The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-26

taken, but it appears to US that the
House acted rather hastily, if not I'M
advisedly, on the bill extending the
time for redemption of property sold
under execution or foreclosure in pur-
suance of mortgages or deeds of trust.
1t extends the tinse of redemption
from six months to twelve months in
the case of property sold under
mortgage, and provides for redemption
at a similar length of time if sold un-
der trust deed. Taking into consid-
Grafton the proceedings which may be
had in the courts to hinder a foreclo-
sure, it virtually makes possible re-
demption within two years from ma
turity of the obligation.
That may be beneficial to the borrow
er, but how about the lender? 1t may
be said he needs no protection. There
are two opposite views as to that. And
we think it viii be found there is a
very large and influential class that
viii be very emphatic in disapproval
of that sentiment and of this measure.
This is not partisan bill, by any
means. But it is bill to please g. class
of voters whom it is becoming the fash
ion to placate regardless of others.
And in the present condition of the ter
ritory for lack of money, we are doubt
full if it is likely to promote the well
fare of any class. Anything that win
have a tendency to hinder the influx
Of capital is not, in our opinion, for
the general good. Ii will be more in
furious to the industrial classes than
any others.
While we would not be in favor of
anything oppressive to the individual
who is under the necessity of borrow
ing money on his realty, and would
not encourage mortgaging by people
likely to lose their homes through such
CIRCUMFERENCE, at the same time we
think it poor policy to make the adj
vancement of capital needed for bust
ness and Improvements so risky, and
attended with such drawbacks that
money would be kept out of the terri
tory.
The remarks made by Mr.. Sears. who
alone voted against the bill, appear to
us to have been based on sound reas-
oning, and we must confess surprise
at the unanimity exhibited in its pas
sage. We need more money in Utah
and there has been a great deal said
about encouraging the investment of
capital here. If our laws are so framed
as to put up bar to its influx we do
not think it will be a. good thing for
the territory, even if it enables some
one here and there to redeem a piece
OF property a long time after being leg
ally sold to satisfy legal debt.
The following letter received by Col
Donellan on Thursday, from a loan and
trust company in the east having, a
large amount of capital to lend on
good security. will throw some light on
the position we have taken:
Salt Lake City, Utah
Dear Strive understand that there
are bills before your Legislature. one
to give two years redemption of sales
under mortgage; another to tax mort
ga ges; and the third to give a trust
deed no more effect than a mortgage,
this making it necessary to foreclose
in court, and giving six months re-
as your law now does to
mortgages. Will you kindly advise us
whether this is true and if SO cannot
something be done to prevent the pas
sage of these bills, as such action on
the part of your Legislature would
surely prevent money coming to you
for mortgage investment. We feel
very sure that our company would cut
your district out from its loaning field
if these bills should be passed.
A similar letter has been received by
other banking and loan establishments
in several parts of Utah. Some of the
measures referred to therein have not
been passed and perhaps will not be.
But the trust deed redemption bill
which has passed the House is just six
months worse than anticipated in that
letter We hope the matter will receive
very careful consideration in the Coun-
ell, for we need more capital in the
territory and should do nothing calcu-
lated to drive it away.