Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1895-02-14

guard against thief, but there ID no
protection against backblter.
Let The Property Pay the Mort
gage Debt In Full.
From the Topeka Capital republican,.
The people of Kansas, 80 far as
their mortgage indebtedness goes, are
not uhlike the citizens of other new
western states. DIost Of them came
to the state with little or no capltal'
They found foe rich soil and they
have developed fine rich state. II
has cost more than thirty years OF
toll and thought, much priYation and
self denial. To build the foundations
of new commonwealth in the short
period of thirty years, has required
much borrowed money. 1t was need
ed for our railroads and school houses,
bridges, court houses, water works
and other public enterprises. We re-
qulre it for the more rapid develop
ment of our farms and business, and
to accommodate the demand for we'll
paved and lighted streets, and the
sanitary needs of cities. For the use
Of all this vast sum Of money, needed
for Kansas, by Kapsans, we gave
good security and offered highest
rates of interest The records will
proye that interest and principal have
been paid as promptly by school dis
tricts, by counties, by tbe state, by the
corporations borrowing and by the
people individually, as by any state
or any people from Maine to Califor
MIA. So much for the history of
money loaning ip Kansas.
For three years past, not only Kan.
sas Tut the entire eouRtry east ana
west, north and south, has suffered
such a paralysis in business and such
a depression in values as to affect
most disastrouslY every enterprise,
corporate and individual. The spec
| Native sch met speedy disaster,
and in the general decline of values
/ conservative and legitimate business
men have been brought to the verge
If financial ruin. 1t is not the inten-
tion to attempt IN this article the dis
cusslen of the causes that brought
about this condition in the nation. Il
was not one cause but many. WhaI
we wish to do at this time Is to cal
| the attention of the members OF thu
| Kansas Legislature to M asure tina
we believe would be of the hlghes
value to the people Of the state.
Under the present mortgage Law
where foreclosure suit is begun
if the mortgage or any part of it
past due, a judgment can be secufe'
and an order for the sale of the prop
erty made by the court to satisfy tn
Judgment. The parties holding tn
mortgage can bid the property in TO
one-half or one-fourth or less if Their
| is NO opposition and get good It'll
. to the property, and also secure a pei
/ sonal Judgment for the balance du'
q To make it palmer, a man may NOR
q gage his homestead, worth, we wi
+ say, $4,000, for $1,000, at Sper cen
interest. If he defaults the interes
Q the holder Of the mortgage can su
}. aud secure judgment for the $1,00
Il unpaid interest and taxes. When
j. comes to sale by the order of th
Il court, if appraisement has bee
,r waived, as it usually is, the holder
k the mortgage can bid the property
t if there are no bidders present Gan
n it is seldom there are) for one or tv
J. hundred dollars. If taxes and baC
1t interest amount to 800, a bid Of $2I
,s would leave personal judgment
!. 5000. The farm worth $4,000 h
d been taken to pay the debt of $l,OO
, and there is in addition to the givir
is up of the property a judgment
It 5000 to be paid. This is not an exa
gerated case. Properties are beir
l. sold all over Kansas under mortgst
h upon which the amount loaned d
is not exceed one-third the value at Il
Il time Of the loan, and personal jud
ments Of One-tbyrd, one half and sor