New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-08

incidence, but the result OF natural processes u
derivation. then II is no more worthy 81 being
/ called strange than Is the adoption OF principles
/ Of English common law by American States.
This particular form Of mortgage Is the one
recognized in English books "A Welsh mort
gage" Mr. Simcox imagines a case 10 Illustrate
how this partial transfer IF land works. He
supposes an Irish peasant without money enough
either to cultivate his farm. TO improve T., or to
leave IT, If this man could put upon his prop
ertv what is technically called an ar'chreuc
mortgage. he could borrow seven-eighths Of It's
value dn China. remove 10 America and in a
few years perhaps earn enough to pay off the
loan. recover the property and re-establish HIM
self. as was the common practice in Egypt \
/ who obtained such a loan in China simply
placed his u-le-decds in the hands Of the lender,
indorscd with receipt for the money. The
latter could then treat the land as his own With
out a specific bargain to that effect he was not
bound 10 make repairs. ont risks from natura!
caamitcs fell him, since the debtor could
simply leave the land On his hands by refusing
to repay the loan. The contract is usually made
SO that the land cannot be redeemed FOR fixed
term Of years. The holder OF the mortgage can
not sell the land. but he can transfer his tenn
porary rights TO any other person. Evidently
the primitive inventors Of this device looked upon
ownership and use as two different things and
they saw the identity in principle Of ownership
whether the object owned was movable like
money or fixed like land Perhaps in such a
matter as this mortgage of use, the thought Of a
loan did not present itself to a BabYlOnian
capitalist. He simply traded the use Of 50 much
money for the use Of 50 much land during given
time The land was his security just as the
cash was the security of the man who gave the
mortgage. But such transactions must plainly
have rested on a comparatively unchanged
system OF values There could have been no
'boons" in Babylonian real estate. This sodity
Of the market made il possible for nation Of
bankers, five thousand years ago. to trade In
everything that was an actual possession Of any
body. TIE whole country was ready to be put In
pawn. 50 To- speak. and in the facility - trade
interest which usually stood in Egypt at 30
per cent q year or 3 per cent by the month
fell in Babylon to the normal figure of 20 per
cent and even as low as 10. But in lator
Assyra "the rate Of interest varied from .
t. 3d. % and even 100 per cent" because
the money was there loaned out and out
exactly in the modern fashion upon the good
faith Of the borrower. Mr. Simcox puzzles him
self not a little over the sudden downfall of
AssyIa in the midst If prosperity. Tho nations
best days were those which proved 10 be Tho last
But the rccklcssncs9 indicated by such figures
Of interest he has given seems sufficient q
tell the story. There never was an age when
mon could borrow money weight for weight i'm
interest and do business with it, n the sudden
M 80 ,...'......
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'i'H .'' 80
=. .
80 ' '''''''' w.
H.'"'"''" NV ~ Wv ''''''' "'' "' '' '
'"''"Ii'
Inc dAerehce IN me rate ~ interest as between
IanE'o'"a ana Es|p' is curious '"'" H'"'
was excessively l'E'i" III b''h countries Nh'''
was INDIGENOUS To- h''yloi'"' ana 'N47 one 4"c'
Is testimony ID t1e c'"Idc'e' "1 '"' SOIL
bu' interest ]" HEEP' III 90 per '.' "'S SuPi'''r'
70 be based on the pToht oil lana unI"r c"'uVa-
ton. The natural inference j. thnt me rate IN
Babylon should nave boon c4ualy hiHH IN
Babylonia" says the author the exceptional
f"ruAy % the SOIL ''upe' Win '"' existence
OF a large ana wealthy urban I'pui"u"n' maze
agriculture perhaps LOT '"e '''' 'iN' il" ''.s''''
amos ~ - ~.
- ''''@ go ''
o' WI" ''' i','~'' 49, " "
c''c"'''1' ~ '''''' 40 P','0'' ''
N@'"'s' anu ''H '"''''' "''' ''' -
nave pee" iui'"'' '''''''n YEA" '"' S''.'' '''''
J" any u,"'' ''','' ,,,
''' " ,..,e.,
,, ., 80 ri,
~
'''' .... 80.
~" -, 49, ,....u
~ -, ,, 9 ,,, $780,, t,.,., &. -
- ,, .. -,
a., - -. =, -. ,. 80, a., ,,,. -,
80 49, -, -. 49, hth NJ. go,
q, ...,, .
49,, -. T.. ~ ..,~, 8, ,l, -
-, 49,. =, -, .,i -. ,,..
paul 4'I hu' III p"'i 'o"'l'''9 '"' P'0".'''
mortgage mentioned seemed % conceal the iact
that interest was really paid For the lender