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The man of business appeared considerably disconcerted by the contemptuous interruption of his visitor; yet he strove to conceal his mortification by a sorry smile, as he replied, "I see, sir, that you have taken a firm stand and will do as you please. Grinselhof was bought in by the mortgagees, for the price offered was below its value." "Who lives there?" "It is uninhabited.
Folk who are at all acquainted with the traditions of Stapleford Park will not need to be told that in the middle of the last century it was owned by that trump of mortgagees, Timothy Petrick, whose skill in gaining possession of fair estates by granting sums of money on their title-deeds has seldom if ever been equalled in our part of England.
The purchasers or mortgagees were in general churches and convents, so that the slaves, thus alienated, obtained at least a preferable servitude.
The negroes offered might prove to be kidnapped freemen, or stolen slaves, or to have been illegally sold by their former owners in defraud of mortgagees. The last of these considerations was particularly disquieting in times of financial stress, for suspicion of wholesale frauds then became rife.
Not but that there are other great advantages a Royal Bank might procure in this kingdom, as has been seen in part by this; as advancing money to the Exchequer upon Parliamentary funds and securities, by which in time of a war our preparations for any expedition need not be in danger of miscarriage for want of money, though the taxes raised be not speedily paid, nor the Exchequer burthened with the excessive interests paid in former reigns upon anticipations of the revenue; landed men might be supplied with moneys upon securities on easier terms, which would prevent the loss of multitudes of estates, now ruined and devoured by insolent and merciless mortgagees, and the like.
The rate of interest charged is 5 per cent., but the borrower pays at the rate of 6 per cent. in half-yearly instalments, the extra 1 per cent. being by way of gradual repayment of the principal. Mortgagees must in this way repay the principal in 73 half-yearly instalments, provided they care to remain indebted so long. If able to wipe off their debts sooner, they can do so.
Of all the mortgagees M. Louvier has been hitherto the severest and most menacing, the one whom Hebert dreads the most; and should he become sole mortgagee, my whole estate would pass to him if, through any succession of bad seasons and failing tenants, the interest was not punctually paid." "It could so pass to him now."
There were also four against abolition. The first of these was from certain persons at Derby, in opposition to the other from that town. The second was from Stephen Fuller, Esq., as agent for Jamaica. The third from J. Dawson, Esq., a slave-merchant at Liverpool. And the fourth from the merchants, planters, mortgagees, annuitants, and others concerned in the West Indian colonies.
Four times the ear-splitting shout went up, and as the echoes of the "tiger" trailed off into silence the stentorian voice was lifted again. "Good enough! Now, then; three groans for the land syndicates, alien mortgagees, and the Western Pacific Railroad, by grabs! and to hell with 'em!"
When a cycle of bad trade occurs the property falls in value, it goes out of repair, tenants have no interest whatever in keeping it decent, it falls into a disgusting condition, mortgagees foreclose.
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