two sales having been made in thi:
county since April last
If the old law is restored there viii
be at once perfect flood of mortgage
. foreclosures. Who will be benefited
: by it The publishers and money
lenders. Who will suffer, The pro
ducing classes--the working bees il
the hive. What is the pretence
| That the present law is expensive
| wen. reduce the expenses. bills ar,
l now pending 10 cut down the fees O
the officers.
| When the bill to restore the old Law
: came up in the Senate. on Thursda,
last. we moved to amend to permi
: the debtor to come into court with a,
! affidavit setting forth his defence
7 II he had one. to the mortgage sale
4 and If he sho we'd a good defence ena
bling the court to stay the sale an,
bring both parties before it to tr,
> the issue so raised. But the Senat,
= voted the amendment down: for wha
: reason it would be hard to say.
Il We would suggest to our reader
. that il these views meet their approx
al, they correspond with their mem