The Globe-republican., 1891-03-25
A cOMPL1MEurAsYLErr
Where the Gl0be.Republiea Reach
e ana the Work ie IL DeinE In
the Outside World.
CENTRAL Y. Y, MARCH l6. lS9

f''ThOse Mortgages" hits the mai. on the
head. 1t is so sensible and timely, and
made so plain. that he who runs may
read and understand. What loan COM
panies have done. or omitted to do in
Kansas. l have no knowledge; but
know this in relation TO Il large number Of
individuals in this section of New York,
viz: that they have in good faith loaned
their money Oh bonds and mortgages on
lands i'm Western and Southwest Kansas.
getting 6 and per cent. not higher than
the latter figure, intending by such loans.
to Cypress no Que, but believing that such
lending would be for the mutual advan-
tase of borrower and lender. In a large
number of those cases. and | do not
know but in majority. the borrowers
have defaulted, gone off and left the
farms, leaving the lender to lose the in
terest and pay the taxes. or else forfeit
the sum loaned. In some. and night
say in many of the cases, the borrower,
although he has abandoned the mort
gagged land and moved to other states, land
neglects to pay interest and taxes, and
never expects to repay the loan, yet re-
fuses to convey the land to the mortgage
unless the latter pay to the borrower
some $50 to S75 in each case, or what it
is calculated will cost the mortgage to
fOreclOse his mortgage and get title to
the lands. That may be the legal right
of the borrower to exact that sum, but
what is just and fair towards the lender,
under the circumstances, may be another
question. In a good many cases the bor-
rover never paid the taxes after the loan,
and but one or two payments of interest.
and for two or three years past the
money. and compelled to pay the back
taxes or lose the loan and the land. In
great many of the cases the lenders
have been widows with small children
dependent upon them. and in other cases.
the loans have been by aged persons,
who have through years Of hard work
saved small sums to thus loan. 1t Is of
course true that some of the loans were
made By persons who were in comfort
able circumstances. but Il majority of the
loans have been by the comparative poor,
or by those of quite moderate means, and
who can lily afford to lose the money or
to be without the interest.
| 1t is proper for me to state in this con-
nectiOn. that am not a loan agent. and
never engaged "a cents worth i'm that
business; but the above facts | learn
from my neighbors and acquaintances,
who ask me for information. knowing
have great confidence in the recupera-
tive powers of the West. 1t can he fur
Their stated. in confederation of your edi-
tOrial, that none of these lenders desire
to fOreclose their mortgages. or to drive
the borrowers from their homes; on the
contrary. they are willing the honest
borrower shall remain on his land. with
out paying interest on the loan (if he is
not able to-. so long as he cultivates the
land and pays the taxes. 1t is Il great
mistake for legislation in Kansas to be
so shaped as will drive capital out of that
state, and induce lenders of money to
flight shy of it. So far as 1 have seen
the acts passed by the recent legislature,
it can't be said the legislature has acted
rashly or has done anything like as bad as
eastern newspapers said would be done.
That might be ''posted'' as to Kansas
legislation. crop prospects. ETC., in Kan
sas, have been subscriber to several
newspapers in your part of the state, (the
GLOBE among the number)
and am much more repaid for the in-
formation derived therefrom than the
cost of the newspaper to me. 1t is
stated i'm your recent issue. that 80 ladies
of the Presbyterian church in your place
have each earned one dollar for the
church, and are going to give a ''Dollar
Social" and each lady to tell how she
earned the dollar. Although l am not
of the sex which raised that $50, never
theless enclose 81. for the benefit of
that church and social. and the way |
earned that dollar, was subscribing for
the GLOBE-REPUBLICAN. and thereby
learning and earning much valuable in
formation. "a dollar saved is equal to
dollar earned" and as L have saved as
much, yes, more than that by the sub
scriptiOn, that sum is RENTED rs so
much earned. And as Methodist would
say in prayer meeting, the above sis my
experience" and as to the way l earned
it. A RESIDENT OF THE EAST.
AND STILL ANOTHER.
LOWELL, MASS, March Il. 1891.