Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1877-01-25
Stay-Laws Needed.

There never was time in the his
tory OF the couu,ry when the enact
ment of judicions and carefully
guarded Stay-Laws," by the Legis-
latures of most of our Western
States, was so plainly necessary as
ut present. The aggregate of pri>
vate Indebtedness throughout the
West is gigantic and almost incalcu-
liable, most of which, is secured by
mortgage liens on real property. 1t
is an astounding fact that more than
three fourths of the farm property of
Illinois ia encountered by mortgages
to secure Indebtedness drawing the
enormous interest of ten per cent.
per annum, of the average, which, 10
ninety nine cases out of every hum
dred, the mortgagors find it utterly
impossible to pay. This inability
arises from causes over which the
farmer can exercise no control what
ever, and for which, therefore, he
cannot DO blamed. Chief of these
causes. in this State especially, is the
partial, and in many cases, the al
most total failure of the grain crop
for the past three years in success
sion. Another cause is found in the
extremely low range of prices for
cereals and breadstuffs during the
same period of time, and still another
may be found in the great prostra.
tion-amounting to almost annihila-
ton of tho manufacturing and me-
chanical enterprises of our country
All these things, combined with the
long series of financial disasters
which have befallen us as a nation,
coupled with burden of taxation
never before experienced by US as q
people, have conspired to produce
that unfortunate condition of things
which has no parallel in the history
of this country,
1t is in these facts that we find q
fuil and ample justification for ask
ing the legislatures of the States,
which are now in session, to enact
laws that shall give the great debtor
class another chance for life With
ouf the wholesome restraint of laws
of this character, at least ne-half OF
The working farmers of this and 9th
or Western States "driven out from
house and homo" within the next
two or three years, and their nard-
earned property will pass into the
hands of others at less than half its
actual vaine, chiefly the immense
Life Insurance interpretations, who
hrve loaned large sums OF money, st
enormous rates of interest, al over
the West-rates which the sharp
financiers of these soulIess institu-
tons know the mortgagers could
mover pay, even under far more adj
vantageous circumstances than usual
Iy attend the labOrs of the farmer
and tho mechanic. These institu-
tions, never at any time in sympathy
with the laboring classes of our PEG,
pie. have their victims by the throat
and are sharpening the sacrificlai
knife for the immOlation which will
speedily follow, unless the uplifted
hand is stayed by the force of law
IT, is useless to hope for mercy, for
none will be given, except under
compulsion.
We conceive it to be, therefore,
one Of the earliest and most impor-
tant duties Incumbent on our legisla'
ture, to pass such stay-laws and also
laws reducing to the lowest possible
figure the rate of interest that may
be'colected on debts secured by rea
estate liens, to the end that our
farmers, and our industrial classes
generally, may have at least one
more opportunity, even though il
comes by hard labor and diligent in
dustry, to work out their salvation
-LepiS Rural.