Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-01-15
a LaNo LOAN PLAN.

Blll Proposed By CongrcssmaD-e -elrct
Davis. of Kansas, For the Relief Of Mort
gage Debtors.
Congressman-elect John Davis has for
years advocated direct loans upon land
TO the people. As Knight Of Labor
his work has long been in that line.
His views are expressed fully in the fol.
lowing bill formulated by him for action
by Congress, and which he has doubt
less made public for the purpose of
elicting discussion and disclosing any
latent ground for objection:
That on and after the approval OF this act
Iany mortgage debtor falling 20 meet his
mortgage debt or debts according to contract
shall be considered n bankrupt, and IL shall
not be lawful 70 collect such debt or debts by
the usual methods Of foreclosure under the
laws Of the several States. but the method Of
procedure and collection shall be as foliowsi
1. The creditor holding the mortgage
shall proceed In person or by attorney or by
lawful representative, 10 the office OF the
register OF deeds. where the mortgage
IL recorded, and there procure a correct
abstract OF title OF the estate held by his
mortgage including the incumbranco ere
ated by his claim or debt The register
Of deeds shall certify TO the correctness OF
the said abstract. and attach his signature.
The county clerk Of said county shall also
examine and certify to the correctness Of the
said abstract aud attach his seal and sigma
turc; provided, after examination. the
property is found TO be worth the fuii amount
Of the mortgage.
2 1t shall then be the duty OF tho creditor
20 peoeeed 10 the county trcasurers oiiicc
whore the said abstract shall be placed per.
mauently on flc Tor future rcfercnce.
a On presentation OF the said certified
abstract in the county trcasurcr's office. 10
shall be the duty of the said county treasurer
20 issue ln due form, on blanks prepared for
the purpose, draft for the amount Of the
mortgage debt, including interest and Official
fees to date on the Treasurer OF the United
states said draft shall be examined by the
county clerk. and certified as correct by his
Official seal and signature. said draft
viii then be due and payable by
tho Treasurer OF the United states
on demand OF any lawful holderot the same
said draft must contain an accurate descrip.
tion and location of the estate mentioned In
the abstract, and the amount OF the draft
shall be charged mp against tho said estate.
creating lawful lien on the sRmc. Tho
debtor SHAH now be allowed twenty years ON
the debt, by paying interest promptly on tho
same semi annually, az the rate of one per
cent per annum. that being the terms al
lowed TO National bankers during the past
twenty nvc years. The record of the mort
gage shall De marked settled by the United
states Government"
g. This procedure. hcrein sci forth. shall
bo the only lawful way for collecting mort
gage debts until the aggregate circulation Of
lawful money in the United states shall
amount to 500 per capita OF the population
not counting the lawful reserves In banks
and other Axed non-circulatng deposits re-
quired by law.
After said aggregate of $50 per capita OF
population shall have been reached, the
usual modes Of legal procedure in the sew
eral States Will again be omc lawful except
at such times as the increase OF population
shall require further floating OF new money
to preserve the undertaking aggregate OF
$50 per capita.
O. This said means Of floating money and
relieving debtors shall not prevent other
Legitimate means of coming and issuing
money In order to facilitate or aid in reach
ing and maintaining the aggregate and un-
huctuating circulation herein mentioned
Nor shall IL booonsidered bar or hlndranco
to private parties who desire to settle their
own debts ia their own way BY mutual con-
sent
z. To enable the Treasury Of The Uditcd
states 10 meet the demands under this Law,
the Treasurer shall be authorized to create
and pay ont on demand n sufficient
amount from timc 20 time OF United
states Treasury notes. receivable by
the United states Government for all
dues, and legal tender for All debts
and taxes. And. in order to show the amount
Of money afloat and its relation 10 the mum
Der OF population. II shall become the duty
Of the United states Treasurer TO embody In |
his monthly reports a careful calculation OF
the whole population al the end Of each /
month, computed on the basis OF known per- /
ccntagcs OF increase and a statement OF the /
money per capita anoat nt the end Of each /
month. These reports sent ont monthly TO /
The registers OF deeds IN the several counties I
In the United States shall be authority indi /
eating the mode of procedure Ia the collec- /
ion OF mortgage debts FOR the ensuing month. /
:. when mortgage debts become due and /
payable. IL shall be the duty of the holder % /
he mortgage TO proceed 20 collection within /
thirty days. II procedure Is not commenced /
within said thlsy days. interest shall cease I
pa the said mortgage on the day on which, 4
By IT, terms the debt became payable
9 This law shall DE applicable 20 rcai estate 4
as individual or family homes aud 1
@ lands aud lots occupied for Industrial and i
usiness purposes for family support Il
'hall not be applicable 20 unoccupicd or un-
f4ed lands.