Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1889-01-24
THE PROPOSED REDEMPTION Law.

THE PROPOSED REDEMPTION Law.
There is great deal of strong oppo-
sition to the proposed equity of redemp-
tion lava law saving to owners of
land sold under foreclosure of mort
cages the right to redeem it within a
certain time on payment of Judgment,
costs and interest. The objection comes
from the creditor class mostly, and tho
grounds of these objections are two
~ that it would result in public injury,
and (2) that it would be a violation Of
the contract. with the lender. 1t is
alleged that capital being timid, any
change of the law looking toward delay
in collection of debts, would have the
effect to make borrowing in the future
more difficult, that persons needing
money could not obtain it ON as easy
terms as they can now, that distress
would follow, and bankruptcy and ruin.
In other words, men who have money
to lend are public benefactors, and that
changes in the law, if made to help the
debtor pay his debts and save his prop
erty, are against the public interest.
The lending of money is legitimate
business, many man would sink If he
could not borrow, but that is no reason
why the state would be injured by a
change in its laws intended to help the
borrower pay his debts and save his
home.
AS to it's being violation of contract,
it is nothing of the kind; it is rather
helping debtors to make good their con-
tracts. Money borrowed in the cases
which the proposed law is intended to
relieve was lent on interest at rates
agreed upon under the law, and notes
at one or more times certain; the notes
are secured by mortgage ON real estate,
and the mortgage is not foreclosed in
any case where the payments are made
according to contract. It is only when
the contract has not been complied with
and when the payments have not been
made according to promise, that suit is
brought to collect out of the mortgaged
property. Then, after contract broken,
and after Judgment and execution, the
proposed law would say if at any time
with ina period named, one, two, or
three years) the debtor will pay the judg-
ment costs and interest he may thus re-
deem the land. It takes no right away
from the lender; he would obtain jude-
ment and execution just as usual, the
property would be sold as it is now; but
instead of making the purchasers title
sbsolute upon conveyance by the sheriff,
it would not be perfect until after the
time of redemption has passed unim-
proved.
1t is said that we cannot borrow at
reasonable rates if we provide for an
equity of redemption. Let us try it
and see. Every one of the old states
has and had from the beginning, re-
demption, and they never suffered be-
cause of it. Creditors have had the
laws their own way a long time; now
let the people mix in little justice and
mercy and give the people chance to
pay their debts and also save their
homes. If there is any unreasonable
fight made against the proposed law on
the part of creditors, we would:feel like
adopting heroic remedies. Farmers in
Kansas have paid as high as so per
cent. per annum for the use of money;
they have submitted to all manner of
extortion, and none of them who could
pay the amount he had promised and
at the time mentioned ever..plead usury.
Itis only when they are driven to the
work that they fight back. We have
had two years Of short crops, and in all
the counties taxes are necessarily high;
many of the farmers have had all they
could do to pay currant demands. and
large portion of those who are in debt
under mortgage will loose their farms
if they are not allowed to redeem tLem
after sale.
One of our correspondents recently
said that s'most Kansas farmers would
be renters, not oso,aers, if it were i'm
possible to borrow If that be true,
the sooner the test be made the better,
for in that case the only object in
borrowing would be to pay interest. If
that is all let us have immediate
settlement. Our homeless men and
women could 60 upon the public lands
and make new homes, and the places
they left would soon be tenanted again
and by owners who brought with them
money enough to pay for them. If we
are that near the end, let it come