The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-10

lecentralized sclf-governing truly DEM
ocratis state TO promote the muitipiica-
ton OF homes owned by their occupiers.
or. In other words. 20 give the largest
possible number OF citizens a stake IN
The country. To that end an obvious
means would be the removal OF the
auses which in English-speaking coin
munities have rendered real estate
much less siesirable investment IMAM
personal property for the savings OF poor
men or men of modest incomes. oN'ihs
partly 10 the heavy incidental expenses
connected with all dealings In inc FORMER
species of property. and party 10 ..s
vastly greater ease and rapidity WIN
which the latter species could be sold
or used as security for a loan. All the
causes which tend 10 hold back the mass
of a people from placing their surplus III
real estate were swept away at s'rOhc
by 1.-The so-calied Torrens Lana b'c''
which first became a law In south Aus
tralia, but which, as It's benents pe-
came incontestablc. was rapidly anopteu
by other Australian colonies. thder
this legislation the State. through OF
ficers designated for the purpose. I'M
dertakes an exhaustive and careful reg
istration of the titles to all lands withln
its boundaries. The registration COM
pleted a short concise certificate is IL
sued TO every land owner, and TO hln'
his heirs and assigns. the validity or the
title certified is guaranteed by the STATE
against impeachment Furnished Win
this certificate a landowner who wishes
to sell or mortgage his property goes 10
the nearest registration ofiice-there
is ono for every small fraction or the
population-and here the registrar m
scribes in the proper book and on the
back OF the certificate the name OF the
grantee, II a sale is intended, or. In case
Of the mortgage, the name or tho mort
gagee and the amount OF money loaned.
The transferring or encumberIng OF title
is effected in a few minutes. about as
long as II would take TO procure The
discounting of a note at a bank. Now
| for the fee This was intended not
| only to reimburse the State, proportion
| ately for the original cost of searching
| and for the current expenses OF MAIN
| tanning corps Of registrars, out also 10
| provide an insurance fund against tho
| results Of the discovery OF flaws in the
| titles guaranteed. From The outset tie
belief was entertained and acted on,
that n fee Of shilling or two for each
| transaction would be ample for all pur-
| poses. But II turned out in every colony
| where the Torrens system was adopted,
that the losses threatened 10 the Stale
| through defects in the titles guaranteed
| had been much overrated. while inc
| revenue flowing from the registration
| officers, owing to the tremendous multi
| plication OF transactions, had been as
| signally underestimated. The result has
been that the fee for the transferring or
| encumberinG Of titles has been every
| where cut down from shillings 10 pence.
| As things now are. an Australian can
convey or mortgage piece Of land
worth millions OF dollars in the space
OF i've minutes and for the price OF a
| cigar
Such is the method OF dealing WITH land
! titles which has been adopted hy the
| city and county Of Chicago. The results
will probably be admired Of all Americans
by the opening OF the twentieth century.
| No doubt Chicago Is wide awake 20 its
own interests. while some OF its rivals
| secm asleep.
Ighat is IAN advance IN civilization
truly. We see no reason. whatever.
why real estate shall not be transferable
in this way. and II the system were
generally adopted transfers Of real
property would be enormously facilitated.
Title eearchers. and title guarantee COM
ranies would Of course be badly handi-
capped. and II the arguments OF those
who oppose the Industrial combinations
that they call Trusts" are sound, this
would be n sufficient reason for refusing
TO adopt the new system, but IL whole
community IS to profit by the new sys-
TEN. we suspect 1t will demand that these
parties shall look out for a new business.
II would be a great advance for the
owners and dealers I'm real estate in and
around Richmond-if we could simply
room. The failure by our real estate
men to have this palpable and readily
obtainable facility is something aston
ishing to the progressive men of other
places. AS Artemus Ward would have
asked--"Why gentlemen. this thusnessY