The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1881-08-04
. = 80. =. ~. =. /.
IWURYDECX6ION.


At the time OF Judge Dickinson's de.
cision in the usury case Of Aclleson w.
Chase we announced the decision in the
ADVANCE. The case attracted consid-
cradle attention and numerous inqui-
ries followed from parties abroad. An
appeal was taken to the Supreme Court
and we find in Mondays st. Paul Dis
patch the following report of the decis-
ion of that court affirming the judy
ment Of the lower Court:
James Acheson and Isabella j. Ache.
sou. appellants, vs.. Roscoe g., Chase,
respondent. SyllaOus-Usury is the
taking of greater rate OF interest
for the loan or forbearance Of money!
goods or things in action than is al
lowed by law. C. made A. his agent
to loan money at AS discretion land
security to be taken in ca name,) at
the lawful rate of interest, then IL per
cent. net. c.. was to pay A. nothing
for his services to him in and about
making loans, but he authorized him to
collect of the borrower reasonable
compensation for such services. A. made
a loan to the plaintiff Of $500 upon plain.
tiff's note and mortgage for that sum,
drawing IL per cent. interest, and re-
ceivel Of plaintiff fifty dollars either ~
q pure bonus i. e., q gratuity, or partly
as such bonus and partly rs 4 reasonable
compensation for his services to 9. in
and about making the loan. G. never
authorized the taking Of any bonus, or
ratified or sanctioned it by receiving
any part of it or any benefit from it,
lsronf oxy SnASroo&lVy 0fhor.
wise. Held, that So far as the $50 was
wholly the unauthorized act Of A.. and
that the taking Of it by him was not US:
ury on the part Of e. Held also, that
so far as any part Of the $50 was i re:'-
sonable compensation for the services
Of A. to G. in and about making the
loan, the taking 1T it was not usury,
though it was authorized by .. Judg-
ment affirmed. BERRY, j.
This is supposed to settle the point
that the taking Of Il proper bonus from
the borrower by All agent for services
rendered in procuring a loan is not u.s.
ury. The attorneys for the plaintiff
Emory Clark and Judge Wilson) in
this case claim. however, that the Su-
preme Court has Inexperienced the
point at issue. The point they make in
this case, and in others pending, is that
the agent cannot take such bonus for
the mere act Of making the loan. The
bonus, they claim, must be for expens-
es incurred and services rendered pre-
liminary to the mere act of loaning the
money.
THE ENGLISH COLONIES
Our readers have been kept pretty
well informs ed as to the operations of
the Close Bros. in Iowa. The colony
at Lemars, which has been in operation
for several years, is success, and from
this beginning, or acorn colony, a num-
Der of tall oaks are growing. One is to
he located in Lyon county, where thous-
ands of acres have been broken, and
another in Osceola county, just south
of US, where a large quantity has been
broken also. The lumber is now being
selected for 100 houses to he ready for
English occupants next spring in Osce.
ola county. The English company own
about sixty sections, or sixty square
miles, of land in that county alone.
The efforts Of the Close Bros. and
the visit of the Duke Of Sutherland re-
suited in the organization in London
OF the ''lowa Land Company, Limited"
with capital of 100000. and the
Close brothers are made managers Of
the Company. The Pioneer Press says:
Sibley, To-. named for our honored
townsman, will be the headquarters of
this great company, who will prose-
cute the work with vigor, as guaranteed
by the spirit of its managers. With
headquarters at Sibley, an office III Lon
don and offices in the Chief cities Ut the
United Kingdom, with a desk III the
Sioux City land office, represented by
Mr.. e. W. Slayton. with the Iowa Land
company listed on the stock exchange
III London, enormous mOneyed resource
es will be at its command.
We are assured that the next move
Of the Englishmen will be into Mime
sofa, where several colonies will be To-
Gated. Indications point to Mobiles as
one of the counties selected, and we
shall not be surprised to see, within Il
year or two, extensive operations to
occupy the southern half of this county.
DATT l>0An NE,uv