The Waco daily examiner. [volume] (Waco, Tex.) 187?-1888, 1882-03-16
'sWiIy IL Is So"



| read in This morning i issue an article
! headed "Why is it So in which it is
stated that in the nori ihern states millions
of dollars are living idle tor the want OF
Investment, and that { ,pit iliSts are eager
TO lean il AT seven per cent The article
then proceeds to ask, "Why is it S"," and
specially, why the capitalists d0 not send
their money here, where money is S"
scarce and the rate OF Interest so high. Ii
! the EXAMINsK will give me short space
in its columns will attempt TO give one
reason "why il is co." 1t is 10 be reihehi-
! bere,i that under our present state cohstl-
! tuition we have II law known AS the home
| stead law Under that law every citizen
! of this stale who is the head of ii family
| il entitled Ia "A rural homestead consisting
! OF two hundred acres OF land with AL In
provemenis upon it, or an urban home-
stead consisting Of lots. the naked value
! OF which shall not exceed S5,UON, with
all the Improvements. Tins property Is
exempt from all Indebtedness whatever,
except taxes and the purchase money.
1t cannot be encountered with
debts other than those mentioned, no
matter how solemn the instrument used
In trying to effect the lien. An absolute
deed conveying the property in fee when
intended TO operate as Il security will
not be sufficient to eyade the strict letter
OF the law which proYides that every in
strument of writing or deed which is in
intended 10 create Il lien upon II home
stead shall be absolutely void unless
given for the pui chase money. BY refer
ring to the records throughout the state, 1T
will be seen that there Is not upon an hy-
eTage, one man 0ut OF every fifty. who
POSSESSES more than the homestead eX
GmptiOnS Then how are the people tu Sc
cure these capitalists " ere they Ia send their
millions here They cannot secure them
with mort cages upon their home -tead, TOR
such uh instrument, we have already seen IS
null and void. Then they can only oh"r
personal security which is equally as I'm
reliable. These capitalists have the money
10 loan and i'll loan il, If they can get the
proper st culity. They demand good secu-
riiy. such us the majority III our people
cannot give, owing to Our homestead act.
Then We only have 10 Utfcr them the right
indu, ement and the money will come.
Now the question arises, how is this 10 be
done | would suggest this mode Let
the legislature submit to the people a
resolution TO repeal the present home
stead system and when it is carried it will
be seen that our country will be IoOdcd
with the rusty millions OF gold and sill
yer that has been lying idle in the north
t0r 10 these many years, AMI the present
Z, and per cent interest system will be
lost i'll The financial revolution OF the day,
aud no man viii he c llled upon to give
more than ten per cent interest. Don't
understand me Ia be advocating an entire
annihiiation of the homestead system,
but rather reform. Let the standard be
dollars and cents, and not acres aud feet.
BY SO doing tie people OF the state will
have more capital To opcratc upon, which
we'll I" Il great extent offer the proposed
inducements and money matters viii go |
easy with our peOpl" again. There arc
many other incidental questions arising |
out of tins matter suppor ing my theory |
but feeling that have alrcady CONSUMED |
too much of your valuable space: viii not |
mention them here. Ii is Ia be hOpcd that |
the next Legislature viii take some step in
this direction. X II. HARRISON.