Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-07-03
VIRGINIA Securities.


New York Sua Of the Goth Of June
The rate Of interest i.r money on bond aud
oil real estate may now be regarded
as fixed at six per ct. pei aonum aud uuder'
The great savings banks make II SIS per Ct: On
all loaUs without exception. The Mutual Lsic
Insurance Company makes ii SIX per cent. to
borrowers. whose security may be reckoncd a.
AMPLE. Private capitalists are Offering to take
Eve per cert from men in whom they have
confidence and % property which suits them.
This reduction is ! necessary consequence OF he
dulness of trade and the scarcity ol profitable
investments.
This is the direct result Of Il.c lowering OF
u s. bond interest These bonds are clear Q!
taxation and payable in gold, principal and
interest. Gold is at premium rt . or L, say,
because Of the gold contract throughout, that
it is per ct. Then per ei. in gold Is equal
to $4.24 in currency, and this is clear of all
taxes. Now, making my own locality as
basis, 6ul ,hst rerct. 10 currency less State,
county and municipal taxation, $l.3l p"r O.,
We have for six per ct. LOAF, with ALT
paid, s4.65 per cent. which is II ems
on 800 better than eovaIamant 'ntri2ai,
the ether conditions ct tbs 0an benz
equal. What are these conditions: h
Uoitei States ofcIs Is ncary absolute
security as it is possible tlr any human
Institution TO offer, aud therefore capitalists are
eaeer to in7es, their funds in its securities even
at q low rate Of interest Wig is there D., L
willingness to lend money in Virginia al 4
higher rate Of interest? That it is VIGOROUSLY
not SO cannot be denied, but o0e iGstalca viii
suffice to illustrate It The proprietor OF IA.
nous wateriog place in Nirgiaia "Ished TO make
some improvements, further t1 d3Scoie the
resources of his property aud t. accommodate"
bis visitors better. last Wl6ttr he Teht to
New York city With ali his tile pap:Ts assigned,
and sought out broker friend who. he expect
ed, would help him to 81 acqualntanca vii"
moueyed men. Ele went made kno@n ht7
business, and this friend said to him : i an
perfectly satisfied with your papers, knoN
you to be all right but your property l.. 10 If
GINA, and the tile deeds OF q ElrgiGia property
are worth no more 10 New York elt5 ihso -
much blank paper He came home Lunif.st,
ed. Now for the reasons
lst. a doed of trust is giveo aud payments
are made on it, So az slightly to c0npIicate the
matter, aud when the foreclosure i 10 be mad
the debtor applies for an Injunction reaFai0ins
the sale, aud upon his aIrart@ staten.ent ah IN
junction is issued, and the case goes II \ tj!n
missioner to ascertaln tie balance iua 81 l!e
debt, the value OF the 'aud, Ne, aud thl= ecu
pies sa months at least, and th' mJa"y + often
tied up Tor twelve moths, OF more, aud he
land may be sold 10 n:talneuls, and the ti5.
tor, knowing that he may be thu: taIi ID, choose
not to trust bis m0ut} 10 such security Is or
laws Offer him.
nl ~ u ! I,-,. \ H.: ~
debtors Law added, gives the debtor til Alb.
till their youngest child ccnles II age, II ao'tit
-, 800 worth Of property.
lis true our act Of assembly .lys H.: ma
wsi7a the Homestead, AID though thi2t
Justice Waite has held ID taaErup: ci'a,
that the party mag waive il, sci soma d CIR
Circuit judges, 10 published opinions. hold that
the waiver is of nou effect. Here i: property,
assuming that each voter may Lave = UIV
worth Of homestead il be eau gel II, to the c.
tent Of $40, 0l0, 900 that mas h. exempt troM
debts. Ii is not necessary 10 a,sumo THAI Ia
waiver cannot be made; Ii IL 6hiy Necessary -
throTa doubt 90 the matter. aud there are 40.
600, 600 of property SO situated as to Prevent cal
itallsts from investing 10 Ii. tG7 y9u rt1jirci
Addison paper 10 the Spectator. 10 which t2
describes visit By dream 10 The Bank Il Lag
land, where immense plumbers Ct bGFs o! gold,
almost bursting With their tuc!ISci traa-ur ;
stood upon the couoter'. and hos Insanity
these bloated treasure hJivrs wa!a converted
into worthless canvass Is the agpI3aciI 81 i
figure, War, which destroyed lutiic security
and swept away corflc1e,. tbs figure j, now
rising 10 Virginia, aud is called Repud lt!oe,
whether it will stalk abroad aud be drl7oa a.
nominousiy into i;s den, us question:, AID
as long as it is question The cjnt!I ,a,. 10 p7i
vate securities 10 Eirgioia will not i'2 rc-t.iaa.
lshel. If the people OF Virginia wt-s, ioT
prosperity they mus; act - a. 10 :hoT tina: ihcy
mean to bold their 0uIIgaiious, public acI rrI
7ate. sacred. The merest doubt OF thor iaIr
dealing is as destructive as the I:io- open a0d
fragrant roeuary. gu would 10 more touch ,
person who had the reputation OF laTla! III:
small pox than you would one who hid tae
eruption He has has 90 his hora Is sutlIcltnt
without seeing him push with bis horn. had
the pleasure of seeing the Judge Of Cunlbar.
land couuty, Pennsylvania, and, oil course. wr
snapped ideas. The PconsyIvaoia Law allows
Q mau $500 czamptiop; the Supreme l'nu?t
decided that 4 waiver Of it could be mad Is
mortgage, ana attempts have been made 70
make Law that waiver could 10, be made. and
all Of them, y far, have bean talur.s; the man
who has $500 worth Of property can, rs picdl
ing that groperiy borrow money 10 start linn III
business, aud thus, as be said many worthy non
have been started, whose eutrkita wouiJ ether
wise would have been repressad. aud who would
have had 800 and 10 more. Ia striking con
trast with this policy i: that Of our General As
samby as shown forth III chapter -! .: a;'s
Of 1871:
Any deed Of Trust, mortgage, or oth.r VIE.
ing, made by husband or pareot, 10 give
lien on property, which i. 5zamrtir5ni dl>|res;
or levy, under the hirty-third and thirty -tontth
sections of the forty moth chapter, shall Il VOID
IS to sucn property.
Here is the proclamation to ODE hunIrri
thousand men 10 Virginia. You shall nor rise
above the level 0! $500 unless you can 60 It
By saving cant ty cent you shall Mt eScr;
your energies and to supplement Those rner-
gies you shall not pledge the property y0n mag
have, even With the consent OF yQnr vie, BE-
cause the grave authority Of the Cog1moa-
wealth, the Legislature Of Virginia, wants y5u
to be mere hewers Of wood aud drawers Of
water for a more favored class. The home
stead law was useless, as any man could, .bao
/ j. 4