Thomas County cat. [volume] (Colby, Kan.) 1885-1891, 1889-01-24

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detrimental, particularly to the west
ern portion OF the state. 1t is only
reasonable to infer that as restrictions
are placed ON those who loan money,
increasing the difficulty of collection,
they will seek some other quarter for
the investment Of their money. Ny
impression is that If such law is
passed the stress would at once fall
on those who are DESTROYS af renewing
their mortgages. Mortgages would
naturally say. NO, thank you; am
MT anxious to tie my money up where
there is no telling when l can get it
out again And that is where the
burden would fall just as soon as the
law is passed"
Senator Woodward has been q far
mer, y stock raiser and borrower as
well as loauer of money. He has
lived in Woodson comfy for twenty
years, and knows something about the
conditions that prevail in Western
Kansas. His first remark in reply to
the reporters question was that the
Iarty pledges are promises that must
be kept.
| "As business proposition, howev-
En-" ne went on, 81 think the reduc-
ton of the rate of interest would work
no good. 1t cannot help the borrow
er. The legal rate is now IL per cent
and venture to say that there is no
town in Kansas to-day, where money
can not be had, with good security,
for 8 or 9 per cent. So there is no
necessity for reduction; the market
has taken that thing into its own
hands, as it always does.
"The other matter is more serious.
There should be no added uncertainty
as to the collection of loans on mort
gases. While we have SO many bor-
rowers we should be cautious about
putting restrictions on the loaners. If
the lender is put to hardships in the
collection of his money, the injury
will fall directly on the borrower, be-
cause being unable to enter into COM
petition with those having better Sc
curity to offer, he cannot afford TO
dictate the terms. 1t would simply
drive the loaner somewhere else. That
seems to me very obvious PROPOSE
ton. OF course such a law would hurt
western Kansas more than any other
section of the state because it needs
money more, and certainly has no
better, if as good security"
Senator Wright, of Junction City,
expressed his opinion on the matter
without hesitation:
CAT the outset want to say that
the party is pledged to reduce the
rate and we will have to reduce it
somewhat to keep our word. But the
more we lower the rate of interest the
harder we make it for he people who
have to borrow"
Now look at it, We have in the
state probably 100000 borrowers Of
money. Of these 5000 we will say,
are cramped for money. Now, while
the extension of the period of collec-
ton would help those 5000, it would
impose hardship upon the other 95,-
900. The majority of the men who
are most distressed for money and
have the hardest time to meet their
mortgages are men who rushed into
these doomed towns and tied their
money up entirely aside from their
legitimate business. The state can
not afford to impair its credit, and pos
sibly drive eastern moneyed men from
the state, simply to relieve this class.
As l said before we have promised to
reduce the rate, and we probably will
make it and 10 per cent instead Of
Z and II per cent; but there is no
pledge out on this redemption matter,
and the Legislature should let it Sc
verely alone.
sit is time people got acquainted
with the fact that money will bring
what it is worth, regardless of usury
laws. When q man can offer good Sc
curity he can get money at low rates.
When the credit of the federal gov
eminent hung by q slender thread.