The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-02-18
WEDNESDAY. FEBRUARY is, 1908.
THE TORRENs SYSTEM.

the TorrenS Land REGISTRY SysIeih.
yirginians are q little slow to make ex-
periments or to depart from the tradi-
lions but we feel sure that II the own
ets Of land generally understood the
great advantage of this system there
would be a popular demand for the pas
sage Of Senator Mc1lwaine' bill 1t is
to be observed and the fact should be
emphasized, that this bill does not re-
Qulre any man to register his land; 1t
simply gives him the option of doing
SO. Therefore, those who do not care
to take advantage OF the proposed act
Nose who DO. The only possible objec-
lion we can see to the bill Is that 1t
L Will impose, for the time being, some
additional cost upon the State, but 1t will
be Insignificant, and in time as the eX-
perience of other States shows, this sys-
tenn will be III fact a revenue producer.
1t Is not our purpose Just here to go
into details, for the question has been
discussed so often that people should be
Familiar with it by this time, but it
may be said in general terms that under
this bill, If it should become law
owners of land would have the privi-
lege of clearing UP their titles and hay
Ing them registered and receiving court
certificate that the titles hre good. Every
caution will be taken to establish the
little beyond dispute, but In order to pro-
pide against any possible contingency.
q guarantee fund'is created. and this will
be used to indemnify any who may lose
by the operation of the law. 1t may
be stated Just here, however, that in
Australia, according to information re-
ceIved direct, out of nearly two million
transactions there was only one case in
dispute. ,.si,s-,.
The advantage of the measure is that
III measure it converts dead capital
into active and available capital. Under
this system a man can use his land GER
tificate almost, exactly as he now uses
hts stocks and bonds. to borrow money
ut bank, and the transaction can be
made without the 'clrcu1nlocution" OF
law. and without; publicity. If certifl-
caste is bankable-and in the majority of
able-the transaction at bank would be
the same as in the case of stocks and
bonds used as collateral
Some wonder why 1t is that investors
IN these days prefer securities, which
yield low rate of interest to real es-
tate, which Yields a larger revenue ac-
cording to the Investment. but the rea-
son Is not hard to find. A man may
use his stocks and bonds practically
as so much money in hand whereas
his land assets are as SO much dead
capital. It he wants to borrow on his
stocks and bdhds, the transaction is per-
fectly simple and without publicity, and
without Fees whereas in the case Of
landed loans lie must go through with
a. tedious and expensive process of law
and must make the transaction pub
Tic.
II owners oflnnd throughout the State
would only come forward and secure tho
passage of the McIlwane bill. they would
find it to be great convenience to them
selves and they would find. in many IN
stances. certainly, a decided increase In
value OF their realty. Many prominent
citizens OF Richmond, who have given
tho subject study. are thoroughly salts.
fied that II would BIO splendid thing
Tor Virginia to have such law, and
they will do all in their power to secure
the passage Of tho bill. we wish that
tho newspapers OF the State would all
take this matter UP and discuss 1t. MANY
or them have already done so, and. so
far as we can recall, not a single con-
temporary has shown any opposition
to It.
The slo.ooo,ooo which John D, Rockcfel-
Ter is said to have dropped in Wall Street
recently may not necessitate a further
ADVANCE in the price of kerosene, but it
/ Is more than probable that some such
effect will be noticeable.
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