The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-11-08
THE MORTGAGE.
4 Default in The Payment Of Interest Nearly
Lost the Wheel.

John Moneypenny asked his father to buy
him a bicycle. He had outgrown his We
locipede, but he had not money enough for
a Columbia. His father thought this would
be good opportunity to teach John 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 So. 1t was worth good deal more.
"How much money have you gOt?"
John said that he had saved up about SIS.
81 cannot buy a bicycle for you" said his
father, "but will help you to buy one If
you want me to- flow long will it take
you to save the other ten ?"
John calculated it would take him three
months.
".Well," said his father, 81 will lend you
$40 to put with your fifteen to buy the bicy-
Gle with on two conditions. The first is that
you give me a mortgage on the bicycle to
secure the repayment of the $40 AMI inter
est at the rate of l cent a week until the
loan is paid the other condition is that the
bicycle snail be in good order and kept in
good ORDER for If you don't pay me my $40
and have to take the bicycle and sell it to
get my money back, il Will not sell very well
If 1t 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 always after
ward prove that the bicycle belongs to you,
and that you paid for it." So John wrote,
at his fathers dictatiOn:
81, Dick Header, have this day sold my
bicycle to John Moneypenny, and he has
paid me for it S25 in full"
This was laid away fox Dick to sign when
the time should come.
Next" said his father, I'VE want a mort
gage of the bicycle, from you to me-" So
John wrote again. at his fathers dctation;
u, John Moneypenny, have this day as
signed and transferred to my father my
bicycle, which l have Just bought OF Dick
Header, to secure my father the payment OF
ten dollars lent me by him, which l am to
pay in three months, with interest at !
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 de ault 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, if any,"
That evening Dick came to the house
with the bicycle to get the money. John
produced mis- Sis out of a drawer and tin
savings bank and purse. and his father
produced his $40 from his wallet. Dick
signed the bill of sale; John signed the
mortgage; his father handed John the $40
and took the mortgage. John put the $40
with his SIS 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 a great hue and
ely, when his mother told him she had seen
1t IN his fathers library. John hurried to
the library and was amazed 10 see it there
with little placard on it bearing the words
For Sale" He jumped at it TO carry it
off, but he found that it was securely tied.
Just then his father came in. "Well, john"
said he, ''dO you know any one that wants
IN huU % bipVpao m coll tbic -
why, said John, who does this bicycle
belong to? 1t is mine"
mo" said his father, you made default
in your Interest last week"
We'll, that wasn't my fault" said John.
II was away, and l forgot all about it,
81 didn't say it was your fault" replied
his father, "but you we're in default; and that
gave ME the right to take the bicycle and
sell it to get back my money"
John produced the penny to hand it to
his father, with grave expression which
relaxed into smile as he saw his
father, upon receiving it, take off the
sale label and unlash the machine and sur
render it to him. As he was going out of
the door he turned and said: Father, who
does this bicycle belong to any way? 1t
doesn't seem as if it was mine"
Yes" said his father. lit is yours, sub
ject TO a mortgage. | have got pull on it,
IS the boys say, and can take it away from
you, perhaps. 1t is yours, subject to an in
cum OTance, now. II you succeed IN saving
up $40 within three months besides the ill.,
terest, 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
SO, for he had good allowance gwen him
on the condition that he should save half of
1t for permanent purchases; and his father
surrendered the mortgage.
John put the paper in the fire and watched
1t burning up with great satisfaction, say
ing: There! hate mortgage"
Yes" said his father, that is right; but
still you wouldn't have been able to buy a
bicycle when you did without the help of a
mortgage. "-Christian Union.