The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1884-01-30
From snow Hill Telegraph

la our practice OF the law, we have
often been put to so much trouble to adj
wise clients as to the validity of land
titles, that we have for some time Intend
ed writing an article on the subject, adj
vocating the same rule for the reglstra
ton Of absolute deeds, that we now have
for the registration OF mortgage deeds,
but we have just read a letter which we
here publish, for which we are indebted
to the Netrs and OLserrer, that Is so
sensible and timely and expresses our
views so fully, that we abstain from CIV
ing our own views and publish the letter
instead.
HENDERSON, y. c., Jan. IS, 81.
Considering the conservative character
of our people, the salubrity of our eli
mate, the fertility Of our soil and the
low rate OF State and county taxation, it
has ever been a surprise to me that capt
~talists should give the 90 by to our State
when seeking investments tor their
money, and lend it out in such States as
| Arkansas, Georgia, Alabama and the
! Western states generally. An eXper-
fence of my own may throw some light
on the subject and the hope that such
action may be taken by the succeeding
legislature as Will remove these causes,
| induces me to write.
Last fall, after some preliminary cor
respondence, | visited Boston to interest
capitalists to invest IN this State as they
had been doing in Western and farther
Southern States.
/ went 1T an oppcrtunP time, as every
one in Boston was talking ABOUT the
splendid exhibit the State was making
at the fair. 1t appealed to the pride of
the Massachusetts people, that a South
ern State should have so exertcd herself,
aud at such expense, to make the fair "a
purely State enterprise) such a success !;
for unquestionably it was the North
Carolina exhibit that gave ecl,t to the
Boston exposition. | was met half
way. | was told North Carolina was an
u~nexplored country, but presented a
most inviting field for the safe and prof
table investment of money, and that al
most any amount could be secured, at a
per cent that would be a boon TO the
farming interests, and for such lengths
of time-three and five years-as would
enable the borrower to get ready for the
return of the principal when due, pro-
vided The repayment at maturity OF the
sum loaned could be satisfactorily Sc
cured OF this. | felt no doubt, and |
returned home fully assured that it was
only a matter of time before the enter
prise would be fairly started.
But, as prudent men, with large inter-
ests entrusted to them, my correspon
dents felt bound to make every enquiry
before committing themselves, and they
employed an attorney IN Boston to make
a careful examination of the laws OF the
State, of the acts Of the legislature for
the past twelve or fifteen years, and OF
the general tendency of legislation and
judgment of the courts W on the subject
of creditor and debtor. In due course !
received from that attorney an elaborate
and carefully prepared list OF questions
that his reading and investigation gave
rise to, with a request that | would give
him my oplnl0us thereon IN answer. !
will cite only two or three 0 tthose ques
tons:
First. Under your law does the regis
!, tration Of deeds within two years after
their execution relate back to date o.
deed and cat u all intermediate convey,
ances? If yea, wha. protection has Z
mortgage against prior unrecorded deed.
r within two years. Also unrecorded lien;
for work commenced prior to his mort.
gage, when twelve months have not ex
| PRED after the completion OF the work.,
Second. Il 6nd hat for years it ha:
been customary for your Assembly tc
i extend the time for recording deeds
Has this been dine at every session, anC
for how many years past?"
Third. "W hen does a record undel
these statutes take effect, and what efec