The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1891-01-15

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part Of the taxes, . iseuetion % The
rate of interest 70 8 per cent straight
and . penalty Of forfeItars Of princi-
pal and interest where that rate Il
exceeded In the shape Of Interest or
bonus. Also they want q Law requir.
Ing land sold under foreclosure 10
bring the amount Of judgment and
costs.
II promises 10 be easy. with the
present temper Of . majority Of the
Kansas people, 10 pass these and
other laws demanded, but it does
not follow that the enactment Of
those cited will do any real good to
those who may want to borrow
money on farms In the future. The
rate Of interest depends on some.
thing more than the formulation
and passage Of Law, and will not be
lesseued In Kansas, though the
contrary be unanimously ordered In
that state. II 10 more likely to be
raised than lowered by such action
a. IL proposed, though the actual
figures that must be paid will depend
on conditions elsewhere. IL capita
lists can obtain per cent for the
use Of their surplus funds by lead
Ing them on good security In other
states, the people Of Kansas will
have to pay per cent or 90 without,
law or no law.
The reports that the use Of money
can generally be obtained In the
cities at 9 per cent are not under
stood by the agitators for an equally
cheap rate outside. The conditions
Of loan at 8 per cent are that Il
shall lie amply secured by easily
convertible collateral. The lender
must have securities on which, with
little loss Of time and at small ex-
pense, he can realize the amount due
In case the borrower fails to pay
within the time agreed on. Other
wise the borrower must pay more.
Men with good security, but which
could not Immediately be turned
into eastS have not seldom had to
pay 10 per cent in this city, and
double that rate IL often exacted
from those borrow q few hundred
dollars on a chattsl mortgage. IL IL
as much trouble to make out the
papers for q small sum as q largo |
one, and when II amounts to y con-
siderable percentage Of the loan IL 10
paid for by a bonus, both In city and
country. That bonus would be in
creased il the lender were taxed on
his loan, and IL Is further widened
in proportion TO the difficulty aud
delay attending the collection Of the |
debt In case Il be not promptly paid
at or before maturity. Hence any
impeachment, either In the shape Of
time or money, or both, that may be
imposed by the legislature will
simply have to be paid for by the
borrower In bonus or increased in
terest II he IL 10 get the use Of the
capital in competition with people
In other states. IL would be rs use
less 10 enact that water shall run up
hill as to order that money shall
flow into Kansas to be loaned there
at only o per cent fiat II borrowers
are willing to pay more
for its use.
No doubt the farmers OF Kansas
and other states are often made TO
pay extortiOnate rates for the use OF
money, as are their unfortunate
fellow citizens In the cities who fall
INTO the hands of the chattel mort
gage sharks. II It be possible to
provide some measure Of protection
rom the men who exact pawn shop
'ates II ought TO be done, but that
an never be accomplished by Inn
lairing the obligation Of contract
" attempting to limit to uncommer-
,ial terms thOse hoped TO be made
n the future. Perhaps the best
way Of efTecting the desired reform
would be to begin at the other end
md let respectable capitalists know
he common sense Of the rural COM
nunitv Is In favor Of having every
obligation met promptly and fully.
There IL plenty Of money In the
uited States, the owners OF which
would be only too glad to lend on
moderate terms In the country II
ssured Of ability to control the loan
NTH little more trouble or expense
han would be incurred by lending
n the city, while the manifestation
4 q desire to evade responsibility
will render Il impossible TO borrow
money except from the most dis
class OF lenders, who will
ind some means for evsdiDg the re-
OF the law or not lend NJ
n