Wichita eagle., 1889-01-10

UC4-oc. anu OF Ills amount aoOU6 S-v.ctJ
was diverted or misappIiee The state is
in honor bound to repair the wrong thus
done, and to pay to those thus defrauded
the money due them.
SAVINGS BANKS
During the past two or three years
number of banking institutions called
Savings Banks have been organized,
under our laws and many of these are in
viting and receiving deposits of small
sums from people with limited means
The value and Importance of such deposit
absolute, will be generally recognized.
Properly managed, and surrounded with
perfect safeguards they encourage indus
try. thrift and economy. But the secur-
ity afforded the depositors should be IN
questioned. The legislature should pro-
vide for their organization, management
and supervision. and should surround
them with safeguards as viii make it i'm
possible for any depositor to lose a single
cent of his or her hard-esrned and slowly
accumulated ca pital
RATES OF INTEREST.
In my message to the legislature of
1885 a recommendation was made that the
legal rates of interest be re-
was renewed in my message of 1886
and 1857. Laws to carry into effect this
suggestion were introduced but failed to
receive affirmative action.
The rates OF interest established by our
laws were fixed more than twenty years
ago. They are higher than Ia any other
state of the union except one, and the
penalty they impose for usury is wholly
inadequate. Kansas securities are equal
to those OF any other state. The condi-
tions existing when the present legal rates
of interest were fixed have changed. There
Is no excuse for maintaining the present
excessive rates of interest They should
be materially reduced. Severe penalties
should also be fixed to prevent and punish
usury. Our laws on this subject are noto-
riously defective, and the penalties they
impose are wholly inadequate. | sincerely
trust that, when your session ends, it can
no longer be said that Kansas allows
higher contract rate OF in
tereSt, and imposes smaller
penalty for usury than any other state of
the union. And as nearly all the mem bers
OF the present Legislature were elected on a
platform which implicitly declares in
favor of reduction of existing rates Of
interest and the imposition of severe pen
alties for usury, this subject will 10 doubt
receive your early and favorably attention.
MORTGAGE LAWS.
The laws concerning mortgages need re-
vision and radical improvement. 1t should
require something more than mortgage
to steal a mans farm, either in this or any
other state. Appraisement of property be-
fore its sale under foreclosure should be
surrounded with the most stringent limi-
tations to protect the interests OF the
debtor and the right of redemption should
be not only extended, but made secure
Our chattel mortgage laws invite outrages
on property rights that are fragrant as
grand larceny and the wrong and
injustice that has been done I'M
der the shield of these laws is a
disgrace to civilized government. Our
mortgage laws should be generally re-
modelled, so as to protect the interests and
rights OF debtors and mortgagors against
the greed and inhumanity OF creditors and
TRUSTS" AND COMBINATIONS
The declaration of principles upon which
nearly the entire body of the present legis-
Ia ure was elected atfirms that "all trusts
and com binatons to r1onoDoize food sup
plies or control productions are dangerous
TO the interests of the people and should be
prohibited under the severest penalties of
law" and specifically mention as espec-
tally obnoxious and destructive to the in
terests of all classes, 1.-The trust or combi-
nation OF the packing houses to drive out
of business ali other butchers, and thus
supply and prices of dressed meats.
No subject that has engaged the atten-
ton of the lawmakers of the United States
for II century past Is of such vital I'M
portance to all classes OF the people as is
that OF suppressing the sO-called trusts
or combinations OF capital TO control the
market supplies and prices of the country
The real purpose and effect OF these COM
no matter what they may pre-
tend, is, on the one hand, to fix the buying
price of raw products without reference TO
the rights or interests of the producer or
the public, and, on the other, to fix the
selling price OF thu finished product with
out reference 10 the rights or interests of
the consumer and the public. Wherever
these trusts" are organized, competitive
and industries are destroyed,
with ruthless system, until the public is
At the mercy of their managers.
Within the last two years several of the
most promising industries of this
state, including several linseed oil
mills, plaster paris works, and
cracker factories, have been wantonly
by such combinations, to the Sc
rious damage of the communities N which
they were located and of the producers OF
the materials used by them. Recently the
packing houses have madela systematic at
tempt to drive ont of business the local
butchers in all parts of the state, and this
effort, successful in some of our cities and
towns, has failed in others only because of
the firm action of local authorities.
The most stringent and far reaching
avs should be at once enacted TO prevent
and punish all combinations organized or
intended to regulate or fix the price of any
products Of the soil. the factory or work
shop, and the penalties Tor violation OF
-hese laws should involve Imprisonment
Is we'll as heavy fines. Laws should also
be enacted comforting upon the municipal
OF all cities and towns ample
to prevent and punish such COM
Dinations, AMI especially 10 protect their 10
;ai industries gainst the rapacious greed Of
these destroying freebooters. Our sena-
-ors and representatives III congress should
also be instructed to exert all their IN
iuence in urging the adoption of
national laws having the same object "a
view. The republic must annihllare the
30 called trusts under whatever name
)r guise they may be organized, or the
trusts Will sap ali the sources of our ua-
.ional prosperity and destroy the republic
The trusts establish commercial despot-
SIN in the stead OF individual skill and en-
eray, destroy thousands of industries con-
lucted by men Of limited means, restrict
1r extinguish personal enterprise and oe-
Drive the people OF those fair opportunities
,or the exercise of talents, energy and skill
which for century past 1T mas been OR
boast were open 10 every American citiZen-
The trusts" invade every interest and
outrage every right OF the citizen and IS
ablish, whenever and wherever they are
ia their aims, a despotisn IN
.qualled for audacity and rapacity in
he history of the worlds commerce.
NoTARIEs PUBLIC.
The laws providing for the appointment
4 notarIe- public aud defining their
iuties, should be revised. These officers
ire authorized TO perform many imDoFtsnt
tuties. They are empowered 20 ackuowl-
.dge conyeyanoes Of real estate 20 take
iepositions, and TO protest bills 81 ex-
.hsn,ra hands and nrnffl issnrr rlr.ts..