Middlebury register. (Middlebury, Vt.) 1886-1937, 1891-03-13

obliyious of the value of their credit and
of the vast amount of good this money
from the East has done them. 1t would
be well for them to remember that ten
years ago many of them came to this
State with scarcely more than bare title
to 100 acres of land; that they then
wanted money with which to build a
shelter, with which to purchase stock,
farming implements, etc., and that in
order to secure it they first obtained the
confidence of the East in their grand
State. Without eastern money where
would Kansas be today? Her railroads
would be few in number. her public in
stitutions sadly lacking in number and
quality, her populouS cities struggling
villages, and her prosperous towns mere
country crossroad settlements; in fact,
she would still be in swaddling clothes
because of insufficient means to develop
her resources. Now If this credit is to
be betrayed by any "crank" legislation
antagonistic to the lender, surely these
States, under Alliance control, are adopt
ing policy most suicidal to their best
interests.
Better is it not to vow than to vow
and not pay" is a quotation from Holy
Writ which Western mortgagors will
do we'll to consider. They had better
do as they agree without any attempt at
evasion. without any attempt to attack
the rights of the investor, whether it
be under the head of stay laws, taxing
mortgages, postponing the time "A party
may collect his debt, or preventing sale
of the property unless the mortgage
shall pay over to the debtor such adj
ditional amount as the appraisers shall
decide upon, as provided by the Mohler
bill. The passage of such laws would
only increase foreclosures, cause depre-
citation of values and by driving money
from the State bring disaster and finan-
cal ruin to those who with fair show
such as they can have by giving a fair
and honorable treatment to the lenders.
, will come out all right.
, WHO ARE TIE INVESTORS IN FARM
MORTGAGES.
The people who have invested in these
securities are, most of them, those who
can i'll afford to lose dollar, and peo-
pie of moderate means, generally; pro-
: fessOrs in colleges, teachers in schools.
: clergymen, widows and orphans. small
,I,f l.
institutions, who, attracted by these
mortgages. which seemed particularly
safe and desirable because secured by
land. placed all their hard-earned dollars
: in them. One Investment company tell'
me fully one-half of their clients were
women and of these nearly all are pos
sessed of small means, many of them
: widows, principally or wholly dependent
for their support upon the income OF
these Investments.
= At first sight it would seem little
1 paradoXcal that these sections of country
e so much in need of capital should, in the
t general course of legislation, discriminate
+ against foreign and eastern money
f Naturally it would be expected that q
5 growing country needing capital would
, exert eyer effort at its command to in
/, wife it and thus secure that most t!mid anC
n mercurial of forces. This would, indeed
r be "A correct and broad minded policy
1 and ultimately. perhaps, when they have
5 worked themselves almost irreparablt
i,,ip Inx ,ln; =; t.1.
Il THE Defeating PROCESS.
: 1t would seem that the evil of the tim,
;, is the excessive output of securities, tn,
e general abuse of the business on the par
II of the loan companies in oversteppns
: the bounds of good Judgment in conduct
Il ing their operations and their departure
;, from those laws which govern sound
!, conservative business management. TIN
disease among the companies is radica
J. and therefore can be cured only by TIN
? application of severe remedies. Thi
' wedding out of the weaker companie
must continue, this separating of tn,
wheat from the chat must proceed unit
\ these "loan companies, "'trust com
panies", mortgage companies" and sin
vestment companies" possessing JUS
: enough capital and of the deceptive
g countenance of high-sounding names II
attract the unwary investor, have beef
swept out of existence. The sooner thi.
e movement is fully accomplished the bet
ter it will be for those corporations who
, have done safe and correct business
| y sweeping reconstruction period is "a
: hand. 1t is pleasing, however, to know
n that there are safe and and reliable com
/. panies negotiating farm mortgages and
1t is erroneous to form the impression
:. that because some of the companies have
e failed that consequently all of then
are bad. There are farm mOrtUapes anC