New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-24
MISTAKES IN REGARD To KANSAS.
MORTGAGE RIPUDIATION NoT LIKELY TO Sue
CTrD - TIL PRESENT LEGISLATURE.
rIL... II H. p Il

MORTGAGE RIPUDGATIoN not LIKELY To Sue
CErD - TIL PRESENT LEGISLATURE.
To the EdItOr Of The Tribune
sir: An erroneous impression prevails throughout
m. country respecting the action Of the Alliance
LEGISLATURE with reference % mortgage and interest
lra.l,u.n. These report, have caused many capt
tlt- ard Io1p o%ompanIe- u tn East t. announce
that they VIII sci hIrtw thcir money from Kansas ana
VIII refuse to renew mortgages now held On Kansas
farm lands.
In the first place no bill has lccn passed or even
discussed m either branch Of the Legislature to tax
mor -cc-. Tn"i. Vs., such a bill discussed In the
Jud!c.li; Committee of ;hc House ard voted down.
II meyer saw thr n-ht. The papers have been dl-'u'-
INK tAc ~" Elder Mortgage hil.7 No -3ch bill was
ever passed or considered in The House. Inc LII'r
lu. which pas Il the Tou-c some davs ago. was
frt,9lcl TO provide ir the moro efficient collection Of
tuc cl.tlr, tax on personal s%ccurte, h,lI hy citizens
II klnsa, only. doubt whether IL would Dee
effective. If II should become "a law bu' a number II
thc Republican, voted fox il. because they believed
that tie principle Il the bill wa, right. Tie bill doe
not Impose any tax on anything; and an amendment
added In the House c~Nprcs-ly relieves banks and loan
companies from dou5! taxation by alloWln- them Ia
dciuct their capital stock from the amount II their
-ccuritics when The a,c,-ment Of such securities Is
made.
Gcorr, l.. Dourla-s, Of wichita. a member Of tho
Judiciary Committee. and an able lawyer, In an inter
,icw TODAY with y0ur correspondent, touching tho
action Of the Lc.i lnturu on these questions, said;
"rhc House ha, passed a General Mortgage bill; but
aide from voting for the bin, Mr.. Elder h1d no con
u.ctI,n with it,. The bill received the vote of every
Republican,, every Alliance man and every Democrat
who voted upon It. That BIZ does make a radical
change iu the mort gage law but IT is a change IN tho
,ient direction. 80 far us this bill IS concerned 1t l. a
bin calculated 10 improve the credit OF Kansas mort
cages. Tie bill has no application to existing mort
cisr-. except that ii offers an lnducciHcIt to bo'h
lenders and borrower, IN the matter Of the renewal
II loans. The bill passed proposes. on the one hand to
do away. as a general thing, with the bnidci. ohc ana
r,cl., trouble and expense Of the present method oi
force losing mortgages; and. on the other hand, - s'-
e. re the right Of redemption for the debtor. II 'i
flpuIr, the making ~ q mortgage 'ohtaIh'H-, il Io.,.
# sale authorizing the sheriff To advertise ana ?.Ii tu1
rouiaIn- full provisions for the protccuoh oi lHc
debtor against a ~alc W%rOngtuly madc. II aIl con.
talns ample provisions fDr Junior creditors. II therc nc
au,, and limits the cost of foreclosure 10 Tlo.
In my opinion the most objectionable bill passed by
the House J. the U-lry BILL Iut 40 not uch'Nr
there g., the slightest chance that il viii pass the senate
coiilblhty uf all commercial paper III t"t .N"'' ~
reason If The omission In the bill of the provtslon' com
mon IN such statute, throughout the "orNi ir me pro
lection Of Innocent purchasers II uce"li3H pHPct. ~,
, sort of half cure for thi- defect, the bill Wa aiheiu'u
by adding q clause 10 the effect that where me turnover
make, affidavit on the note that he has not plld more
,it,vjInnt Of the act. This of course simply means
mat i'm al parts OF the Stntc where money : "uI",
NOR, than 10 per cent every MAI. who borrow mus
Gr~t make a fil~c affidavit. II would be "a s'dNuIh6
irducrmrut for Who'll, ale perjury
There an. two weeks more of the Legislature ana II Is
certain that not more than a dozen general laws Will
reach the Governor OUTSIDE 81 mo GcH'TdL Ntp'. -"
Ian Ill.. ID. o. McCRAi.
'' Topeka, Kan, Feb. -, 1891.