The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1912-08-20
TORRENS SYSTEM MUCH
IA VORED BY LISTENERS
To Two Addresses in Court House Saturday-Henry
f.. Ltchford and J. C. Little, Two Raleigh Men, the
Only Speakers-System Endorsed by Gathering.

day in the court house by u very SOOd
cody Of farmers and merchants whoa
showed great interest in the addresses
by Henry +. Litchford and J. G. Lit
tie. both Of Raleigh. The result of
the meeting was an endorsement OF
the system ana an appeal TO the
representatives Of Wake to vote for
it.
There was disappointment in the
failur of Col. Il. II. Gotten. the in
PRODUCER OF the measure into the last
general assembly 70 arrive but he
was detained b. a primary IN his
county Of Pitt. Or. II. Q. Alexander,
president of the North Carolina
Farmers Union. and Or. j. NJ. Tenn
plcton, president Of the Wake county
union. We're also kept away. h ad-
dresses by Messrs. Litchford and Lit
tie quite covered the territory. They
made the program Just the
right length.
Many Question, Asked.
Both were asked many questions,
a sort Of interest that is unmistalIa-
Die. If those who were there agree
that the plan is good, they We're quite
strong enough to make the agitation
for Il saper, more convenient registry
system, amount to something.
The tueetin@ Yesterday was under
The direction of the local union known
'' ~ 90 ~ VI AiAC NtoNS' 'A|
tinet fr"In the college. Or. w. y.
WAIVERS of the chair of chemistry,
presided and stated the object Of the
meeting.
Or. WithaIs spoke briefly of the
system. He said thai he had observed
SUout $500 papers going through the
county offices. lie estimated the cost
IT registry at something like $4,000.
The present system is safe, ne S;tld.
'thuiIWE very en- nbrrSOInp and ii
WoUio he better to have it until we
Get something better
Dr. Withers traced the origin Of the
7Orrens system to Australia. the land
which gave this unit the AuStral-
lar ballot. He gave a brief history
OF the bill introduced in the legistla-
ture Of 1909 and said that. it came
near getting through the general as
Sembly through the work OF Col. +.
=. Gotten. of C~ottendale. The State
Bar association has seriously consid-
cred this proposition and it has
grown in sentiment rapidly.
Or. Nithers announced that there
would not be present some Of the
men who were to nave spoken. but
there would be several men, repre-
sentins various vocations. and he in
troduced Henry E. Litchford. banker.
MIR. LitchfOrd's Address
Mr.. Litchford began by showing the
SitdL SIOWIu VI Iuc COuHtIy. LEU
years ago, our investments represent
ed SAC, O00. 900; today they represent
an investment of $1,000 900. The
number of persons employed has
crown from $4,000 to $4,000 within
this period. Ten years ago there
were listed for taxation. lands repre-
senting a total of $167,O 900, 900: per-
grand total of s261,O00. 900. Today.
the total value of lands is 1901. 0OO,-
coo: personal property 1913, 600, 900:
making a total valuation Of $494,-
000. 900. representing an increase OF
s2~S3.0O0.00O. or approximately 100
per cent. This does not include val
ues Of bankstOck or railroads. These
represented a value of $39. 900. 900 ter
years ago. whereas today, they rep
resent a valuation of $138,00O,O 900, OF
ar increase of $99.O 900. 900"
Mr.. tchfO spoke of the farmers
needs and the wisdom of having him
as prosperous as possible. Eighty pei
cent Of the population is agricultural
IF four ffths Of US are in strin'
gent circumstances. the one fifth can.
not compensate for it," he said.
ILL RalanCed Conditions.
of all the classes of security re.
ouired by the banks.' Mr.. Litchfort
said. referring to the unchanged LAND
laws. none is more secure, none
obdDlC liz our greatest asset
real estate. And still, because OF tn
many difficulties surrounding it, i
is the SlOwest. the least available
Think OF it. the national banks of tn,
country. which represent SO many
millions of dollars of capital and re
sources. are absolutely prohibited
from lending money on real estate
nor are they permitted under the Law
TO acquire real estate except for pur
poses of providing themselves witt
banking houses! They are above,
TO buy in real estate to secure them
selves from losses on debts previous
~ Contracted but in such cases the
are required to dispose of such prop
erty as early as practicable"
The State banks. he declared ma
lend money on realty but no well
regulated one will risk much of i
assets this way. The reasons for tn
he showed to be the uncertainty the
attends every real estate deal.