The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-01-15

whose property they are valuing.
The county commissioners should be required
not only to equaIze at present. but it should
De Their sworn duty TO raise the assessment OF
any piece of property that they found placed be-
below lis actual value; and in case county asses
SorS are to do the work. the time of assessment
should date from January 1. thus giving two
months more time for lie assessment. But there
Is Little hope of mprovem en- IN IL more faithful
administration of the law eau be had. 1t makes
less difference what the law Is, than how 1t IS
administered. There ought also to be some
rlgnG of appeal from assessments that are
grossly anu ou,rageousiy unjust. Now. the as
SCISSOR fixes The Valuation. the OmniS toners
refuse change 1t, a al the tax payer IS Obliged
60 sub mic Co what he An )Ws Is fe5dZ51 fOODef
am We'll aware thas th1 right OF appeat, Wou i
have to be restricted. but Ihe very fact that he
rish. TO appeal eXisted. would make the county
commissioners more Wiling TO do justice.
Collection l. Tvs.
The legislature of 1898 enacted law to regu-
late the sale and redemption of real es ate un-
der execution. etc. 1t was dOuDIleSS the pur-
pose and desire of the trainers OF this ACT 10
furnish relief 10 those who mad mortgaged tnelr
their obligations; but the law seems to have mad
directly the opposite effect from what Was IN
tended. Believing THAI the theory upon when
the law is based is u perniciouS one, desire 10
cal. your attention to its practical workings.
on GSp wher e RrOys IS prSecten it SCENTS
danger as quickly and kesnly as a
Capital cannot be driven by legislative enact
mems TO maze investments where it IS not sa e.
and any attempt of that KIND drives it gu cA-y
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 II coulu
have been co lecteI. 1t is estimated chat sl5.-
| 100000 have been Withdrawn the past TWO years
! by parties in the east, who had Oans secured by
| real estate, and who have lost confidence IN
/ Kansas investments; While nearly an the lafg9
! insurance companies AMI savings banks which
have been accustomed to make loans here, pos,
| lively refuse TO take any new mortgages until
| the laws are change |. -.
1 take it for granted that there will be no diff
ference of option as to the advisability of So
!
4 wonderful development OF our grand yOunS
! state-unparaileled IN the history of the world
has been due. to a very great extent; to the free
| inyeStme OF capital from the eastern part OF
| the country. This has been in the main largely
| beneficial TO both sections. The lender has re-
ceived far rate of interest. and the borrower
has in most cases ma e money by ms invest
greatly benefited by the rapid development OF
the state and the consequence inc :eaSed Va ne OF
| all property. Without these inVe stmentS there
would be few miles of railroad IN operation IN
our state today.
| brand every caste. man who has sent money
to the state to be invested, as a robber and an
| enemy; and the results of this course have
| been TO work a serious INJURY 70 the borrower:
In facI, bat for the impdi rmenI OF our credit by
| the legislation under discussion and the puDllc
sentiment it represented, there would have been
no such demand for the payment of mortgages,
from which we have suffered so ImmeaSura ply.
but enders would nave sought TO eXlend Chelr
loans at a reduced rate OF interest. 1t IS well
(, known fact that the large part OF the money IN
yes ed in mortgages is either the properly OF
| people of small means who have retired from
business and live on a sc inty income or OF say
ings banks and life insurance companies who
hold in trust and loan the hard-earned savings
of the poor.
The lender as a rule does not ask any con-
| sideration; he can and will send his money here
| when he is satisfied with our securities, and lie
can Withhold it when he IS not. He is free TO go
or stay as ne pleases and | have never yet been
abe to discover that sectarlan beliefs or politl-
| cal views made any difference with the money
loaner in The matter of his consideration OF in
| vestments. 1t is quite different With the Dor
| rover. he is here to Stav is already in debt,
needs extension
| not a UueStion with him whether he will con-
! trac. new debt he already has the debt hang
ing over him, and his greatest need is more
time in which TO meet it at lower rate OF
1t is hardly necessary here to discuss the
| question of whether the mortgage Indebtedness
| of the state has been benefit or an injury lG
| exists. and the great mass of our people desire
to sstly pay their debts at the earliest posi-
| properly be mentioned in this connection. that
the census returns show that three-fourlhs of
the mortgage Indebtedness represents ether
the purchase money of the farms or permanent
Improvements thereon And the turther 1act
of the real estate in the state from 1889 TO lS91
the period when most of the debt was created,
CAGES. and neariy SUFFICIENT TO pay the entire IN
debIedneSs and all of the interest thereon for
largely the result of the enterprise and energy
that prompted men to buy farms and to place
mortgages on the farms they already owned.
that they might increase their acres OF maze
better improvements thereon. The present
condition, with confidence entirely gone on .he
! part of the investors. IS an unfortunate one Tor
the borrowers. While the return of favorable
agricultural conditions and good crops would
be an important element i'll restoring cOnil-
| dence still il is not the principal one and the
strongest proof of this STATE nen5 Is found in he
fact that money real estate loans can be OBJ
| tanned much more easily and less rates OF
interest In Missouri and Nebraska than iG can
| in Kansas.
There are two important considerations thai
| are taken into account by every prudent, care
full investor The first is the complete
|
ance that the loa will be paid; and the other i:
the promp mess WIN winch the deDI can De COZ
lected, in case it is necessary to resort TO a
forced sale of the security. You may enact as
m any laws as You please, but you cannos as
rate of interest depend on the security and the
ease with which the loan can be converted into
that depreciateS the security and lessons the
ability to force the colec ion of debt increases
the rate OF interest and works a common hard
ship on borrowers. Under the present law
the borrower can, without paving interest OIL
} taxes, re,a1n control of the property piedgat
for security for two or three years. and car
cause serious depreciation N It's value. hi:
fact would prompt every conservative investor
to commence action 20 tOfec OSe as pol as Cnere
IS any default in interest. Under a prom II fore
exercise greater enlency. knowing THAI he ha
[ the power at any time TO collect his debt WheI
he finds tina the debtor IS making no effor. {
pay Ii IS rare thln5 ID Kansas TO IN lena
er who will not be lenien5 with a borrower WHIT
is making an earnest, honest. cheerful effort II
The proceedings in foreclosure should bt
made as simple and inexpensive as tits possib
to ma Ne them, with due reoard to the right
of the mortgagor The Missouri form of trus
deed has proven. after many years of trial, yer,
satisfactory Something of chat character. will
a provision that the mOrtgagOr should hav
the privilege of redemption for twe.v
, months, by paying taxes. insurance
the borrower and lender. l am confident tina
the best in .erests of all classes would be pro
, moled by the enactment of such laws as would
tend to restore confidence in our ability anC
Willingness to promptly meet our Obligations.
| ~.
partmHnt.
The laws relating to insurance corporation
and the transaction of insurance Business il
f this state ought to be carefully revised o
| amended. The act creating the insurance de
4 | partmenG, and most of the laws since passe
| Prov ding for the creation of insurance com
( panieS in this state. and their government. cor
9 tain provisions which ought to be separated
9 All provisions rela tLng to the ineOrpOratIOn Q