The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1892-09-15

without the risks and uncertainties OF
Il silver departure.
No State probably has suffered more
than North Carolina in this respect.
Your speaker had this matter brought
very home to him in 1884 when after
getting certain partaies in the North
to turn their attention to North Caro-
lima as field for investment of their
surplus capital, it was found out that
the lender of money on land had under
the then registration laws of the State
! absolutely no protection for his loan as
against an unrecorded prior deed.
This defect was so glazing that in 1885
it was remedied. but even now our
laws in this respect are ''antlquated,
complicated. cumbersome, unnecessary
and yexatious.'
Strange it is, but nevertheless true,
the first reform in this matter had its
origin in the originally penal settle
ment of Australia. the country that
also enjoys the distinction of having
first brought about the great reform in
the ballot laws.
1
at seems that in 1888, Sir Robert r.
TOrrens, colonial treasurer Of Australia,
being familiar with the increasing com
plexity OF the English system of land
tenures, conceived the idea of having the
State, after u due examination and
invcs tigatiOn with favorable result, give
the owner OF any land who desired it a
guaranteed title to his land in simple
deed which could thereafter be used as
cOllateral-sold, transferred, divided, or
handled generally just as certificate OF
stock or Il registered bond is handled.
\ small registration fee is charged in
each case (about $2.25) and a small
insurance fund (abOut One-tifth of one
per cent? at the first registry to protect
the State against any mistakes made i'll
guaranteeing titles.
"The system is entirely an optional
one No man need bring up his land for
registry who does not desire to do SO.
Those who prefer the present system can
continue to live and die in it. But the
State simply provides now bureau
through which its citizens can, If they
choose, individually relieve themselves OF
the burdens which have grown Oppres-
sive under the old system, and which
must necessarily increase every time a
piece of land changes hand by gift, sale,
division or Inheritance. 1t is emlnently
u proper and reasonable duty for the
sovereign State can efficiently and per-
manently guarantee title"
Mr.. Edward Atkinson, the distin-
guished statistician of New England,
has suggested an improvement or rather
an extension of this system. He says:
" l may venture to call attention to
method whereby land may be con-
verted into security on which money
can be borrowed from Banks and
Bankers without the necessity Of max
ing conveyance Of the land as secu-
rity for cash loans" He then de-
scribes what is known as the leasehold
tenure Of land, introduced into Mary
land and Philadelphia from Ireland
under the Irish Proprietaries the Lords
Baltimore. In Maryland much Of the
land is held under leases, running for
90 years and renewable forever. This
means that the original owner Of the
land in fee, called the lessor, conveys
it to the purchaser, called the lessee,
under an agreement by which the les
see covenants for himself. his personal
representatives and assigns, 10 ray the
lessor, his heirs and assigns, so much
money per year. called the rent, dur
ing the continuance of the lease. For
instance, \. owns piece of land, or
lot in town, valued at 81 900 he con-
veys it by lease to B., who agrees to
pay him thereafter $4,000 a year. Now
this interest that A. holds is free
hold interest, and passes to his heirs,
but the interest B. holds is personal
property.
No matter into whose hands this
property passes it is still liable for the
$4,000 per year rent to be paid to the
lessor and his assigns, whoever they
may be. Now Mr.. Atkinson would
have this $4,000 represented by certifi-
Gates, say ten certificates of 5000
each, or six certificates Of $1,000 each,
these certificates to be registered, also
negotiable and transferable by de-
livery and redeemable by the lessee on
three months notice. Now the title to
the property being guaranteed by the
State, under the Torrens plan, the
holder Of any Of these certificates
would be the holder of so much good
money that was already invested for
him at 6 per cent. interest. Such Sc
curity would possess the highest posi-
BILE value and be greatly in demand.
Should the lessee ever fail to pay the
$4,000 per year, summary proceed
ing is provided in the contract for SELL
ing the land at public auction.
Approving of this plan Gen. Alex
ander sums up the results Of its intro
duction as follows: "In providing
good collateral, improving credit and
increasing the value Of land, it would be
equivalent to distributing in the South
many hundreds of millions of dollars.
Let the South try it. 1t will be the
inauguration of a new era in Southern
development, and will attract the at
tcDtiOn of the financial wOrld.''
CURRENCY REFORM.
The Financial Policy Of the three
political parties may be briefly stated
as follows:
htpdOttCuH OtttY. IL SlIcllS GICIl
the Bonds issued during the war, which
Bonds were sold often times at dis
count of forty and even fifty per cent.
of their face value, Congress declared
first, that the interest on the Bonds
should be paid in coin. 1t then de-
clared that this meant Gold, 1t then
in 1873 demonetized Silver and as
result the principal and interest both
became payable i'll Gold; when in the
very words of the Act authorizing the
issue of these Bonds they were de-
clared to be payable in lawful
money" at which time Silver and
Greenbacks were. equally with Gold,
lawful money.
To diminish the circulating medium
of the Nation. Congress in 1865 and
1866 retired the $50 millions Of 80
notes issued in 1864 and 1868, and in
further pursuance of this policy in