The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1890-11-27
BESSIE.
THE MORTGAGE.

THE MORTGAGE.
A .ault In the Payment 0f Interest
Nearly Lost the Wheel.
John Moneypenny asked his father to
buy him a bicycle. lie had outgrown
his velocipede, but he had not money
enough for Columbia His father
thought this would DO good oppor-
tunity to teach John a little business
What can you get one for?" he said.
John said that Dick Header had very
good one which he was willing to sell
for twenty-five dollars. 1t was worth .
good deal moro.
"Iow much money have you got?"
John said that lie had saved up about
fifteen dollars.
Il can not buy bicycle for you."
said his father. hut will help you buy
one If you want me to. How long will
1t take you to save the other temp
John calculated it would take him
three months.
"Well," said his father, II will lend
you ten dollars to put with your fifteen
to buy the bicycle with. on two condi-
tons: the first is that you give me .
mortgage on the bicycle 10 secure the
repayment Of the ten dollars. and in
terest at the rate OF one cent week
until the loan is paid: the other condi
ton is that the bicycle shall be in good
order. and kept in good order. for il YOU
don't pay me my ten dollars and have
to take the bicycle and sell it TO get my
| ~. Snl
ii is out Of order"
John negotiated the bargain with
Dick Header and reported to his father,
who said: Now you must write bill
Of sale for Dick to sign. which will al
ways afterward prove that the bicycle
belongs TO you. AID that you paid for
it." So John wrote, at his fathers
dictation:
Il. Dick Header. have this day sold
my bicycle to John Moneypenny. and
he has paid me for it twenty-five dollars
in full"
This was laid away for Dick to sign
when the time should come.
Next" said his father, I'VE want a
mortgage Of the bicycle, from you TO
me-" So John wrote again, at his ia
theirs dic.ation:
l. John Moneypenny, have this cay
assigned, and transferred to my father.
my bicycle which have just bought of
Dick Header, to secure my father the
payment Of ten dollars lent me by him,
which ! am to repay in three months,
with interest at one cent per week until
the principal is paid; and l am to keep
the bicycle in good order at all times.
And in case OF any default on my part.
my father is at liberty to take the
bicycle and sell it. and retain out Of the
proceeds what owe him, paying me the
balance, II any,"
THAT evening Dick came to the
house with the bicycle to get the money.
John produced his fifteen dollars out OF
drawer and tin savings bank and a
purse, and his father produced his ten
lollars from his wallet. Dick signed
the bill OF sale; John signed the mort
gage; his father handed John the To
iollars, and took the mortgage. John
put the ten dollars with his fifteen dol
lars and handed them to Dick. and took
the bill OF sale and the bicycle.
That evening there was great fun on
the sidewalk.
A few weeks afterward John missed
his bicycle. He was making q great
hue and cry. when his mother told him
she had seen it in his fathers library
John hurried to the library, and was
amazed to see it there with little pla-
,ard on it bearing the words "FoR
SALE" He jumped at it to carry it of.
but he found that it was securely tied.
lust then his father came in. 'Well,
John" said he. do you know any one
that wants to buy bicycle? want to
sell this one"
Why said John, ''who does this
bicycle belong to? 1t is mine"
NO" said his father; you made de-
fault in your interest last week.
well, that wasn't my fault" said
John. Il was away, and / forgot all
about it."
Il didn't say it was your fault" re-
oiled his father, "but you were in de-
fault; and that gave me the right to
Jake the bicycle and sell it to get back
ny money
John produced the penny to hand It to
ais father, with grave expression
which relaxed into a smile as he saw his
father, upon receiving it. take OF the
sale label and unlash the machine and
surrender it to him. AS he was going
,ut Of the door, he turned and said:
Father. who does this bicycle belong
%, any way9 Itdoesn'. seem as If it was
nine"
YES" said his father. lit is yours,
subject to mortgage. ! have got q
pull on it, as the boys say, and can take
it away from you, perhaps 1t is yours,
subject to an incumbrance, now. if you
succeed in saving up ten dollars within
three months, besides the interest, then
it will belong to you free and clear"
At the end OF the three months,
when the mortgage matured, as the
phrase is, John surprised his father by
producing and counting out his savings
to the amount Of ten dollars, for he had
good allowance given him on the con-
dition that he should save half of it for
permanent purchases; and his father
surrendered the mortgage.
John put the paper in the fire and
watched it burning up with great sa tis-
faction, saying: There. hate mort
gage"
"Yes, said his father, that is right:
but still you wouldn't have been able
to buy bicycle when you did, without
the help OF a mortgage. "-Christian
Union.
SCAlPiNG SQUASHES.
How Little Winfield scott Played Indian
| With Ills Fathers Hubtarss.
| Winfield Scott Davenport. 1t was .