I'd like to read up a bit on monetary lending practices in the 19th century, particularly the first half. My question is motivated in part by genealogy, where I've noticed two generations of my family deed land "by mortgage," for what I now assume to mean "I borrow this cash from you, shall pay you back on these terms, and offer this defined tract of land as collateral." Am I on the right track here?

What is especially interesting, as I look through old deed books, is the prevalence of foreclosure in Maine just prior to the Panic of 1857. The crazy thing to consider is that the failure-to-repay borrower was oftentimes letting go of defined land on the very premise they lived -- i.e. your 100 acres is now 50, and this person who lend money is now the legal owner of the other half. That seems awfully awkward to me.

In these foreclosure cases, I've also been intrigued by the amount of pubic resources that get involved; court-issued arrest warrants involving ordered public announcements in surrounding counties, mandated appraisals of estate (in Maine, three appraisals were ordered for every foreclosure I found), involvement by sheriffs and their deputies, Justice of Peace, attorney of the lender, etc. etc.

Situations where I notice this most frequently, unfortunately, are in the mid 19th Century, particularly in situations cases whereby the defaulted loan involved land collateral which had been inherited from relatives, but later abandoned in order to pursue opportunity across state lines.

I find the topic rather interesting because in so many instances, the monetary lender seems to have been a trusted friend or business associate. Would enjoy learning more this. Thanks!