A debt owed...

This image is a copy of a note for a loan that was taken out in Cherokee, Iowa, by Thomas Hoskins.  He promised to pay back $45 - plus 10% interest -  to the financial institution by the first day of January 1873.  It appears to me that this note was unsecured, no collateral is listed on the face of the note.  This image came to me from another Hoskins cousin and I'm not sure where she got it.  I hope that the note came from family sources and not from the bank itself.  I've worked at financial institutions all of my married life and I know that the only reason that a note would be retained is if it was not repaid.   Since the note is not stamped "paid" - I suspect the worst.  I would be glad to repay the original $45 out of my pocket to clear my family's debt, but the accrued interest would have overtaken that principal amount by about 13 times - not to mention the collection fees.......

It's really fun to see my great-great grandfather's signature - much better penmanship than you would expect to see in this day and age!