The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-02-03

seattle fSo- :. l>s>
To the Editor: I have read your edi:o-
rails upon the mortgage ard other acts
passed by tae last legislature. Yoa do not
appear 10 understand the fall force and
SAect OF 1he act Il IS provided that when
4 note and mortgage are taken for debt.
o. Tor borrowed money. that on failure of
the debtor 70 pay and foreclosure OF the
mortgage. there can BE no deficiency 5udg-
menf. thus forcing the creditor 10 bid the
faii amour, OF his Judgment upon the noTt-
gagged property or lose the dsb-. and in
case tae property is diyls!oie. then he mast
0.o ~ Per cens or the appraised value OF
the property or he cannot collect the Jads-
nsenf- TIE law prohibiting any deficiency
judgment IS one % the best ever placed
upon the statutes: the creditor cannot
hass a personal judgment and at the same
time nave decree of foreclosure. Il Is
Dad enough for the debtor 10 lose the
moTts4sed property without having any
deficiency judgment against him. If the
Creditor does not wish 10 loan money upon
the PROPERTY alone. then let him keep IL.
man has no risht 10 pledge his personal
credit and also his property TO secure the
debt II IS better that be be not permitted
io borrow money than TO have hin mort
gage his future earnings. Many men have
Den ruined by having deficiency juds-
msnts hanging oyer them. II brushes the
NE out Of them. and units then for bust
ness. and II men do not have brains enough
10 take care OF themselves then the state
must protect them.
The deficiency judgment law was passed
to protect men who did not have brains
10 protect themselves. Il may be true
that money lenders might think a personal
oeiigatIon and mortgage also would Sc
cure their money, and that they would not
loan the money upon the property alone,
nor upon the personal obligation alone. but
upon both the creditor might loan the
money. and the debtor might be saved from
failure, and might be able 10 pay the
money back and make money out OF the
loan. but the state cannot afford 10 allow
him to take chances.
You also find fault with the act that pro-
vides that all debts shall De paid in lawful
money. Notwithstanding the contract may
provide otherwise. Every man should be
willing TO take from his debtor any lawful
money in payment of a debt: even if he
does loan gold OF the present standard
value. he has no right to ask for the same
kind OF money in return We intended by
the act 10 make the creditors take free sill
YER instead of gold. We do not believe any
man has right TO contract that he shall
have gold In return for gold. If the bullion
value Of a sold dollar Is worth the bullion
in two silver dollars. we believe when we
have free silver that We will have cheap
money, and we intend TO pay off all the
gold contracts IN silver, so that the debtor
will only have to pay oae-half OF the obi
CATION. which stands against him upon
gold basis. We also expect 10 make him
take irredeemable paper money in payment
for his gold contracts and notes IL the
present laws are allowed to stand. then we
viii get rid of foreign money sen. here to
be loaned. Most of the foreign loan compa-
MES have quit loaning in this state. and
when the others find out about our laws
they will not send dollar to this state TO
~ H.. 4. \ T. - :. e IL
bioobsucking. Understanding and over
reaching money loaners.
Let foreigners keep their money out OF
this state. except when they want TO buy
property and put their money In business
here. We. cannot AFFORD to send money out
OF the state TO pay interest. We must
make the collection and securing of money
so uncertain that no man In or out OF the
state viii lean a dollar in this state We
have now almost put an end 10 the loaning
business. and If we only keep up our or
sanization and set the mex. legislature. we
can further legislate so that we can CON-
pletely destroy the loan business.
We now have one member OF the supreme
court. two judges are to be elected this
fall. and IL the fusion movement keeps UP
we win have a majority OF the court and
sustain any laws Endorsed by us.
You complain because men cannot borrow
money with which TO build houses. but
don't YOU think IL better Tor Us not To nave
the houses than to have the owners in
debt for them? YOU argument that the la
boring man would be employed in building
houses and other improvements. IT, money
could be borrowed. is not sound. The labor
ing man would rather be without work
and have his family without the necessa-
ries of life. than TO have a man borrow
money to put up a business block, give
him employment and then owe fer the
money borrowed The laboring men have
the interest of their fellow men at heart
and do not want them 10 go in debt TO a
loan company In order that the country
may be improved and that they may
prosper.
You say that several millions of dollars
would have been expended in this city
within the last year II IL had not been for
the acts of the last legislature. and that
millions would be expended in the next
few years In buying. improving. mortgage
ing and transferring real estate. and that
money would reach every avenue OF BUSH
ness and Seattle would he one OF the most
prosperous and busiest cities in the United
States and the acts Of the legislature are
the only things In the way Of our complete
prosperity. Admitting that all you say IS
true. yet II creates the debt To get the
money. and leaves debtors in the state.
You cannot argue around that point. The
laws are on the books and We propose 10
hold them there and stop building HOUSES
and business blocks on credit.
POPULIST.