Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-01-04
cuATrrL MORTGAGES.

In the opinion Of tile Droycrs Telegram
no more important mater was considered
at the recent National Live Stock OK
change convention than that of chattcl
nlQrtgugco aud liabilities growing out of
the handling Of mDrtgagcl cattle. The
laws governing the subject are in gen.
cral entirely INADEQUATE TO the demands
Of the cattle business as conducted IN re-
cent years, The cattle feeding industry
ns u Is was never dreamed Of when these
statutes were drawn. and laws that were
intended 10 provide means of securing a
loan ON u mule, a work OK, span OF horses
or road wagon. between neighbours are
called unon to furnish q basis for opera
lions engaging millions of m0ney--in fact.
a basis for q new class OF commercial
security, rapidly growing In favor aud
Importance aud attracting the attention
of Investors everywhere.
Tie deficiencies are simple and grow
out OF the inadequ0cy Of the early ireis-
lativc idea on the cuhjort The pennlti IS
provided for the act Of moving or dis
posing of mprtgagcd property are too
light. Some of the states hive much bet.
ter provisions on this point than others,
but all fall short The idea should he
thoroughly insulated and borne out In
the statutes, that u mortgage IN n sale.
u transfer of tito, and that mnrtgngnr
erty In amy manner not authorized by the
murtgngc than he has TO handle npy
property which lac does not own If 4
mortgages property ia H. mud afterwards
lNmoye5 or sells the property without
Tvs knowledge or consent, he has simply
stolen the property; rot ouly thUt-he has
stolen Il under particularly uggrnyadug
circumsDnccs, viz, confidential re.
lation. lie Is worse thnn tn thief who
o. load 80 L.. a.
nnd steals the property, for he takes mo-
chances of bodily harm. hut operates
safely his uotnruuJ confidence mmc
aud strikes a blow az credit and tho In.
ugrity OF commercial relations generally.
Tic punishment for this class Of onen.
ders cannot well be too severe. Eyon
where there Is an absence of criminal
intent, public policy demands that mort.
gasors be held 70 Il strict accountability
for their acts. There X, without doubt
lnNlty OF appreciation of this matter, and
without wrong intent there Is too ION,
cril a tendency 10 lose sight OF the
change of ownership and the proprietary
M 'rcsis OF the murtgagce. Oficuses Of
thls character should be raised TO tho
grndoa OF iclony instead Of misdpnnrhuor
FINES and Imprisonment In the peniten.
tiery should be literally provided.
,NeNl chnttel mortgages should be sim.
fAihNh AT ANAAh anu III manner Ul uNpuN
iion-proying signature, etc. and tho
statutes In regard to recording and fns
nlshing proof thereof should be simpi-
fed aud harmonised ia tho diffrrent
states. The older statutes are too cum.
bomnme lnborious and expensive In ne.
oordnr aud releasing TO meet prpsent re-,
Qniromcnts. Al signatures should he
either witnessed or Acknowledged, I'M
Acknowledgement should not hc absolutely
required, Wiling by original or cony
should be sufficient statutory notice. MI.
labor and expense OF recording should
be dispensed with. Releases should he
by simple order, aud witnessed or No.
knowledged signature, Some of the mower
states approach very nearly perfection
IN these latter respects II Is Tho intcn.
ton OF the rommitlec appointed hy nh,
National Live Stock exchange 10 p,,,.
pare an ideal form of statute on tho en.
tire subject. invite the hroadest criticisn
and, later. attempt TO have ID cnnctod Il,
all the states and territories whore those
various exchanges do business. II win
be to the interest Of an right-mindcd pro'
pie, regardless Of politics or occupaiibn
to have aueh laws enRcted; and If Xxx
exchanges succeed as thoy should they
viii have earned glory enough Tor tho
coming year.