The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-02-10
CITY OFFICIAL PAPER.
SEATTLE. THURSDAY, FEB. 10.
pIDLIcITY THE best REMEDY.

PUBLICITY THE BEST REMEDY.
A correspondent Of the Post-fnteili~
gencer. whose letter 1t h unnecessary
10 publish. takes the paper to task fer
publishing the fact that the mortgage
law of this state discourages the lend
ing OF money and prevents the con-
struction OF buildings by any except
2 those who have the cash. lie says:
Your paper oirculates IN every state
In the Union and in the money ccnters.
as well as In foreign countries. and by
your publications ana the letters men
TONED you are calling the attention of
the whole world 10 the vicious and uu-
wise legislation placed upon the statute
by the last legislature. and capital viii
be withheld from the state. II you had
not agitated the matter. the loan COM
paaies and moneyed men, together
with the laborers. would never have
learned of the vicious legislation until
too late for them to withdraw their
money ana labor from the improve
: ments in the state
This Is not our view OF the duty Of
a newspaper. Our correspondent makes
the egFegious mistake OF supposing
that men who have money 10 lend do
not inquire into the character of the
security they are to receive. The law
In question has been on the statute
book for year, and this paper has
been practically silent on the subject
until the conditions have become most
terests OF the foreign. money lender: he
Is quite -asir 10 take care OF himself.
Even If the property owner who desires
to improve his property is not worth
considering. would IL not be a heartless
policy 10 permit iaboring men. Who are
not SO familiar with laws and their ef
fects. TO be silent and permit them 10
risk losing pay for their work:
The only way to insure repeal Of the
the disadvantage IT entails upon them.
THIS we propose II do, and If any man
has aught To say in defense of the law.
the reasonable use of these columns IS
rendered "a him, We shall take occa-
sion 10 remind the citizens Of this state
OF the mischievous consequences of the
statute. Ia Pursuance OF that purpose
we repeat that under this law. even
after judgment is obtained the prop
ersy cannot be sold FOR one year. ana II
II Is indivisible thc owner has one year
To rcdeen attcv that time. and during
that time ~ need not pay taxes or for
any Improvement upon the property.
II the property Is divlsible il cannot he
sold for one year. and then it must ba
seld FOR ~ per cent. of the appraised
. value. and no company or individual
VIII ever loan meney upon property
where possession cannot To- obtained for
nsore than oue year after foreclosure.
where The property has e. h. purchased
at 50 per cent If IFS appraised value.
= hut even n the money couldsbe had
iaborers VIII hesitate about worklng
upon buildings since they have learned
that their lien cannot be- fos,cloaed for
al least three months. and then no sale
g 81 the property San be made FOR one
year afterwards. and the Judgment
debtor woald have a year after the sale.
II II Is lndivis,hle property. ~ possess
sion and Tor redemption. Il Is scare,t,.
soo much L. SAY tia; ali th,. good laws
PASSED prior 90 the advent uf the Popu.
lists Tor the prompt enforcement = mo-
ehanicS' Hen upoa buildings are ~en-
aered absolutely worthless as tb.. .,S,
of foreclosure ana sa}e. vh}.h v-ia havs
a. - advanced. N3u amount in moss
eases 80 more THAN laooyer ce.lld ~.
ford and perhaps e. ,uore Than tire lien
Is worth. Material men Viii ret al
vance money u hay material ~ f,.t
snIo buildings Vhe~e IL wgI take from
a year ana halg g. thres years IA s.,
she money back even il az that tim IA
can be recovered,
Our correspondent says; IL is a.
Ways eest WHERE sath mistakes haxs
lsen maae hy the pteg'c = the stats
Il ceneeal ste mistakes as ,saeh as pos
sle1e and aot les shc outside uas.a knaw