The advocate., 1895-01-16

right OF appeal from assessments that are
grossly and outrageously unjust Now the as
SCISSOR flxes the valuation, the commissioner
refuse to change It, and the taxpayer Is obliged
70 submit to what he knows Is legalized rob-
berry. am well aware that the right 70 appear
would have to be restricted, but the very lacs
that the right to appeal existed would make
the county commissioners more Wiling 70 10
justice.
Collection Laws.
The legislature Of 1893 enacted law to regu-
late the sale and redemption OF real estate un-
der execution, etc. 1t was doubtless the pur-
nose and desire of the trainers Of this act TO
furnish relief to those who had mortgaged their
homes and we're unfortunately unable to meet
thar obligations; but the law seems to have
had directly the opposite effect from what was
intended. Believing that the theory upon
which the law is based is pernicious one'
desire to call your attention to It's practical
workings.
Capital is proverbially timid; it goes only
where tits protected; it scents danger as quick
w and as keenly as wild animal and as
prOuptly seeks safety. Capital cannot be
driven by legislative enactments to make In
vsstments where 1t Is not safe, and any attempt
OF that kind drives it quickly from the state.
This result Is as sure to follow as water is to
run down hill
The past two years have witnessed rapid
Withdrawal of capital from the state, and the
amount would have been much larger II itcould
have been collected. It Is estimated that
$4,000, 600 have been withdrawn the past two
years by parties in the east, who had loans Sc
cured by real estate, and who have lost conh-
dence In Kansas investments; while nearly all
the large insurance companies and savings
banks which have been accustomed to make
loans here, positively refuse to take any new
mortgages until the laws are changed.
take It for granted that there will be no DIFF
ference OF opinion as to the adviSability Of Sc
curing investments OF foreign capital The
wonderful development OF our grand young
state--unparalled In the history OF the world
has been due, to a very great extent, to the free
investment Of capital from the eastern part OF
the country. This has been In the main large
ly beneficial to both sections. The lender has
received q fair rate Of interest, and the bor-
rover has In most cases made money by his In
yestment, while thousands OF others have been
greatly benefited by the rapid development OF
the state and the consequent increased value
OF all property. Without these investments
there would be few miles OF railroad in opera
tlon in our state to-day.
II ia worse than idle-it Is simply idiotic-to
brand every Eastern man who has sent money
TO the state to be invested Rs robber and an
anemv: ana the results OF this course have
been TO work o serious injury to the borrower.
In fact, but for the impairment OF our credit
bv the legislation under discussion and the
public sentiment it represented, there would
have been no such demand for the payment OF
mortgages, from which we have suffered so
immeasurably, but lenders would have sought
Ia extend their loans ut reduced rate OF In
terest 1t 10 we'll known fact that the large
mart OF the money invested In mortgages is
either the property Of people OF small means
who have retired from business and live on a
scanty income, OF of savings banks and life in-
surance companies who hold in trust and loan
the hard-earned savings OF the poor.
The lender as o rule does not ask any consid-
GRAFTON; he can and will send his money here
when he Is satisfied with our securities, and he
can withhold It when he Is not He is free tC
90 or stay as he pleases, and have never ye
heen able to discover that Sectarlan beliefs OF
political views made any difference with the
Tnonev-loaner In the matter OF his conSidera'
tiou OF investments. It Is quite different will
the borrower: he Is here to stay, Is already IL
81 debit and needs in most cases an extension o
time In order to help him pay his liabilities
It IS not o question with him whether he viii
contract new debt; he already has the deb
hanging over him, and his greatest need Il
more time In which to meet 1t at o lower rat
OF interest
It IS hardly necessary to discuss here th'
question OF whether the mortgage indebtedness
OF the state has been benefit or an injury. 1t ex
lists, and the great mass OF our people desire Z
honestly pay their debts at the earliest posi-
BILE moment. It is gratifying fact that cal
properly be mentioned in this connection, tina
the census returns show three-fourths OF Tn
mortgage indebtedness represents either tn
purchase money OF the farms or permanent i'm
movements thereon. And the further fac
might be mentioned that the increases
value Of the real estate in the state fron
1880 to $780, the period when most OF tn
debt was created, was largely in excess OF tn
total OF all mortgages and nearly SUFFICIENT 3
nav the entire indebtedness and all OF the In