Middletown transcript., 1891-03-05

enrich himself and had be succeeded
in realizing $1,000. 90 from, the $1,000. 90
borrowed, though that accumulation
had taken place in one year. the man
who loaned him the $3000.OO would
get but $18e.00 for the use OF the
money. 1t IL a certainty that loaners
of money never get more than they
loan with the accrning interest, and
very frequently fail to get as much as
they loan. You say, while the In
yestment of the holder of the mort
gage is perfectly safe, the borrower
takes all the risk, does all the work.
pays all the taxes, and remains poor. !"
Can you not recall number of in
stances within your immediate know
ledge where the holder of the mortgage
took quite considerable risk and lost
a great deal of money by loaning to
owners of farms in New Castle county?
know you can. Had those men who
borrowed the money contented them
selves with q lower position IN society
and worked by the day for wages, they
might have lived better than they
have lived and been worth more
money. That is true. But they
borrowed money on mortgages. and
they lost the labor of years with their
farm but those who loaned their
money also lost because the farm,
when sold, failed to realize the amount
of mortgage. Had the mortgages not
made this investment they would
have placed their money elsewhere at
the same interest and received pay
ment in full.
Now in conclusion | wish to say this:
am for the under dog in the fight and
the farmers of Delaware to-day are the
under dogs; and could | devise any
means to relieve them from the severe
strain to which they are now subjected
I would gladly do it, though it did
involve might of injustice to those
who are fortunately enough to have
money to lend and therefore un-
fortunate enough to be unjustly
dealt by. But it is the history
of the world that any legislation
that is at all unjust towards class,
will ultimately adjust its injustice to
that class least able to defend itself ;
namely, the producer-the man who
works. would rather urge you, at
the cost of your being inconsistent, to
change your advice to the Legislators
of Delaware 10 regard to this particu-
lar bill. am satisfied that If you will
get yourself away from the sad scenes
with which you have been familiar
for the last ten or perhaps fifteen years
and shut out those things from your
vision, you will take exactly the same
view of this bill that l do: namely,
while it aims at betterment of the
condition of the tillers of the soil OF
Delaware, it would, in fact, strike
them the severest blow that they ever
had, unless all men whose lands are
mortgaged should be able to satisfy
those who hold the mortgages, and
they should not lose by continuing
their money where it now is and such
a supposition is scarcely supposible.
II that law goes upon the statute
book, mark my word, every dollars
investment in Delaware held by people
of adjoining States. will bs withdra Wn
as speedily as possible every dollar OF
it held by the banks will be withdrawn,
and it is only that portion of those
loans held by individual residents OF
the State that will be allowed to re-
main, and only then on condition that
the borrowers Of the money guarantee
the loaners of the money that under
any and all circumstances the loane
of the money shall be paid interest
specified in the bond, above all taxes.
Yours Very Truly,
JAS. A. B. DILMORTH.