Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-10-15
ADVANTAGE OF ToRRENs sYsTEi
It Will Put Land Owner on a Par With
Other Borrowers.

registering land titles virtually max
ing real estate as quickly available as
any other gilt-edged security and with
as little expense, will put the farmer
on a parity with the city man with his
stocks and bonds and do as much as
any measure I know Of to help far
mer In time Of distress.
It will help put his business, when
sore pressed, upon a cash basis, there
by getting him out Of the clutches of
those human vampires" the time
Time business Is one of the real
curses Of the south today, not only
from the exorbitant rate Of interest
charged, but from the very manner
and the time the payments are made.
reason for this, however, just a Gus
tom, and a very costly one. Great
quantities Of distressed cotton are
thrown on the market at this time to
meet these exorbitant charges, and
down goes the price by sheer weight
of receipts.
The Torrens system Of land regis
tration by making the small land own
er's asset, (real estate) quickly avail
able, will mitigate this evil by ena-
bling him to obtain a cash loan as
cheaply as an owner of stocks and
bonds.
A Good Illustration.
For example, here are two men, A
and b. A is an owner Of stocks and
bonds. B Is an owner Of real estate.
Each desires to borrow 800. Under
present conditions they walk into a
bank. Says A to the president, II
wish to borrow $100."
"All right, Mr.. A, what Is your Sc
curity?"
IT have" says A, $500 in county
bonds which will place up as col
lateral security"
A places up the collateral, gives his
note or 500, six per cent is deducted,
and he walks out with $s4 In his pock-
ct.
How about B? B, the land owner
walks up and says, Mr.. President, ]
too wish to borrow $780,"
"All right, Mr.. B. What Is your
security?"
IT have here" says B, "a deed for
a piece Of land that Is worth $1,000
and there is not a scratch Of a pen
against it and the title is good"
"Mr. B." says the president, 1--WE
have the money to lend and no doubt
your title Is all right, but according to
our rule you will have to go over and
get Mr.. c, our lawyer, to examine the
title and If found good, have q mort
gage deed drawn up, signed by your
self and wife, and register, and then
come back and we can let you have
the money all right.
B pays C $5 for examining the title,
writing the mortgage, ETC., so cents to
clerk Of court for wife's privy ex-
animation and $1.25 for registration,
making $6.75 and then walks into the
bank and has still six per cent de-
Quoted from the face Of the note,
making in all $12.75.
Thus, A with stock and bonds as
collateral security gave the banker
his note for 800 and put $s4 in his
pocket. B, the owner Of real estate,
the most imperishable security on
earth, gave his note for 500 and only
pocketed $87.25. And If perchance 1t
should happen to have been national
bank, B could not have obtained
loan at all.
Putting tho Farmer on an Even Foot
ing.
This Is the present situation and
one under which the farmer has Ia
bored from time immemorial. Now.
the Torrens land system would cor
rect this evil. The land owner by
paying a small fee could have the title
to his land examined by state author
ity, and If found good, 1t would be so
registered and the certificate OF reg
istration would be issued to the owner
thereof, guaranteeing 1t forever. Then
when the owner wishes to obtain a
loan, this certificate Of registration
could be used as collateral security
pretty much in the same way as
certificate of stock would be or any
other gilt-edge security. Then, B, the
owner Of real estate so registered,
could give his note for, say 500 Sc
cured by the certificate Of registration
and put $94 in his pocket and not $87.-
25 or less as under the old way; and
more than this, would save his face,
for, right or wrong, a man who gives
a mortgage upon his real estate, 1t
makes no difference how we'll he may
have invested the proceeds, is gener-
ally looked upon as a man going down
hill and his financial standing In the
community Is hurt.
These, however, are only few OF
the many good features about it. The
act should pass the next general as
sembly in every southern state, and