The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1895-01-18
rates Of interest. in Missouri and Nebrasks

There are two important considerations that
! are taken into account by every prudent. care
full investor. The first is the complete protec-
ton from loss. the absolute assurance that the
loan will be paid: and the other Is the prompt
ness with which the debt can be collected. in
case it is necessary to resort to . forced sale Of
the security. You may enact IS many laws as
you please. but you cannot disturb the immuta
BILE law of trade tnat makes the rate Of interest
depend on the security and the ease with
which the loan can be converted into ready
money; and any legislative enactment that de-
preciates the security and lessons the ability
to force the collection Of debt, increases
the rate OF interest and works q common hard
ship on all borrowers. Under the present law
the borrower can, without paying interest OK
taxes. retain control OF the property pledged
for security for two or three years. and can
cause a serious depreciation in its value. This
fact would prompt every conservative investor
to commence action to forecloSe as soon as
, there is any default in interest Under q
prompt foreclosure law the lender would. in
, most cases. exercise greater leniency. knowing
that he had the power at any time to collect his
debt when he finds that the debtor is making
no effort to pay. 1t is q rare thing in Kansas
to find a lender VINO will not be lenieut with a
borrower who is making an earnest. honest
cheerful effort to meet his Obligations.
The proceedings in foreclosure should be
made as simple and inexpensive as II is posSl-
BILE to make them. with due regard to the
rights Of the mortgagor. The Missouri form OF
trust deed has proven after many years OF trial,
very satisfactory. Something OF that charac-
ter, with a provision that the mortgagor should
have the privilege Of redemption for twelve
months, by paying taxes. insurance and inter-
est. would doubtless be satisfactory to the Dor
rover and lender. am confident that the best
| interests OF all classes would be promoted by
| the enactment OF SUCH laws as would tend to
in Obi itN-u md wi M.
| ness to promptly meet our obligations
| Insurance Laws and Insurance Department.
The laws relating to insurance corporations
and the transaction Of insurance business in
| this state ought to be carefully revised and
amended. The act creating the insurance de =
| partnent. and most of the laws since passed
| providing for the creation OF insurance COM
| panes in this state. and their government. con-
tain provisions which ought to be separated.
| All provisions relating to the Incorporation OF
| insurance companies ought to be in distinct
act from the provisions of laws relating to the
! insurance department. The insurance depart
ment was created for the purpose OF regulating
| insurance companies. both foreign and domeS-
| tic. doing business in this state, and for pro-
tecting the people from fraudulent or irrespon-
| Sible companies.
Insurance to be OF any value to the insured
ought to insure, and it is worse than robbery
for any company to take money for insurance
! and then fail to make good any losses that may
occur, for it not only takes the money OF the IN
| sured without rendering an equivalent. but 1t
| prevents the party from seeking and obtaining
| valid insurance.
The law providing for the organization - in
surance companies-life. fire. and casuafeJ-
not only need careful revision, but provisiOns
| might with propriety be added to authorize
| the incorporation OF accident societies
or associations Such associations organ
| lied under the laws Of other states for
| the purpose of effecting insurance upon
| the lives and persons Of certain classes OF men
| against injury loss resulting from external
| and accidental means, have been doing BUSH
ness in this state for several years past. and do
| not seem to be within the control OF the insur-
| ance department. This ought not to be permit
| ted. Insurance companies OF the class men,
toned whether organized under the laws OF
this state, or under the laws OF any other state.
ought to be made subject to the jurisdiction
and control Of the insurance department. And
certainly our laws ought not to permit any class
of foreign insurance companies to transact busl-
ness in this state, and yet deny to our own cit
liens the right to organize like companies.
Some of the companies referred to as accident
| associations, organized under the laws OF other
states, and doing business in this state, are
said to be secret associations. having ordinary
rituals, signs and passwords, like other secret
societies. doubt whether such organizations,
or societies, should be permitted to transact
business of insurance in this state: but II they
are permitted to do so. they should be brought
under the jurisdiction and be made subject to
the control Of the insurance department 1t
might be well for the legislature to consider
| the whole question of fraternal insurance. so
called. as well as accidental insurance. and
make suitable provisions respecting the terms
and conditions upon which such aSsocia tons
may transact their legitimate business in this
state.
Irrigation.
The subject Of irrigation is one Of vast i'm
portance to the people of this state. In nearly
one-hAl. Of the state the Scant supply Of the
rainfall makes general farming uncertain and
precariouS business, and renders compare
lively value.css, except for grazing purposes,
millions of acres of the choicest lands in the
state. With an ample supply OF water at the
proper season at least twenty millions of acres
of land now not worth on an average more than
two-and- half dollars per acre, could be
given q value of twenty-five dollars per acre.
adding at least four hundred millions OF dollars
to the wealth OF the state and making that Sec
ton the garden spot Of the state Numerous
theories for the prevention OF drought have been
advocated and tested. but they have proven
failures, and the people are now turning to the
subject of irrigalioI. There are some DIM
culties that confront them. The amount OF the
water supply, and Its availability for irrigation
purposes are the chief problems to be settled
The western settlers. in their struggles to de-
velop that part Of our state. deserve the hearty
support Of every citizen. more brave honest
and intelligent class Of men mover cast their
fortunes in q new country. An appropriation
Of the public money to . limited degree. to be
expended under the direction Of the state board
OF agriculture or the agricultural college, may
be advisable But We should carefully avoid
any extravagant expenditure Of public money
in visionary experiments. The energy. in
dustry and pluck OF the people are the
real basis Of tho development Of any
country. and upon that We must de-
pend for the development Of every part Of our
state. Wise and equitable laws controlling the
water supply Of the streams that We have. may
be necessary. but the chief source Of supply, in
my judgment, must come from what is known
Is the 'under-iow," and be utilized by pump
ing. And Is every man who owns his farm
owns his water. and can own his plant. no leg.
islation Is necessary to aid him in the develop
ment Of his farm. Experimental stations, how
ever can be made valuable, and . thorough and
systematic survey Of That portion Of the state
may develop some new means OF utilizing the
nreSont water SuDDly most earnestly cOm.