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

CITY OFFICIAL PAPER.
SEATTLE, THURSDAY, FEB.
THAT MORTGAGE LAW.

The Populist whose letter is 10 be
found In another column is permitted
20 express his views because IL IL best
that the public should know just how a
Populist reasons. IL he has discovered
that laboTing men would rather be Idle
than earn money borrowed by the en-
ployer. he has placed an entirely new
and entirely unnecessary virtue among
them. He evidently does not know that
half the money In the country labor
earns Is borrowed money.
When a contractor undertakes an ex-
tensiye piece of work, unless he Is a
millionaire or corporation. he usually
pledges his credit 10 capitalist or a
bank. borrows the money 10 pay for
pay until the work is completed. Not
10 per cent OF the business OF any com
mercial country Is done ON cash basis.
Most merchants do much of their bust
ness on credit. When they are able to
do without credit they become monopo-
lists. Ike Wanamaker. and help TO drive
the small trader out of business.
We have not complained Of the de-
fciency judgment law. because II has
some merit in Il: but we object TO some
features OF 1t as utterly Incompatible
with the best interests OF new COM
munity. Where property values are
well settled. as IN the old Eastern
states. IL might work well. but in coun-
try where a mere accident may destroy
values il is detriment. 1t becomes
a transaction. we repeat, In which IL
there Is an increase In value the hor-
rover Is to set the benefit OF IT, but IL
there Is a decrease in value the lender
must be the loser. The borrower loses
only what he borrowed. IL a contract
were made by which the borrower were
10 agree 10 share the loss. provided ne
were To share in the profits. IL would
be another matter. Insurance is based
on this theory. II house burns down
the insurer bears the loss. bat II II do
not burn down he gets the premium.
Under our law now a man can borrow,
detefiorates In value and the house suf-
fers by usage and the elements The
borrower car for Two years refuse to gay
interest or taxes. or pay for repairs. or
pay rent lie con- put the mortgage to
20 much expense IN litigation that when
he gets posssssicn ofsthe property it has
cost him more than iss entire value,
This has happened frequently In this
and other Western states.
It Is not the interest of the borrower.
hewever. we are entirely considering.
No man horrows money unless he thinks
he can make more than the interest by
the use o. IL. There Is scarcely q maaa
In average circumstances who has not
at times calculated that II he could only
borrow Some money he could make far
more than the interest. Al the lender
asks is that II he leads his money
he shalt set Il hack with some eonsid-
GRAFTON as g rental for rs use. Under
eur ,ew new. the lender would be
compelled 60 take u risk which ne does
not care TO take. II he ala. he would
SO into The business for himself and So
cure all the prospective profits.
This brings us 70 that part 81 car cor
respondents letter Wherein he SAYS Il
would b. lawful IN retnrn sold with Sill
: yer. Notwithstanding NJ express agree
nsens that goid snoala - rstnvrea In
xofd. u Is . wise fsT,slSlon. perhaps.
because Il saves dispute. that In the alb.
senee AZ written agreement sega, nssrt
shah be made IN any lawful money. II
Is IKE she law which says that ia the
absence az arg agreement thc rate az
interest shall ~ that established ny
law.
eut this Is eniy playing with the sab
jest. The lender avoids ali tAe trouble
fss rssassss II lsna his money the har-
RIVER sannet Improve hss property. o.
extend his business. labor Is deprived 4
employment, ara ensernrsse which
would assns blessings - a community
Is kept ssasn.nt- No las caa make a
man tasrow money u BE does net vant