The Caucasian. (Clinton, N.C.) 188?-1913, 1912-09-26


legislation which deserves the farm
er's attention, consideration and sup
port.
II For the Torrens System of |
-egistration TO supercede the present |
antiQuated system OF recording land
titles
~ That State banks be especial |
r. created to loan money on farm
lands at the legal rate 10 enable the
farmer to obtain money to purchase I,
his supplies or TO improve his prop
erty. if desired; thus relieving him
OF the present expensive method of
obtaining credit by the crop lien.
~ For the building by the State
Of a system Of State roads, circum-
venting the State, and interconnect-
ing so as TO relieve the isolation of
farm life. bring into closer communi-
cation the farm with the city and to
reduce the cost of hauling crops TO
adjacent markets.
| cannot explain better the Torrens
system than by quoting the platform
at length. 1t is as follows:
''RcgiStratiOn LaWS-TOrrens System
go Our registration system is an
tiquated. We favor the adoption of
the TOrrcns System. The State should
undertake a State survey of its terri
tory on lines by which all titles may
be- ultimately conveyed. The Torrens
system means that the owner of the
land, at his option, submits his title
To examination; the State corrects all
defects, if any, guarantees the title
and possession, and issues to the
owner certificate which certifes it's
title. \ duplicate of the certificate is
retained at the registers office, and
on the transfer of the property the
certificate is surrendered to the reg
lister, cancelled, and new certificate
issued to the purchaser. The land
cannot be conveyed afterwards except
by a surrender of the certificate.
Temporary loans can be made by at
taching this certificate to note,
since, without the possession of the
certificate, the owner could not part
with the property, in the same man
neT as stock certificates of corpora
tons are used as collateral. The
State in the first instance collects a
small percentage on the tax valua-
ton, which is paid in a fund to pro-
tect its guaranty. This system would
bring land into an active market as
collateral, facilitate transfers, add to
land values, and enable small loans
to be made, without the expense of
legal examination and the drawing
OF deeds. If necessary, we favor a
constitutional amendment to make
this system permanent and effective
in this State"
This system of registration is not
an experiment. 1t originated with
Judge Torrens, of Australia, the au-
thor of the Australian ballot, and has
been in effect for years in that coun-
try. 1t has been adopted in several
OF the States of this Union in more
or less modified form. If the State
were to put it into effect in North
Carolina, aside from the simplifica.
ton in the transfer of property, il
would contribute immensely to the
settlement and perfection of land tt
ties. To-day, the owner of a share
of stock in railroads or corporations
can attach it to his note and borrow
The lender knows that he canno
transfer the stock without the sur
render and cancellation Of the Ger
tificate The merchants go to theil
banks, offer security, whether IL
bonds or stocks, or perhaps cro1
liens, attach them to their note
which is passed to their credit, ant
then check against the deposit. TIL
farmer has no such advantage, un
less he may be the owner of stock
or bonds. He cannot use his land il
this manner. The National bank
are not permitted to loan on real es
tate. If person owning either hom'
or farm borrows thereon, he mus
have his attorney draw a mortgag
and pay all registration fees, Otter
commission, and generally on small
loans, after paying the charges, he i
borrowing at a very excessive rate o
interest. Under this proposed sys
TEN, he would deposit his certificat
of title as security to his note, whic1
the lender would know he could no
convey without surrendering the eel
tifcate at the registers office, and
therefore, as the lender holds tn
certificates, he would feel secure.
l believe that no one law could b
passed that in effect would be G
more paramount benefit to. the owl
ers of real estate in North Carolin
IMAM the adoption of this system c
land transfers. The Progressive pal
" stands for it. 1t is one of tn
several measures that it is seeking
engraft upon the legislation of tn
State.
Farmers Banks.
We have in this State platform il