Arizona republican., 1913-07-19

ate land banks could be relied upon ! or the national land bank could care for that particular locality.
 From the study which the American ! Commission is making of these mort gage systems several things are ap-
 parent. In the first place 1t will be necessary to secure comparatively uni form legislation in all of the states l controlling these mortgage institutions
 It is not necessary that the institutions of the different states should be alike 1 in every detail, but the control ex- erclsed over them by the state gov ernments, and the value represented | by their 6ebentures should be the same In other words when an investor is
 to buy state mortgage debenture ne should feel equally safe in buy Ing one of an institution in Oregon
 or in New York or Florida If this
 Is not done, the investors will have
 to familiarize themselves with the diff
 1erent debentures of forty-eight states
 and indescribable confusion will result
 that will destroy the market for the
 bonds. The influence of national
 land bank could help in this question
 materially since it could agree to ac-
 ceDt only the debentures of those
 states which conformed to certain safe
 regulations in the control of their
 mortgage institutions. In this way
 any state which did not have proper
 laws would be denied an international market and would receive sorno mighty bad advertising in the bargain.
 Also some of the state legislation
 affecting the rights of mortgagors to 1 redeem their property a certain 1enqtb ! or time after action has been taken against them would have to be re- formed No land mortgage institution | can successfully conduct its business IT It IS to be hampered by such laws. | me Credit Foncter and the German Landschaften are given the right 10 1 proceed summarily against landowners Who violate their contracts. This does not Tn reality work any hardship dSaIhst farmers. As things stand now the American farmer is liable to fore closure at any time that he fails to renew his mortgage or to meet a pav- ineht of the entire principal. Under the system proposed, such foreclosure would be eliminated entirely. A farm CT would only have to meet his small annual payments and he would be 5ate forever from foreclosure. Only
 m the event that he allowed his farm -hrough neglect or bad management to SO decline in value that it ceased to
 4N~IIO SCCuIlly Tor the loan could the mortgage bank proceed against him. It is only fair to the company that since this latitude is allowed the farmer, the companv 'houId have the right when 1t is nec- essary to dispossess a mortgagor to 10 so without the laws delays" This privilege has been given the mortgage ( institutions of all of the European I ,ouhtrles and the farmers have not I uffered but. on the contrary. have ( 'een Infinitely safer in the possessio- l # their land than are the American l armers under the system prevailing 1 n the United States today- a
 Such is the system that has helped f ne FrencL farmers to the extraor- c mary development of their lands which is the secret of the wealth of s
 rance today. The need for some l, uch system in the United States is b V1dent- It would be of benefit to & ne farmers, to the consumers. to the i, ation at large. There is no theory if the undertaking. All that is needed g adequate legislation, proper organ if 'at1on, and the popular support of &, 1e American people. .
 In the fall of every year we wit p ess the spectacle of the west clam e ring for funds to move the crops. c,