Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-01-25
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STAUNTO n, VA.
FRIDAY MORNING. JAN. 25, 1878.
A NECESSARY CHANGE IN THE
LAWS.


If the reconciliation of silver, the re.
peal of the resumption act, and the change
in the national bank laws are to bring
about easier financial days, it would be a
State would make some change in our laws
go that the farmer may reap some of the
harvest. He will never reap the benefit in
a direct manner until the statute is
changed in way that will permit him to
use his land as capital. TIE farms of Vir-
ginia are now so numbered with laws to
keep them in possession of their owners
that the good intent has rebounded to the
hurt Of the men it proposed to benefit. The
great West was not built up with the
money of the builders: that came from the
money martS of the East. The laws OF the
Western States regarding the enforcement
Of claims against debtors are such that
money-lender does not hesitate to loan
money Oh land. The realization by law OF
his claim is quick and cheap. With a
Virginia farm it is different and, under
our present laws, land is worthless for bor-
rowing purposes at the North, where the
money is. OF our own county, where the
best land is, thousand acres would not
be accepted as security for a loan Of five
thousand dollars under the present code,
simply because Of the tedious and uncer-
tain road the creditor would have to travel
through the courts in making his money
from the borrower And this fact has
greatly added to the financial troubles of
our people A .armer has a thousand
acres of good land and no means to work
it. He does hot wish to part with it alb
solutely, at sacrifice. At the same time
he is in debt If he could borrow money
on one-half of the land-holding he could
work out of his difficulties, but when he
attempts it at the North he is told that un-
der the Virginia laws the lender doesn't
wish to take any risk OH Virginia land. 1t
is not many months since one of the most
valuable watering places in the State was
offered as security for loan of not one
fifth it's value. The banks in New York
loan their funds, but the capitalist said to
the owner that Virginia property, with
the network with which legislation had
surrounded, could not be considered as any
security at all.
What we want in Virginia is the repeal
of these laws and the substitution of some
thing that will not permit hardship tss
either debtor or creditor, and something
that will make the farm as convenient to
the owner as a bank note. That such a
thing can be done is evidenced by the
success of Australia in that regard.
Twenty years ago what is called the Tor
ren's law went into effect there. 1t is very
simple. Those who want to have the bene
fit of it send to the Registration Office a
petition, description of their property
and proof of title. The papers are verified,
and the petition is published in the papers
in the district where the property is loca-
ted, certain period, to allow adverse
claimants the opportunity to assert their
title. If any appear the question is jul
dicially settled; if none, then alter six
months the title is held to be complete,
and the owner gets a certificate on which
all encumbrances on the land are noted
and, besides, there is a miniature plat of
the land. IF the owner wishes to sell OF
mortgage his property he merely signs such
a declaration at the foot of the certificate.
The certificate is Il guaran. ee of title and
boundaries by the government, and serves
Just as a bank note would in being trans
ferred from one man to another. The fees
received at the Registration Office are Sc,
aside by the government to pay any loss
that may follow its having guaranteed the
title, as, when lawsuit, growing cut OF
titles or boundaries, taxes ICE it is
brought against the Registration Office
and not against the holder IF the certi-
ficate. This makes the certificate abso
lutely good AID as transferable as cur
rency.
The system is elective.-f the people
prefer to hold their property under he
common law they have their selection.
but the Registration system las become
so popular in twenty years that it has been
adopted throughout Australia. The leg
islator of Virginia who will devise some
plan of making the farms of Virginia a
promptly useful for financial purposes as
t lis one win he remembered as long as
b who devises means for settling the
State debt