BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1901-12-10
SAN JUAN, DECEMBER 70
Editorial Comment.

According to advices received from
Washington last week an early effort will
be made to procure an amendment OF the
National Banking Law in favor Of Porto
Rico. The advices 60 on to state that tue
complaints from Porto Rico are becoming
too serious to be longer ignored, and that
loans can only be obtained by on the island
as have of 10 or IL per cent. This it Is
stated is more than is charged On trensac'
tions Of the same character and magnitude
in the poorest of the territories on the
mainland.
While there can be no doubt in the mind
of any merchant or planter desirious OF
negotiating a loan, that an amendment
of the National Banking Law would
admit of the free entrance of money
intoPorto Rico without the statutory rest.
Ilctions which are in force under the Nas-
ional Banking Law, it certainly must be
most patent to all students of government
and economy that there is some more an
gible and inherent reason why the price
asked loans on this island IS so high, and
why at these same prices o1 money 1t is
even difficult matter to negotiate loan on
the realty and machinery of our planters and
farmers. There is mater which IL ap.
pears would first of all have to be taken up
before an amendment of the National Bank-
ing Law would be of any use IN lowering
the price on money and making the negosia
tion of loans easier of accomplishment, and
that is the passage by our legislature of a
perfect public system of titles and realty
records.
Prior to the passage of the HOllander Law,
as SeSsments on this island In so far as
American investment concerns we're interest
ed were mass of chaos, and the real value
of a municipal revenue or income was as
unknown as life in lheN hereafter. I'm
mediately after the pass sge of the Il ve0ue
Law and the assessment of 9ll property
according to one general plan and on a
basis, of which common sense was the most
important Ingredient, interest in Porto
Rican property began to manifest itseli
among the capitalists of the s yates, and
with the assessment finished aud the system
in operation, the rush amongst bond invest
ment houses for the negotiation OF he San
Juan city loan gave uncontradc6able ey d
ence of the success OF the law, and the
necessity for further legislation which will
in the same manner make all property,
private as well as public, matters ct publ C
record, titles clean and not Overburdened,
and realty incumberances and transactions,
matters of public record to all those who
are Interested.
There is absolutely no doGbt thai 10 and
IL per cent. charges for loans ou this island
is exactly twice what it should be, and the
Por,o Rican planter who is compelled IN
order to live over a time of need, to pay
such an enormous rate OF interest, IS Ger
tainly in position where he needs the aid
and assistance Of mis- lnsuar legislature TO
prevent if possible condition of affairs
which abse .utely prevents him from negct-
iating loan at lower rate than twice that
charged anywhere 10 the Unlon.
With the amendment OF the National
Banking Law in favor of Porto Rico cur
legislature should pass a law cxeating
perfect system of records 10 iDsular realty, a
public Insular Registrar who suall put into
operation such system of records that any
private citizen oC this island could without
any difficulty whatsoever, or without being
compelled to secure the services OF notary
or attorney, find a complete list and copy of
deeds and mortgages, and every document
Of any description which in any way effecis
perty and income is to-day as result of the
Revenue Law, matter of such pnblie
record and positive information aud figures,
that any person who should desire TO lnves,
his money in municipal bonds can without
any difficulty whatsoever, without even the
necessity of coming to Por.o r co. ascertain
just how much money municipality can
afiord to borrow, what the prospsc's are of
repayment, and what the real value OF the
municipal revenues are.
1.-The result Of this has been that San Juan
has received as good price on her bonds
as any citizen Of lie size in the United
States, and In fact better than many, and
the other towns which are now about to
negotiate loans are receiving bids from ali
over the States at rates which are yer3
favorable, and far from being e1orbitant.
In the same manner when the record of
private property becomes 20 clear and legi.
bic to prospective investors that they On
without difficulty ascertain the real value OF
private holdings and the security Il title,
the people Of Porto Rico would upon the
amendment of the National Banking Law
be in position not to ask fayors bur to de-
mand them, and the loan brokers of the
Union, would come here seeking investment
ct rates sChich are far below those now beng
dem nded BY our lnsular Banking insttu
tioDs
B tore Banking legislation looking to.
wards the opening up Of the loan market
In this island eau be Of any benefit to the
pr perry holder aud the planter, good
laid registration nc. must be passed, fonnd
ed upon some system, the vslue Of which
Il -