The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-08-13

not affect our present holdings of land,
and it does not interfere with our bus
mess as cattle owners. | think one of
its effects will be to temporarily lower
the values of certain properties on ac-
count of limiting to some extent the
buyers of real estate, but as regards
companies such as OurS-where the
land would only be sold to farmers in
moderate holdings-the purchasers
would either be Americans or foreign
ers who intend to become Americans.
You will see, therefore, that the effect
as regards selling our land is practi-
cally nothing.
Q.-Do you know anything about
the period when the law passed in
Texas? You will observe it has been
stated by Mr.. VIM. Mackenzie that,
while the act came into operation only
on Monday, it must have been passed
ninety days ago?
A.-The Texas legislature rose, |
understand, on the 18th of April, and
this act came into force on the 18th of
July, that is ninety days after its
passing. Its existence was unknown
on this side until the month of June.
l agree that the act is likely t" be of
short duration.
Q.-Do you mean it will operate so
injuriously against the Texas farmers
that they will insist on it's being re-
pealed?
Ats effect will be very prejudi-
cial to the small farmers in Texas,
who are large and growing body,
and to whom the borrowing of cheap
ic 1rpaot hnn,, Tho Of
interest for money in Texas only a
few, years ago were as high as -, IA,
and even Is per cent. Now, with the
large amount of foreign capital which
has gone into the mortgage business
in Texas, the rates are very moderate.
The Texas farmer who is compelled
to mortgage his property has
j always keen eye upon the rate
of interest, and unquestiOnably
the cutlery throughout the state will
be very considerable, and indeed has
already manifested itself. Its effects
: will probably be seen in the calling OF
a special meeting of the Legislature
to repeal the act, and if not the ques-
ton will certainly be raised at the
next meeting of the Legislature which
lakes place in January, 1898, or less
then eighteen months hence.
Q.-How do the farmers Of Texas
stand at the present time IN relation
to increased burdens such as this act
would impose?
A.-This season in Texas, and espec-
tally in Norther Texas, promises to be
for the farmer the best on record, and
perhaps his position may enable him
to tide over this year any increased
burdens more easily than had the act
been passed in preceding years but
it is impossible to forecast what addi-
tional burdens in the shape of interest
this act if not repealed would impose.
The existing foreign mortgage compa-
MES will, L should think, in all cases
cease doing business, and as the state
needs more money instead of less, rate
of interest is likely to rise substan-
TALLY. 1t is to this cause that we
must look for a repeal of the act. The
Texas farmer will decline to support a
policy which makes him pay or
per cent more for his money, and he
will not be slow to make his influence
felt when the election comes round.
In the course of further conversa-
ton we learned that Mr.. Mackey is
leaving for America next month on
business. On that occasion he will go
west as far as Texas, so that he will
then have an opportunity of getting
} on the spot the fullest particulars in
regard to the act and it's effect.
MIR. ]. w. SHEPHERD.
Mr.. j. w. Shepherd of theWestern
and Hawaiian Investment Company,
Limited, on being interviewed, said
that ho bod y,nrxy littla tn odd IN, oIJi
ton to the statements which had been
made on the previous day by Mr..
Mackenzie. The company with which
Mr.. Mackenzie was connected was
much more largely interested in
Texas than the Western and
Hawaiian Investment Company. AS
a matter of fact, the Western company
did not have great deal of money
lying in Texas, and shareholders were
therefore not very much affected by
the passing of the alien land law. On
the whole, he could heartily indorse the
views Of Mr.. Mackenzie. GIN your
opinion, Mr.. Shepherd, was it neces-
sary to pass the act ninety days before
it came into operation? Al do not
know anything about that. All l
know is that only about three weeks
ago we received by cablegram the first
intimation of the passing of the act.
O. suppose you agree with Mr..
Mackenzie that the act is not retro
spective in it's application? A.-Cer-
tainly, that is my opinion. 1 believe
that those who may have foreclosed
before the passing of the act, and are
holders of the land at this moment.
will not be affected in any way. Those
who have money lent on land are in a
different position. Q.-They will, |
presume, have to foreclose or realize
their security in some way within
period of six years. Ayes, 1 be-
lieve so.
CANADA