The weekly intelligencer., 1899-01-14
"wII.L THIS CATCH I'm

printed in your paper Of . previOu
issue. and has been Introduced In ih'
legislature Of this state with \ view Il
becoming law. In as much as
drafted the bill At the request Of onl
representative, Hon. Joseph Christy
and fully indOrse les provisions, deem
it proper to notice the criticisms Of Mr.
Wilson. Il Is necessary In the begin
ming that the provisions Of the bill
should be thoroughly understood, Ant
to that end give the draft OF the bill
in full;
An Act to Regulate the Assignment oi
any Note or Obligation 10 Pay
Money.
Be il enacted by the general assembly
of the state OF Missouri as follows:
SECTION /. That whenever 3 note
or obligation to pay money Is assigned
by the Payee or holder thereof, which
note OF obligation TO pay money Il
secured by . deed Of trust or mortgage
upon real or personal property, and
which mortgage or deed OF trust il
duly recorded IN the Office OF the
recorder Of deeds in any county in this
state, an entry shall be made on the
margin Of the record where such
mortgage or deed of trust is recorded
showing the date OF such assignment,
the name Of the assignee or the names
Of the assignees and the interest in the
debt secured which is 50 assigned.
SIC. ?. No assignment Of any note
or obligation to pay money which is
secured BY deed Of trust or mortgage
upon real or personal property and
duly recorded as contemplated in sec
tion one ~ of this at shall have any
validity or pass any title to the instru-
ment ~ assigned until the provisions
of said section one ~ are complied
with.
SEC. ). The presentation Of the
note or obligation TO pay money with
Ne assignment endorsed thereon desig.
mating the date Of such assignment,
the name Of the assignee or the names
Of the assignees and the interest In said
note or obligation assigned 10 the
recorder Of deeds In charge Of the
record where said deed Of trust OIL
mortgage rs recorded shall authorize
and it shall become the duty Of said
recorder OF deeds to make the entry
upon The margin Of the record eontem.
plated iu section one ~ Of this act.
4 SEC. 4. For making the entry upor
the record as contemplated by this act,
the recorder of deeds shall receive the
sum Of ten cents to be paid by ths
assignor or some person for him.
SIC. s. All acts and parts Of act
Inconsistent herewith are hereby er
pressly repealed.
ManIfestly the sole intention anS
purpose Of the law Is 10 enable the IA,
assessor TO assess large number o
negotiable instruments or notes winch
under existing laws, escape taxation.
This is The proposed new law Il
destroy the negotiability Of notes, upse
a Law that has been our statute lav
since the time 0f Queen Anne, and tha
vas lAw-merchant or custom Law 10
an unknown length Of time befor
that. " Mr.. Wilson's conclusion,
, think, ia not correct. The bill doe
not destroy or even impair the nego
! liability OF any instrument. 1t apple
/, solely TO such obligations TO pay none
as are serured By deeds Of trust |.
mortgage duly recorded etc., and on
requires the assignment which
endorsed on the note to be entere
upoz the record where such instrumei
is recorded.
:, think Mr.. Wilson Is IN error whs
be states that the laW-merchant b
been the rule Of action since the reie
Of Queen Anne. At no time has L
mercstoria or the law-merchant be-
i recognized code Of law Of gener
; application either in the realm
J, Great Britain or in this country.
e best it is but usage or custom amor
Is merchants and wares as to eommuniti
J or neighborhoods and varies a. 10 Il
:, necessities Of time and place. 1t b
o never received at any time the gener
u sanction Of even merchants in the
dealings With each other, and has neT
been recognized as q fKed and stat
= rule IN our system Of jurisprudence.
A Again, every statute Is declarato
or remedial Of the COMMON la
re Perhaps ninety per cent Of the statut
n Of Missouri abrogate some well esta
!. hshed feature Of the lex non scripta
accommodate the law 10 the needs
:. our civilization. Now, Dir. Wilso
like a great hllander sounds bis pi
rock TO summon the clausmen TO reI
IS this invasion upon the ancient laws
10 our land, and prevent the enactment
IN this new law which will, g be thinI
re drive large sums Of money from Il
re slate back TO the hated east.
le Mr.. Wilson employs the eharitat
re and ingenious argument SO often US
II by our gold bug friends, that (
or friends Of this measure are perfect
rs honest in their intentions but Ia
wisdom, and gives It rs his Opini
!. that neither money or obligation TO p
money should bs taxed At all.
a that be as It may, AL money a
4, Obligations to pay money are nnder t
- laws Of Missouri, subject to ta1atI
u Just the same as any ether things
a. value, and the owner Of such proper
! who makes the usual jurat 10 bis {
Lo list without noting such proper
:, therein, the Law declares 10 be gulI
10 Of perjury. To give his argument q
- force, Mr.. Wilson must 70 TO I
a legislature Of Missouri and have Il
oI body exempt money, notes and ben
. from taxation, and place them up
"a the free list. The only species
= property exempt from taxation
Missouri is the bonds OF the Init
Is States government, made 30 by act
be congress. The same is true, / thir
ey in every other state in the UNION, exc,
I'D institutions Of religion, educatic
It's charity, etc.
70. The state of Indiana has A i.w 40