Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1892-08-31

board The face of the cedulas can not be less
| than s25 nor greater than S, COO. The RESPONSE
| bility for loans is not limited to the property
| mortgaged, but extends to all other property
| the mOrgagee may possess, so far as the excess
| Is concerned in which case the order of prefer
ence to be followed is that laid down in the
civil code.
The central bank is the only one that deliv-
| erS the cedulas though the mortgage deeds be
executed in the provinces; and no loan can be
granted for more than half the value of the
property mortgaRed.s y delay of over sixty
days in the payment of the hypothecary obll-
cation authorizes the bank TO put up for sale
/ by public auction the properly or properties
mortgaged without any legal proceedings and
/ to award them TO the highest bidder. To pro-
| vide for the expense of the bank. and to guar
anty punctuality in the service of the cedulas
a credit of S2.00O000 is kept open in the nation
al bank in favor of the National Mortgage
| bank No loans can be made mines and
| Quarries, nor on joint properties unless the
| mortgage be made on the whole OF the proper
" with the consent of all the joint owners de-
clared by means of public deed. nor on prop
! critics which may be rented for a term of more
than five years at the date of the contract for
the loan, nor on properties which may not be
susceptible of producing an income.
1t will be seen that the Mortgage
Bank of Argentine was not established,
and is not conducted for the purpose of
assisting the people in the management
of their daily business, nor is it intend
ed to increase the supply Of government
money. It is scheme to aid specula-
tors in :" modifying" their lands. The
Argentine Government does not issue
and lend money to the people on real
estate security. 1t only authorizes the
bank to issue certificates showing that
certain lands have been mortgaged at a
certain valuation. The certificates may
then be sold in the open market, just as
we sell shares of mining stock, or rail-
road or bank stock, for money. The
Government puts out no money on these
mortgages. Its obligation begins and
ends with securing the payment of the
interest and the money for that pur-
pose is raised by sale of the land if
need be.
The proposition in the Stanford bill IS
to lend money to the people, not to issue
certificates of debt to them and then
send them out among traders to realize
money on the certificates at high rates
of discount. This bill would supply the
common need of money from the Gov
eminent direct and as nearly as practi-
cable at cost, avoiding the danger and
risk attending the reliance on a few in
terested persons for what money NAV
be needed in the peoples business. This
bill would place the financial interests
of the country in the hands of the peo-
pie, while the Argentine plan only
strengthens the power of money lenders.
as was plainly shown in the last two
years history of that country.
The need of more money and a more
general and continual circulation of it
is one of the necessities of modern con-
ditions. 1t has been the common expe-
rience of all advanced nations that me-
talic money is treacherous factor. At
the time it is most needed it is not at
hand. Men fail in business because they
can not obtain money, because they can
not realize on their paper, and from va
rious other causes. But no men ever
failed because of an abundance of mon
ey. Beginning with 1887, there are gen
tlemen in this Chamber who can re-
member half dozen disastrous money
crises in our own history. Not one of
them was caused by reason of superb
bundance of money, nor because the
Government had issued too many pa
per dollars.
CONTTNITED