The times. [volume] (Richmond, Va.) 1890-1903, 1900-08-26
IORRENS SYSTEM
TO REMEDY EVILS
Saves Cost TO Holders and Provides
New Uses.
PROPERTY, SOURCE OF CREDIT.
Trend of Modern Though, and Lc:is-
lation Towards Greater Free
dom In Alienation OF
Real Estate.
PROPERTY, SOURCE OF CREDIT,

s'This Is Dre-emnently a commercial age
Pm which the ends OF the earth are beng
Brought together by the enterprise OF nler-
chants and the whole world Is being civil
1i"Su and Chfstnnlzed through The ave
nues OF trade. Men have long s.nce earn
ed that business fiourishes and MAINTAINS
"a heaitAy growth only in those communi-
nies IN which it can be conducted freely
ano safely under just and equal laws In
aeuoai times lands were, in The language
ot the old writer's, holden either mediately
Or Immediately of the crown, and their
tenure involved the duties of feaIty and
homage. besides personal. military and
agricultural services 10 the lord OF the
aemesne: and lands We're inal.enable by
me tenant without the lords consent Il
LOOK ages TO shake off these feu5al
slack4es- and still the Inv of realty was
-. itsuiaeefed with heavy bonds from which
VI mas never gained perfect freedom.
FEuDAL SEVERITY.
In discussing this subject, that author of
e!esance and power. SIN William Back
ms oiii; says with an ar OF cnngFauiation
aeuGai severity is worn off: ana exper- ence
nath shown that property best answers
THE purposes OF civil life. especially in
commercial countries. when its transfer,
and circulation are totally free and unre-
Strained
The laws of prinloeenitlite and entail were
October. 177G. in The first year of the Com
monwea.th, and the former nine years
thereafter. N October, ltS5. 10 take effect
from January /. 1881; and the trend OF mod
eTn though and legislation has been steadily
towards greater freedom in the alienation
OF TeLl estate.
Yet there is much 10 be desired. and
ehe Torreps system offers a remedy for
nnany Of the evils under which owners
tof lands still labor. These evils not only
ka-,- abs 10 f-ar pf
estate but they become particularly bur
Gensome when it j. desired TO borrow
enoney upon such property; The expenses
both OF a sale and of a mortgage of real
estate being out of all proportion to the
costs of similar transactions with personal
property. in tn $ connection the writer
submits 3. quotation from a letter received
a few days ago hom q gentleman of
wide experience who IS well known in this
State and has worth!ly borne some Of the
highest honors in the gift Of our people.
in referring to the special report on the
ToTrens system made to the Virginia State
Bar Association al its recent meeting. and
also referring TO the able editorial on the
subject which appeared in this paper on
August ID, he says:
Il read with great interest your article
bn the Australian System Of Land Trans
fer and the comments of the IT mes on it.
at has always been a hobby OF mine. The
first Two transactions that fell upon me
after my fathers death We're 1st. to sell
$4,000 of certain bonds: and ID. TO buy
little lot costing $500. The first took
twenty minutes. the latter consumed nearly
three weeks: and the expenses of the two
Nere ahsurdly near being the same
LOANS ON real. ESTATE
This is a striking illustration OF what
Snany have experienced IN similar trans
notions. Ii the matter CT loans on real
estate, apart from the great delays. the
costs are so great that the large body of
the people who own small properties are
unable 10 borrow except al runous rates.
For instance. no man can afford TO Dor
TOW $500 real estate. # the money can
possibly h raised il any other way: and
IF he has no o,her means Of securing the
loan. It will cost him from twelve to four
teen per cent for enc year. This is dem
onstreied by the following table, which is
made up from figures Of actual costs Of
loans on real estate in this city. and pre-
sents a Conservative estimate Of minimum
and average charges:
Cost Of 500 inal on rEai estate:
Real estats asenS-brolkerage Per
cent -----------...- >" v'
ATTORNEYS fcaS-cxl animation of title 10 60