Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-09-06

tial and permanent improvements should
be permitted TO own sufficient quantity of
land necessary TO the successful manage
ment of such invest mentS Again, | think
section 10. which by implication inhibits any
loan company with an alien stakeholder
from selling, holding or buying under any
mortgage or deed of trust given to secure
the payment of borrowed money. hereafter
loaned by sucn loan company or alien,
is unwise and detrimental to
the best interests of our people,
as well as harsh and unjust to the loan
companies, which have alien stockholders
in them. Vast sums of money have been
borrowed by many of our best citizens from
these loan companies, and many of these
loans are maturing during the present
money crisis. which renders the debtor
helpless and unable to meet his obligation; ;
and the companies by this section and the
law, are forced to foreCloSe under their old
deed Of trust, because an extension would
be q new contract, which. under the law,
unless declared UNCONSTITUTIONAL would
deprive the alien lender of any protection,
Us under section 10 his deed would be void,
and section lUc does not place future loans
on ! par with loans heretofore made l be-
licve the same protection to future loans
and the same right of acquiring title on
future loans. under deeds of trust. should
be given Us il past loans, and thai the time
given iilC dlltl itItlSCl ~ SCI4 VI DtSt
of these lands should be ten years instead
Of six years.
| viii now answer questions three and
four to-wit ''Was the intent of the law TO
exclude foreign capital from the state2n
If So, do you regard this effect Is benefi
cial or hurtful to the interests of the State!'
Whether the intention OF the law, or author
of the law, was TO exclude foreign capital
from the state, ] am unable 20 say; but | be-
licve that its rigid enforcement would
practically accomplish that result. AS |
have said above, do not believe such re-
suit would be beneficial 70 the interests of
Texas. On the contrary, l am satisfied it
would be very detrimental, and
would only perpetuate and intensity
the burdens now borne by our people as
contributors TO the overgrown fortunes of
the protected manufacturers of the East
1t seems to me it should be the policy of
Texas To iberate her people from such un-
Just Serfdom 10 these protected baronS,
rather than help to forge the chains which
will only render them more helpless.
The above being my views in brief, YOU
will please pardon me for suggesting that
inasmuch as l believe the law as enacted
too harsh, and although it may be declared
unconstitutional by the courts, yet 1t has
accomplished harm to Texas by reason of
its harshness, which | do not believe was
intended by the legislature. Nor do be-
lieve a decision of the courts as to its un-
cOnStitutionality would be as beneficial 10
Texas as would be a modification of the law
By the same body which passed it. Hence
1 favor its modification as one of the objects
to be named by the governor III his procla-
nation convening an extra session. At
least such a modification by the same legis-
iature that enacted it would show dispO-
sition to repair an injury when discovered,
and do much in restoring confidence i'll the
wisdom. fairness and justice of the people
of Texas. Respectfully,
JOHN II. COCHRAN.