The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-01-27

!
There usually being no competition at sheriff
sales. lands mortgazed for more than onc-half
their value are not infreqEently struck OF 10
the Judgment creditor for only small fraction
OF the Judgment debt-in mang instances sum
Gent only 70 pay the costs OF the court
proceedings Notwithstanding the property is
taken from the debtor for the purpose OF pay
iEg his Indebtedness. the debt or the major
portion OF it, still remains unsatisied against
him and NAV be enforced should he then have
or afterSsrd acquire any real or personal prop
erty not exempt from seizure. This law is
wrong and should be repealed no property
| should be sold at forced sale except for price
commensurate with its value as shown by ap-
praisement, and thereafter the debtor should
be given a reasonable time to redeem from
such sale, the proper safeguards being provided
for the protection Of the creditor from any loss
by reason Of delay.
While the repeal of the waiver appraiss
ment" could perhaps operate only upon future
contracts, yet il is believed that substantially
similar eject as to existing contracts can be Sc
/ cured by the enactment OF a law empowering
the district courts to vacste sheriff sales for in
! adequacy Of pricc. As the law now stands a
sheriff sale OF real estate cannot be set aside
/ for insdequScy of price alone. In rare cases it
may be taken into account along with other
equitable circums tances jus flying the vacation
/ OF such sales. The insuficIency OF the law in
/ this respect must be apparent 10 everyone.
! And IL the enactment OF such law be within con
stitutioua powers as TO existing contracts, II is
| recommended, as a measure Just TO the debtor
and beneficial also to the creditor. whose inter-
est it i. 20 secure the full payment OF his debt
and not the land OF his debtor.
Such law, IL IL believed by eminent legal gem
I tlemen. will constitute no impairment Of the
contract, because 10 creditor has contracted
for the right to sell his debtors property for an
! insufficient sum The most he has contracted
l i 40 a.
uleut otherwise TO be had to compel the reali-
ZAtiou OF specific sum
A waiver Of the right TO 80 tahlish n minimum
selling price is not the waiver OF a right 20 in
sist upon adequate selling price Such
measure as herein suCzes ted was passed BY one
OF the legislative houses at its last session. and
one OF similar character originating in the
other house was passed BY it, but being taken
under reconsideration. failed Of enactment into
law. because OF the close OF the session
Under tbs head I would also suggest that
the gold clause in CAGES and securities
should be absolutely prohibited. Either gold,
silver or national treasury notes should be
made legal ten Ter for all obligations in Kansas.
The attention OF the legislature is especially
called "a the open violation OF existing statutes
and to tie mercileSs abuses so often p-actiCsi
upon those who are under the pressing necessi-
u OF procuring money on short tine loans fro
greedy brokers. The present legal rate Of 10
banks and bankers OF good business standing.
nor is there any widespread comp amt among
borrowers Of money on any banlable time Of
thirty. sixty or ninety days relative to such
rate for loans
But there exists a wel-fouuded complaint
that the existing LAWS violated and cunnin-lv
avoided by class OF brokers at most OF our
money centers Hence financial disasters 20
many helpless borrower The borrower IS
often compelled 70 deposit an excessive amount
OF colaterals. 70 foTtify the extOrti0u OF unlaw-
full interest and bonus charged so that he may
finally become utterly helpless Personal
property that would De exempt from levy, and
ought to remain unincumbered for the
benefit and proper protection of house
hold, IN too often swept from the grasp OF q
confidiH. wife ana innocent children.
IL would b. but proper penalty FOR
these usurioUs iOaners OF money TO legally Tor
felt 10th principal and interest. for renewing
directly or indirectly amount OF interest
greater than the law provides and I would fur
Their suggest that prudent and wise legislation
might regard such violation OF law a INSIDE
meauer
The legislature was advised to reim-
burse those who had advanced money
TO the worlds fair enterprise. Revision
of the banking law so as to allow of
publication of official statements in
weekly instead OF daily papers was adj
vised. The suggestion Of the state SUI
perintendent Of public instruction that
school districts purchase books for
term OF years and furnish them free 10
pupils was referred to as ! great re-
form.
The governor declared that the state
capitol building should be completed as
soon as possible but left it to the legis-
lature whether to provide for the whole
building or for the portions most needed.
Attention was also called to the state
grounds as in need of proper provisions.
The subject oE taxation was dwelt
upon as follows:
AL taxation i necessarily burdeusome end !
should Ne imposed as lightly - is consistent |
with efficient pubic service and good govern /
ncnt That system OF taxation i best that Z
shall distribute most equally the necessary I
burdens or ali persons according 20 their abil- I
ity 70 bear them and the measure OF protection 4
they receive from them One class OF prOp-
erty should uot be taxed while another class !
escapes Il is true il this state and perhaps !.
in al others that = large proportion OF person /
- property IS apes taxation and its owner thus 7
shirEs his share - the public burden. This IS :
especially true OF moneys and credits. Il - ,
u ficClI 70 see any justice in . law y hch taxes Z
lie oN real =, u - lL0 Allows Llr NOLeE
Of . EO-t-aSe. whether residing n this or an
other state. 20 hold mortgage on il and escape ,
untaNec and this, to- when tteS- CltaXed .
mortgages may invoke the aid OF our courts TO
enforce pavmea: and thus adj largely TO tho ,
expenses OF cOvernIenJ- Real estate iucum-
bered With mortgages should be taxed less than
its valGe in proportion - the amount OF the I
debt resting thereon the holders Of mortgages
should be subjected to their Just proportion Of
taxes.
Section four - o. article thirteen ji3) OF the
constitution Of California Is said 70 o@er 4 sat
isfactors remedy for this double taxation, and
reads ~ follows
section 4 \ mortgage. deei Of trust col
tract or other obligation By which debt IS Sc
cU--d shall for ne purpose OF assessment and
taxation De deemed and treated IS On interest !
in The property affected thereby. Except as
TO railroad and oth-r quasi public corpora
tons in else Of debts 50 secured. the
value OF the property Affected b. such mortgage,
iced Of trust. contract or obligation. less
the va,Ge OF such security, shall be assessed
And taxed 10 tie owner Of the property, and
the value ot such security shall be assessed 3ud
-Sx>i % the owner thereof, in the county. city
or district " hich tie property Affected thereby
: situated Tn taxes 20 levied snail De = lien
upon he property and security, and may De
paid ~ either pa=sy to such security. II
paid by The o1uer OF the security the
tax 80 l-vei upon the property against
thereby shall become = part OF The debt so Sc
,Crst II The owner Of the property shall pay
he tax 20 levied upo1 such security IL shall
constitute a payment thereon. and 70 the ex-
4 n o. Sucn payment q fu.l discharge thereof;
provided, that Il anT such security or indebted
less snail be paid oy any such debtor or debt
rs. after assessment AMI before The tax levy,
h amount Of such levy nay likewise be re-
aimed b. such debtor or debtors. and shall be
'oTnp1t-c according 10 the tax levy for the pre-
eiin; year