Wichita eagle., 1889-01-11
REFORM OF THE REALTY MORTGAGE


10 the Editor OF the EAGLE
1t is difficult to cure many of the So
cial ills by the application of moral laws
and much more so by statute laws. The
best possible thing TO be done, when ex-
perience indicates the way. is the one to
do. 1t appears to me that very beneti-
cial law might be enacted by our legis-
lature to at least divide the responsible
ties and losses as near as possible be-
tween creditor ard debtor in real estate
transactions. | mean that a law might
be passed that where A. bought farm
or lot from B. for 5000 for one year at
eight per cent, both parties are at the
time supposed to know the exact value
of. that property. Now if B. is willing
to take the property as security for the
note l can see no reason IN
Justice why the law should
not compel him, if A is unable to pay at
the end OF the year, to take the property
for the debt after the foreclosure and sale
| OF 1T will bring no more, relieving A for
ever from the misfortune of an unsatls-
fed judgment haunting his footsteps.
Objection is made that the note finds
its way into innocent hands. l meet
that by compelling brief of the security,
index of the records and extract Of the
law, stating that the security given by
the maker ends his liability unless he be-
comes an endorser. be certified by the
register of deeds on the note: then the
note carries its character with it, subject
TO easy and authentic investigation.
Under such law notes secured by realty
would be, believe, the best collateral
security, provided the law made redress
TO the holder easy, certain and inexpen-
sive if the note and interest were not
paid at maturity
Equity of redemption is injurious and
serves no good general purpose. as the law
should contemplate. But stay laws. even
if of questionable constitutionality, are
as necessary as any legislation made to
cover an unforeseen crisis. As in the
case of a succession of crop failures and
extraordinary dullness of trade and gen.
eral depression of prices, is undue haste
were not preve nted the courts could
easily flood the country with judgments;
and forced sheriff sales would cause
property to sell at not only ruinous
prices, but through the insufficiency of
deprecated security cucumber the debt
or class hopelessly with unsatisfied
| judgments. At such a juncture rea-
sonable stay law is sound policy. If it
be unconstitutional the time required in
testing it is sufficient to prevent the
creditor class from running the debtor
! class and then themselves by the same
means.
1t is curious and a sad study that
the hopes and aspirations of our spright-
! ly and brave people of the west cause
/ them in outstripping time in So many of
their marvellous achievements, are them
selves deceived by her in their calcu-
lations upon the yield of farm,
forest and mine; and the con-
| tingencies of time. 1t is our
easy task with their confidence in the
resources of the new country and them
selves, to build roads, towns and cities
with borrowed money. But how I'M
| certain a thing it is to calculate upon the
caprices of the climatic changes Incl
! dent to the settlement of a new country,
| or how long before the native condition
! of the soil will consent to yield certain
| things which afterwards it quite, fire.
quently does, to say nothing of change
of freight rates and the general CONNER
! cial conditions. This process OF develop
ment, while it frequently overdces itself
! for a time through the unavoidable Cir
/ cumstances spoken of. has always proven
! legitimate and substantial in the end.
/ But the misfortune is it largely converts
the pionears into a debtor class and
keeps them ut the mercy of both the ca
PRECIOUS and unknown seasons and the
easily excited fears of the always tinnid
creditors. Contingencies arise which
ruin many and afterward enrich those
who get their holdings and years of toll
! for next to nothing and become prosper
Gus by that which they once considered
/ worthless. w. e. HUTCHINSON. ,