The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1892-10-27
REMARKABLE PROCEEDINGS.

PtiuCipoi VI iuttitot hc suoii w eScs>sS~
Q bankrupt and that the Law Of the
State governing the foreclosure Of
mortgages shall be Temporarily SIS
pended and the erriitor or nortsaE>s
shall proceed In accordance with the
terms Of bill 10 get his money. He Is
compelled by the act to 60 to the regis
ter Of deeds Of the county where the
mortgage 10 recorded and obtain an
abstract of title Of the estate held BY
his mortgage and with that abstract 60
to the county treasurer; then the
county treasurer, county clerk and
register Of deeds are made an sppaise-
ment board and IL this board holds that
the estate IL worth the full amount Of
the mortgage, then the county tessuser
must make q draft on the Treasurer Of
the United States for the full amount
Of the mortgage debt, together with oil
back interest and fees for appraisers
and turn the money over to the credit
or, and the debtor shall be allowed
twenty years time on the mortgage BY
paying interest semi annually ut the
rate Of per cent per annum.
Mr.. Davis calls this settling the obi.
CATION by the United States Govern
ment. There Is no option left for the
creditor. He must proceed 10 this
way to obtain his money, providing
the debtor 30 elects or falls to pay his
interest or principal within thirty days,
or else forfeit bis entire interest there
after. The debtor may have applied
for the money; he may have begged
the creditor to loan it to him; tbs
creditor may have been at some
sacrifice to obtain the money. The
money loaned was gold or worth gold.
Suppose 1t Was loaned for Eve years ut
per cent per annum. That IL the
contract entered into between the
parties, signed, sealed and delivered
and placed Of record. The creditor
supposes he has an investment made
for FIVE years, but IL this bill should
become q law 1t 10 in the power OF the
debtor to violate bis contract 80 soon
as his first payment Of interest Is due
or within thirty days thereafter and. OF
course, IL be is paying per cent
interest for the money, the temptation
is very great for him to violate bis
contract and compel the creditor to
obtain bis money from the Government
In the way and manner prescribed In
the bill.
A mind not beclouded BY prejudice,
or gangrened with the poison OF
financial vagaries, could not fail to sec
the downright dishonesty Of this meas
ure. It destroys the primary principle
of commerce, integrity-the keeping..of
once contract. The father Is anxious
to Impress his boy early that he must
do what he agrees to do, that he must
keep his contract, that IL he makes a
bad contract he should stick the closer
to 1t.
KANSAS WOULD GET NONE.
All this hom-ly advice Is swept away
by the terms of the bill. 1t teaches
that man may make contract In the
most sacred way and intend TO violate
it when he makesit. But let us see il
the bill would very materially benefit
the present mortgsgors IL 1t should
become law.
Section provides that this method
Of obtaining money and breaking con-
tracts shall cease Immediately when
the circulation aggregates in the United
States $50 per capita. Every man
familiar with the subject knows that
we have at the present time about half
that much 10 ,ney In circulation, but
since this Is denied by the Populists
1.-THE claim is made that there is only
about $40 pr capita In circulation let
us for the sake of argument start out
with the agreement that they are right
In this matter. Then when $40 per
capita additional is in circulation, the
terms Of the bill would cease to operate
for the benefit Of the mortgagor and he
must pay In accordance with the terms
of the contract he has already made or
have his mortgage forclosed In accord
ance with the State law. There are at
least $40 900 900 Of mortgages on the
homes Of ths people Of this State. Mr..
Davis would put the amount very much
larger and 1t may be that 1t Ii larger.
Perhaps it would aggregate STAG, ooo,-
600.
The reason why I call attention to
the mortgages on the homes is because
Of section 10, that provides that this
law shall be applicable to real estate
occupied as individual or family homes
and to lands and lots occupied and
used for personal aud family support
only" And in this connection observe
section IL, that this act shall not
apply to mortgage debts bearing date
after its passage"
Now let US suppose that this bill
should become . law and that the
mortgagors of Kansas should get their
share CT the $40 per capita that 10
called fo,. That would mean about
$50, 000. 900. Then We would have
$50, 900, 900 of mortgage debts carried
at l Der cent per anuum for twenty