Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-08-22
ALIEN LAND LAW.
Principal Benehciaries, Note
Shearers and Sharks.
A KIND OF UPHILL BUSINESS.
A Missouri Man Gives an Experience that
is Not Likely to BE Presented by the
Defenders of the New Law.
Once Lived in Texas.
KANSAS CITY. Mo, Aug. 5, 1891.


Editor Gazette
see that the much condemned alien land
law, recently enacted in Texas. is now hay
ing Il chance to be heard. and that the de-
Tenders are coming forward and saying that
they would not have il repealed. The law
may be repealed or not, 50 far rs am con-
cerLed, and it makes little difference TO NE,
personally. but as ] lived III Texas for nearly
twenty years. and have much regard for
the welfare Of the state, ! would like 10 say
4 few words which are pertinent TO the sub
ject, and show by my own experience side
Of the subject which those who defend the
law are not likely TO present.
When / landed in Texas and first tried to
secure homestead. / found that for q poor
man Il was uphill work. That while II was
easy TO run in debt for whisky and groceries
at frontier prices, 10 borrow little money
without being III mercantile business was
next to an impOssiDilitY. ! hunted around
time and again for some necessary accom-
modatiOns and finally found that the money
looming interests OF the state. outside of the
small capital OF the banks, was limited 10
what ] call , per cent per month sharks.
This term does not need much explanation,
is the shark ] allude 10 IS still doing bust
ness IN most of the principal towns Of the
state. The land lOauing syndicate came i'll
with cheaper money. and by using It Iber
ally ON land securities. reduced the shark
rate of interest to some extent, and placed
some securities out of his reach, but the
alien land law will drive out the foreign,
Syndicate ana restore the ancient OppOrtu-
mites of the aforesaid shark paid : per
cent per month on borrowed money for
seven Years. l paid Is per cent per annum
for five years | paid II per cent for
five years and | am now paying off loan
al the rate of 9 per cent per aunum, OF
which the foreign syndicate gets q per
cent as interest, and the citizen of Texas
who acts is agent and protects the loan.
gets , per cent. Il is the lowest rate L.
know of in Texas and enabled me TO ac'
Gure 4 property which never could have
obtained without cheap money. ana ! call .
per cent money cheap after having paid
nearly three times as much. | was FORUM
ate enough to get out of the hands Of the
sharks before the alien land law was enacted.
Now, of course. il IS Il very good thing to
keep the Syndicales from gUbblin@ up all
the lands in Texas and il they can be
kept from doing 50 by some wholesome re-
stricti0ns | have 10 objections. but il APP
pears 10 me that for the present the
beneticiarieS Of the law are not the people
but the sharks.
1t was in 1874 that ] came in from the
Western ranges ana stopped for a day OF.
two 1t Weatheriord While there | was
introduced to an attorney who had not
much practice but who told me that with
5000 capital he succeeded IN making about
Sl4OO per year by shaving notes. | remem-
Der later an instance where good vendors
lien note TO run one year, and with face
value OF $1,000 and 10 per cent interest, was
sold after trying every bank in town. to Il
Fort Worth shark for $500 cash. d discount
'wuiCh is somewhere near the Dutchman' $
per cent
/ remember also gentleman arriving
from Kentucky who had every intention of
pursuing legitimate business and grow
Ing up with the country. but he had good
capital and before he was i'll Texas a month
he was buying up securities and shaving
notes for living. There WAS no necessity
for him to go into business.
m every town in Texas there are certain
men who are simple uSurcrs. shaving noyCAz
drawing interest. They toll not neither do
they spin. They are no earthly use but to
impOverish 4 community, and they are as |
before observed, the benetcaries Of the
alien land law. They do not care what the
legislature says about the rate of interest
and they buy the stuff for what it will
bring upon the market. Compared with
them foreign land syndicates are Il bless
ing, Notwithstanding they must have
security for the money The banks
of Texas have made consider
able money and charged al times
more than the legal rate, but the banks
have sustained commercial interests faith
fully, ana did so when plenty Of money
could have been made by letting CONNER
Cial interests take care of themselves
Their rates also were influenced by the land
mortgage companies. but they did not have
far to come down. Texas has an abundance
of land. it has Il law eXemptnC POO acres
from execution; if a debt IS ON land it is
either for part Of the purchase money or for
land in excess of the homestead. 1t Is
seldom that i loan is for more than one
half the value OF the land, and generally
for one-third of the value; the rate is the
lowest in the state. The companies want
The interest, not the land or the principal;
they never foreclOSe unless forced to DO so,
and the land loaning companies have done
more to develop the state than all other
agencies except railroads combined.
| read in 4 paper the other day very
foolish statement. 1t was in effect: Cap
ltaliStS loan money on Oue-third of the land
at per cent. Farming pays per centre
suit. ruin" Who told the man that Texas
farming paid only per cent? There are
hundreds of farmers who live in the coUn-
Try tributary TO Fort Worth who have paid
for all their cultivated land in one crop sea-
son, and The GAZETTE can find them and
prove il. These loans have enabled people
who had no homes TO secure them and build
houses over themselves and secure grub
and neCessaries. 1t may be hard
rOwed money with interest. and
no one has found it more so than |. but it IS
better to do so than to have nothing and be
and very much better TO pay 4 low
rate To Il foreigner who does not want the
land than high rate to citizen who don't
want il either.
In conclusion viii say further that the
state of Texas may consider that il is i
grand thing 10 do to sell land to foreign
syndicates and then legisIate the land away
again, but It will not add to the reputation
of the state. 1t looks To me that when the