The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1882-11-18

LAW l0r E0rmeFys
Some time since we gave an article on
humbugs. The country is full OF advent
urers who prey upon two classes dis
Gnctiveiy. First, these who believe that
all newspapers are liars, and second, that
class who subscribe for the paper that is
sold for the least money without refer
ence to the reading matter it contains.
Among the most successful swindIers are
those who take promissory note, for
some swindle they have to sell, either
drawn in such manner that it may be
altered or separable, or else under the
pretense that It viii not be presented
until the article is tested. A good au-
thority says:
A promissory note is written agree
me It to pay certain sum of money at
certain time. It must be definite and
unconditional. 1t is therefore in the ma
ture OF money; being negotiable, and
where payable to bearer, the property
lit passes by mere delivery of the paper
on which it Is written. 1t is not subject
to all the defenses that are good as against
other contracts. For example,: 1t is
generally goodin the hands Of an inno-
cent-holder, no matter though the maker
of it had lost it, or it had been stolen. or
obtained from him by fraud. This may
be the case, even though it has been al
tered or raised" as where give my
note signed in blank to person, author
izing him to fill in certain amount as
$40. and he fills in larger amount. As
800, and sells it to an innocent pur-
chaser. l must pay the larger amount,
for l it was who enabled the fraud to be
committed; and an old maxim of the law
holds that where one or two innocent
persons must suffer from the wrongful
acts of third, the loss must be borne by
the one who enabled such third person
to occasion it. The justice of this is OBJ
vious, and any sensible man will appre-
ciate the necessity of protecting, in the
largest degree, the rights of bona tfde
holders Of negotiable instruments, which
form part of the currency Of the country,
and if subject to all the defenses of other
written contracts, would be deprived OF
their main value.
Our advice is meyer to give a note
unless written in ordinary form, and
you should know perfectly the contents
thereof The great number of frauds
that have been perpetrated on the farm
ers of Western States and Territories by
patent right men and worthless agricult-
ural machinery agents, should be a
sufficient excuse for you to have moth
ing to do with men, especially in i'm
portant transactions, who cannot satisfy
your banker. lawyer or merchant that
they are all right.
Another fraud is that of conveyance.
The following decision is case in point:
Where a party conveys his property TO .
third party when Judgments are out
standing against him, and such convey
ance is with the intent to defraud his
creditors, and the fraud is participated
in by the purchaser, his title will not be
protected, even though he paid sufficient
consideration. Williams Va. Nachen-
helm, Sup. Court of Iowa.
So, again, whenever note Is executed
by two or more parties, any alteration
in it without the consent Of all. notwith-
standing the alteration was entirely hon.
est and with no fraudulent intent, will
be deemed material one. Craighead
vs.. McI1oney. Sup. CT. fa., SO Leg.
Intel. $50.
In relation to mortgages there always
has and always will be difficulties. A
careful man viii never mortgage his
home except as last resort to raise
money for legitimate purposes. In this
connection, a peculiar system of mort
gaging farms in Switzerland will be in
teresting: A farmer may borrow of a
dozen men successfully, the simple rec
ord in an official book showing their
order. II he fails to pay, successor is
found for him by beginning at the bot
tom of the list of debtors, and calling on
each in his order to assume all the debts
and manage the farm, or step aside and
lose his claim. Prairie Farmer.