If among the property left by a person deceased, which is to go in part to children, there are any houses and lands,-a kind of property which is called in law real estate, to distinguish it from moveable property, which is called personal estate,-such real estate cannot be sold, in ordinary cases, by the administrator, without leave from the Judge of Probate. This leave the Judge of Probate will give in cases where it is clearly best for the children that the property should be so sold and the avails of it kept for them, rather than the property itself. All these things Mrs. Bell explained to Mary Erskine, having learned about them herself some years before when her own husband died.
Accordingly, a few weeks after Albert died, Mary Erskine went one day in a wagon, taking the baby with her, and Thomas to drive, to the county town, where the Probate court was held.
[Illustration: GOING TO COURT.]
At the Probate court, Mary Erskine made all the arrangements necessary in respect to the estate. She had to go twice, in fact, before all these arrangements were completed. She expected to have a great deal of trouble and embarrassment in doing this business, but she did not find that there was any trouble at all. The Judge of Probate told her exactly what to do. She was required to sign her name once or twice to papers. This she did with great trepidation, and after writing her name, on the first occasion which occurred requiring her signature, she apologized for not being able to write any better. The Judge of Probate said that very few of the papers that he received were signed so well.
Mary Erskine was appointed administratrix, and the Judge gave her a paper which he said was her "Letters of Administration." What the Judge gave to her seemed to be only one paper, but she thought it probable, as the Judge said "Letters" that there was another inside. When she got home, however, and opened the paper she found that there was only one. She could not read it herself, her studies having yet extended no farther than to the writing of her name. The first time, however, that Mary Bell came to see her, after she received this document, she asked Mary Bell to read it to her. Mary Bell did so, but after she had got through, Mary Erskine said that she could not understand one word of it from beginning to end. Mary Bell said that that was not strange, for she believed that lawyers' papers were only meant for lawyers to understand.
The appraisers came about this time to make an inventory of the property. They went all over the house and barns, and took a complete account of every thing that they found. They made a list of all the oxen, sheep, cows, horses, and other animals, putting down opposite to each one, their estimate of its value. They did the same with the vehicles, and farming implements, and utensils, and also with all the household furniture, and the provisions and stores. When they had completed the appraisement they added up the amount, and found that the total was a little over four hundred dollars, Mary Erskine was very much surprised to find that there was so much.
The appraisers then told Mary Erskine that half of that property was hers, and the other half belonged to the children; and that as much of their half as was necessary for their support could be used for that purpose, and the rest must be paid over to them when they became of age. They said also that she or some one else must be appointed their guardian, to take care of their part of the property; and that the guardian could either keep the property as it was, or sell it and keep the money as she thought would be most for the interest of the children; and that she had the same power in respect to her own share.
Mary Erskine said that she thought it would be best for her to sell the stock and farming tools, because she could not take care of them nor use them, and she might put the money out at interest. The appraisers said they thought so too.
In the end, Mary Erskine was appointed guardian. The idea appeared strange to her at first of being appointed guardian to her own children, as it seemed to her that a mother naturally and necessarily held that relation to her offspring. But the meaning of the law, in making a mother the guardian of her children by appointment in such a case as this, is simply to authorize her to take care of property left to them, or descending to them. It is obvious that cases must frequently occur in which a mother, though the natural guardian of her children so far as the personal care of them is concerned, would not be properly qualified to take charge of any considerable amount of property coming to them. When the mother is qualified to take this charge, she can be duly authorized to do it; and this is the appointment to the guardianship-meaning the guardianship of the property to which the appointment refers.
Mary Erskine was accordingly appointed guardian of the children, and she obtained leave to sell the farm. She decided that it would be best to sell it as she thought, after making diligent enquiry, that she could not depend on receiving any considerable annual rent for it, if she were to attempt to let it. She accordingly sold the farm, with the new house, and all the stock,-excepting that she reserved from the farm ten acres of land around her own house, and one cow, one horse, two pigs, and all the poultry. She also reserved all the household furniture. These things she took as a part of her portion. The purchase money for all the rest amounted to nine hundred and fifty dollars. This sum was considerably more than Mary Erskine had expected to receive.
The question now was what should be done with this money. There are various modes which are adopted for investing such sums so as to get an annual income from them. The money may be lent to some person who will take it and pay interest for it. A house may be bought and let to some one who wishes to hire it; or shares in a rail-road, or a bank, or a bridge, may be taken. Such kinds of property as those are managed by directors, who take care of all the profits that are made, and twice a year divide the money among the persons that own the shares.
Mary Erskine had a great deal of time for enquiry and reflection in respect to the proper mode of investing her money, for the man who purchased the farm and the stock was not to pay the money immediately. The price agreed upon for the farm, including of course the new house, was five hundred dollars. The stock, farming utensils, &c, which he took with it, came to three hundred and sixty dollars. The purchaser was to pay, of this money, four hundred dollars in three months, and the balance in six months. Mary Erskine, therefore, had to make provision for investing the four hundred dollars first.
She determined, after a great deal of consideration and inquiry, to lay out this money in buying four shares in the Franconia bridge. These shares were originally one hundred dollars each, but the bridge had become so profitable on account of the number of persons that passed it, and the amount of money which was consequently collected for tolls, that the shares would sell for a hundred and ten dollars each. This ten dollars advance over the original price of the shares, is called premium. Upon the four shares which Mary Erskine was going to buy, the premium would be of course forty dollars. This money Mary Erskine concluded to borrow. Mr. Keep said that he would very gladly lend it to her. Her plan was to pay the borrowed money back out of the dividends which she would receive from her bridge shares. The dividend was usually five per centum, or, as they commonly called it, five per cent., that is, five dollars on every share of a hundred dollars every six months.[A] The dividend on the four shares would, of course, be twenty dollars, so that it would take two dividends to pay off the forty dollar debt to Mr. Keep, besides a little interest. When this was done, Mary Erskine would have property in the bridge worth four hundred and forty dollars, without having used any more than four hundred dollars of her farm money, and she would continue to have forty dollars a year from it, as long as she kept it in her possession.