The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-08-28
THE BORROWER ENsLAvED.

Recently q gentleman OF
county, when the market price of his
farm was So, 600, placed upon it a mort,
gage of 50, 500. Unable to meet the in
terest, he determined to write to his
Eastern creditor. After a deal of
trouble with lawyers and loan agents,
he obtained his name and address. He
was a gentleman in Massachusetts,. He
wrote him to the effect that it was i'm
possible, under the circumstances, to
pay the interest, and said: II will
deed you the farm. It is all I a do,
and you will get no more if you go to
law, for everything else, even my
stock, has gone in the attempt to keep
my land" The reply came: 1--WE do
not want your land. We have do use
for it. The mortgage 1 have given my
daughter, and she and her children alb
solutely need the interest to live upon.
Can you not pay a portion of it9"
On receipt of this, he wrote him a
long letter, explaining the circum
stances. and offering as an honest man
to pay all interest and the principal, if
ever God and man would make it pos
sible, but he must h ave time" The
answer was to this effect:
Your letter came just at the right
time. l have long been convinced that
both borrower and lender have been
victimized by those middlemen called
loan companies.' I am completely
satisfied that they have robbed you in
Kansas and us in Massachusetts,. They
have urged you to borrow and us to
lend when they knew that it would be
impossible to live at the rates of inter
est charged. You have been paying
too high interest, and / hear that you
are also obliged to pay q bonus to the
loan company for the privilege of pay
ing this. No industry can thrive that
way. The result is you are ruined, welose
our capital, and both sections wrong
each other by harsh thoughts, when
the blame lies upon those corporations
that alone have thrived off us. Now,
I do not want your land; you and your
children need it; keep it; pay as you
can. l will reduce the-rate of interest
from s per cent. to 5, and you can deal
directly with me-"
Inc Q0OGOr WEOL0 DaCk:
your letter has not only lifted from
my mind a financial burden but from
my heart a feeling against you and the
East of great wrong that was fast caus-
ing me to believe you all hard hearted
and our enemies. If industry and hon
esty can redeem my farm, you shall be
paid"
This case was reported to me yester
day: A young man put, through a
firm in this city, a mortgage on two
lots he owned here. He failed to meet
the interest, and the mortgage was
foreclosed. One year after this fore
closure, his creditor "a widow in Mas
sachusetts) wrote and asked if it we're
not possible to pay a part of the inter-
est, as she and her children needed it.
This opened correspondence, and this
fact was developed: That she had not
been able for nearly two years to get a
word from the firm through whom the
business was transacted; knew nothing
of the foreclosure; did not want the
land and will soon deed it back and re-
new the obligation at a lower rate of
interest. 1 forbear to comment on the
illegality, robbery and the persecution
of this, as too many once landowners
can feel all necessary comments
through their experiences.
A man came to our league room a
few days ago seeking an opportunity
to borrow money enough to save his
tools. He was a shoemaker, and had
given a chattel mortgage on them.
They included an $85 sewing machine,
and they wer his only means of sup
porting his family. He had borrowed
of a loan company of this city $50 for
three months; was compelled to give a
note for $5, at 10 per cent. interest,
but privately informed that he must
pay g. 50 per month, which he did;
had up to the time of his application to
us paid $29, and was about 70 lose his
tools under foreclosure for the balance
claimed, 1874. so. This sum he was will
ling to pay if he could find anyone will
ling to trust his honor. Bad as these
features are there was a worse one his
poverty, his slavery to the money
power, 80 abject that it was difficult to
get up courage in him TO resist this rob.
berry. The American freemen had be-
come q serf. Legal advice was secured.
and the just amount loaned him to
tender his creditor, who will be glad
to accept to escape a suit-OttdU0
Journal.