The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1895-04-04
MORE FOLLY.


covering follies committed by the
Douglass Legislature?
Many OF the things heretofore re-
yealed were bad enough and gave
evidences Of tie incoulpetcney and in
sincerity Of the Fusionists. Now a
bill comes to light that bids fair to
Prove very detrimental to business
AMI serious blow to the many
people who find it necessary tn
i borrow money. This bill is entitled.
san Act to Regulate Assignments,
and reads as follows:
Section 1. That all conditional
safes, assignments, mortgages Or
sieetie; il trust which are executed to
| secure any debt, obligation, note or
i.:zf,,i hich gives preferences to any
creditor uf tilc maker shall be abso-
lutely void MS 10 existing creditors.
Section 2. That al laws i'll con
flict with this act are hereby repealed.
...5action 5 That this act shall be
in force from and after it's ratifica-
ton.
Ratified the 18th day of March.
1895. -
This t,iil Is construed by some
to mean that mortgage viii
| not be IL bar to tie precedence
of prio9 unsecured claims, while
Others hold that is will not effect
Il debt made at the time Of execu
ton of the mortgage. At any
rate, it's meaning 1850 uncertain that
it has alarmed lenders Of money and
sellers Of supplies upon mortgage
s, curity and these branches of bust
mss are paralyzed. The most seri
Gus consequences of this law will fall
upon those farmers who need ad
vsncements FOR mailing their crops
Loan Associations ot the State and
cause them to stop loaning money.
So serions has the situation be-
come since the discovery of this law
that there is talk Of calling the Leg
islatuFe IN extra session with I'll vieG
to securing the repeal OF the bill
probably. will be to make up cease
agreed" and speedily get it before
the Supreme Court, SO that decision
may be rendered at the present term.
Il this decision should not give relief
then nn extra session OF the Leg!sla-
ture may be called.
The cash basis-the pay as-you-go
Foiicy-would BE- splendid thing il
the people were in a condition to
adopt it, but unfortunately this con
dition does not generally exist and
the masses are altogether UMPIRE
pared for n sudden and entirely IN.
expected command to walk the cash
log.
The Fusionists made q great fuss
over the interest law, loudly claim
III. that the farmers o. this State
must have money at six per ceat.
Aud they enacted the six per cent.
Interest law and then passed the bill
under discussion. which puts IL stop
70 lending money aU any price under
mortgage security. 1t would not do
tie farmers nor any one else a particle
of good If the rate ofinteresb was as
low as one per cent and there was
no money TO be had.
Commenting upon this bill, the
News aud Observer says:
"This substantially puts an end o
the business of borrowing money
upon mortgage.
TIE plain reading of the law pro-
hih:.s mortgages and trust deeds or
aHy cllarac ter unless every debt due
by the maker at the time of the eX
ecutio.i of the instrument liz included
in its provisions
It will be q shock TO The honest
farmers of the State when t!;eic com
mission merchants refuse to mako
adyaDcer,ents to them to run an
other crop till they pay every cei.5
they owe Those who would not %
out to hear anybody but their own
candidates last year viii 20 out next
campaign to learn how they have
been sald out to the gold bugs Of
Baltimore, by the men they sent to
the Douglass Legislature.
What Is six per cent. money to a
man when his credit is destroyed?
1t is like the pie to the little boy who
didn't have the nickel to buy it
nothing.
Ii would he humiiiating to the
legislators to escape the wrath OF the
people by pleading ignorance. Ii is
degrading to the State Of North
carolina to admit that her legisia
tors lave been bought by a chamber
OF commerce for d song
Ne understand that the bill was
passed at the Instance of the Balti-
more Chamber OF Commerce, whose
purpose it was to prevent preferences
in assignments in this State. Hence
the reference to stha gold bugs of
Baltimore" by the News and OBJ
server.
DAMNED IN POETRY.