The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1885-12-02
About MOrtgaging the Farm.


There is one fact, which persons far removed
from the Court House, and the law offices,
have not impressed upon trcir attention
as forcibly as it is upon people about the vii
lagc, and that fact is, the absolute certainty
Of the disaster which follows the mortgaging
of the farm. 1t would be useless for us to un-
dertake to mention the thousand one tempta-
lions which are daily offered to some owner
of land to put the dcath-srip on his farm.
The records of the office of the Clerk OF inc
Court, where such deeds are recorded, make
a fearful exhibit Of the Ill fortune that follows
the mortgaging of the farm. Leaving out the
instances where young men give a mortgage
for part of the purchase money, and where
well-to-do farmers with money ready-made>
do the same thing in the purchase of the new
~ acquired property, there is, we presume,
not more than one case in thirty where
the debtor pays the mortgage except by
the sale of the land. It a. therefore,
be safely set down rs a fact, that the
farmer is no longer the owner Of his farm, af-
ter he has given a mortgage upon 1t. The
mortgage rests upon him in the day time and
disturbs his slumbers in the night time, while
he becomes merely q tenant at the will Of the
mortgage. D..
Let no man fatter himself with the belief
that he can make money by paying ten per
cent. interest for the use Of any considerable
sum of money. It has been demonstrated be-
You'd the shadow of q doubt that the shrewdest
and sharpest business men cannot do this,
and whenever any man has venturcd to give
that per cent. for much money, the Inevitable
ruin will follow rs certainly as "the night
follows the day"
In connection with this, we desire partic-
ularlarly to warn parents against the folly of
involving their own estates, in setting up a
son in the mercantile business. If that preco-
cious son is at all qualified for entering upon
that most hazardous If all the occupations,
his already acquired capital, his good char
acter ard his business tact will give him
all the credit that he needs, and Ger
tainly all tha he deserves. We have
never known anything else Than disas-
ter to befall the parent who involved his es-
tate to set up q son in the mercantile busi-
ness. There arc no exceptions to this rule.
Loss will certainly follow.
Another matter. We have never known a
merchant who gave O mortgage on his stock
of goods, or his homestead, that did not ruin
his credit, and lose all. Whenever the iner-
chant has to mortgage his goods or his home,
let him Quit the business instantly. His fail
ure is a matter of record from the moment he
executes a mortgage, and 1t Is q waste OF
time and Il palpable folly for him to struggle
longer against the inevitable.
Another matter. Female relatives should
never be asked, or allowed, to become in
volvcd by any mans spcculations. The mon
ey of a female relative should be saved from
the touch of any mans creditors, n the
man who cannot carry OF business without
involving his mother, his sister, or other fe-
male relative or friend should withdraw from
it at once. No woman who has sense enough
TO keep out of a lrnati asylum should go Sc
curity for anybody. AS a matter of fact, we
bclieYe, the act Of going security for anybody,
under any circumstances, may be taken as
some evidence, that she certainly need: q pru-
dent adviser, If not q legally appointed
guardian.
In these statements VIC have no reference
whatever to those parents who may have
wealth, and who may choose to set aside a
part of their estate, not greater than the sons
patrimony, to enable him to 60 into business.
We think it right and commendable for pa
rents to help their children to "start" in The
world. but what we say is in protest against
the act of involving the homestead or the an
cestral estate for a youthful venture in q bust
ness which is almost certain to bring anxiety
and ruin to the aged parents.