The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-08-15
"CHEAP MONEY!
SIEAD

right, but as this SpondenS man Y
so all ask; chow are VIC TO get D th
money!" Nan
nh s.. J.. ...,, Nd,
money in the East is in abundsie,
and that it rules at the lowest rates Z
interest, not more than third, in
deed, of the rates prevailing here
Why is it then that
will remain locked up in the Eas
at unremunerative figures and her
money brings from IL to 20 per cent
In other words, as our corr ssponden
asks, "HoW are we to get this cheal
moneys" Simply by asking for 1t, W,
should say, and showing to those peo
pie who have money the advantage
and returns to be expected from in
vestment in this section. Yesterday
we attempted to show that 1t was feal
as to the security of Investment tina
kept Eastern capital from coming
among us, although we insisted then
as now, that these fears were ground
less and as great protection afforded u
property and money in Texas as II
Massachusetts,. But this fear undoubt
eddy keeps much Eastern capital from
among us.
In answer to the inquiry of our cor
respondent it may be confidently said
that we can get this money
just as soon as we can CON
vince these Eastern people that
Investments are safe in Texas and
that interest is better than in the East
This is not section Of robbers and
cut-throats. Property and capital are
absolutely safe under the laws. II any
well-founded fear can be entertained
1t must be based on the laws. TO this
point, therefore, this special tcontribu.
tor addresses himself and finds the
chief trouble in tho peculiar home
stead law OF Texas.
PROFESSIONALLY tho homestead law
in this Stale covers many frauds and
is subject to great criticism. The idea
of permitting bankrupt to retain
100000 worth Of property as home
stead, as can be done, and, indeed, as
has been done, is repugnant TO our
ideas of justice. The abuse of these
statutes and the consequent delraud-
ing of creditors has no doubt largely
contributed to rendering creditors un-
easy and money scarce, but all the
property of the State Is not covered by
tho homestead law. Property not 20
covered is just as good tor debt, just
as subject to mortgage, Just as strong
security az can bo found in Connect
icut or Now York, and 1t il just as easy
for the money londor TO protect him
self by obtaining rs security real or
personal estate that can be easily
reached. The security can be
made as good and can be
as quickly reached az can
any in the East. Tho only precaution
necessary IL to start from the home
stead and take only that beyond, Such
solid security Is abundant and 1t is
easy enough Co obtain thousands OF
dollars worth Of it for money at and
s per cent. Not a dollar brought from
an Eastern vault where II commands
at most only4 per cent. need bo jeo-
pardized here at S or 10 per cent.
Securities convertible into money
at The will OF the lender" are referred
tn by our correspondent There are
bonds and stocks that arc listed and
have a marketable value and
are daily quoted. Half of them
are not worth anything. They
represent watering" processes
and bankrupt corporations, and are
not comparable to unincumbered real
estate as security for loans, though u
certain amount OF money may post
bly, DO raised on them before u farm or
n valuable city property could DO sold.
The fact is, not business investigation,
nor caution, but pure fear based upon
b6soless rumCrs of the "uncivilizod"
practices OF this section, rumors of mob
violence and inlidollty in the matter
Of contracts has caused those men of
the North and East who have money
In abundance TO withhold IL from us
and prefer TO look itup rather than re-
ceivo from us q living interest.
But the Texas homestead law can
not be defended rs IL now stands. 1t
does unquestionably affect seriously
the business OF the State in moro ways
than one, no Kermit a bankrupt to
retain princoly fortune as n homo.
stead Is ridiculous and grossly unjust
A limit within the bounds of reascu
should be fixed both az to real estate
aud household goods, to be ostab
lishsd by DISTINGUISHED appraisers
The public would then know from
what point to start in the matter Of
credit. Aud that rome should be the
actual house and lot lived in and upon
and no other. We are in favor OF
reasonable homestead law, but no
the oxtravagantly generous one nov
on our statute books.
A revision of our real estate lawi
will certainly helpmuch toward bring
ing moro aud cheaper money into cir
culation, but the great difficulty is il
our reputation abroad for lawlessues
and inhdelity TO contracts, roputa
ton as unjust and bsseloss as any poo
Pile ever had on oarth. Ii IL tho dut,
of all good citizens 10 assist in cor
roctmg those false impressions, 70
when onoo they are removed neithe
homestead nor other laws will prevon
the introduction into this section {
limltless means and Of living rates.
-----s-S
RIVER AND HAR6oR APPRoPRlS
TON.
Among the annual appropriation
that for rivers and harbors, comprise
in tho regular appropriation bill, HI