The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1914-02-04
Rural Credits and the TOrrens Sys-
tom. '''t-

Rural Credits and the Torrens Sys-
| tom.
The general arguments in favor of
the Torrens system Of land registra-
| tion have been too frequently and too.
Widely Htated to require repetition
| here. While these arguments are alb
sOlutely conclusive in themselves and
| should long ago have availed to bring
about general adoption of the system,
the introduction simultaneously in
both chambers of congress last
Thursday OF bill looking to the
creation Of Il system Of rural credits,
and the practical certainty that this
bill possibly modified somewhat as
to details, will soon be enacted into
law, renders imperative the early in
| auguration Of the Torrens system of
registering land titles by any and
every state that hopes and desires to
get effective results from rural cred
its legislation.
what shall it profit u.s." as The
Progressive Farmer, of Raleigh, very
forccfully puts it, ''f somewhat
lower interest rate is obtained, or If
money for land loans is made more
easily available, if we then find that
titles are too doubtful TO be accepted
as collateral. or if the prohibtivc
cost OF examining a title every time
a loan is wanted, Keeps the farmer
from using the rura! credit system
SO laboriously wrought out for his
bencfit?"
That such a situation would obtain
in Virginia, if our present system Of
recording land titles is continued,
goes without saying. No person or
corporation will today loan money
on real estate secdrity in this state
without first having the title to the
real estate examined" and no agri-
cultural bank, after a rural credit
system has been put in operation,
would make loan without following
the same method OF procedure. In
such circumstances, the last state
of tie farmer SO far as ease and
promptncss in securing loans on his
land as collateral are concerned, would
be no better than the first. Even
where no insupcrablc difficulty in cs-
tablishing title should be experienced,
the necessary expense and delay at
taching to the securing Of n loan
would practically prohibit him from
thn &
system, on the contrary both the cost
and the time required for consumma-
ton Of the transaction would be min
imized, the certificate of registration,
with the state behind it, standing as
guarantee of the soundncss Of the
title and SO being as readily available
as collateral as a bond Of the state or
federal government would be.
Surely the legislators at Richmond,
who have so long and SO pcrsistcntly
turned a deaf car to all the other
arguments, altogether conclusive
though they were and are, in favor
OF the Torrcns system, will not fail
to recognize the added urgency which
the question now takes on and, rc2og-
nizing this urgency, will not fail ito
put the farmers OF Virginia, in po-
sition TO reap the maximum meas
urc Of benefit from the legislation
designed to chcapcn and facilitate the
securing Of money for the promotion
OF agricultural projects. 1t is a mat
ter in which all the interests in the
common wealth have a direct concern
for increased prosperity for the farm
cr must inevitably mean increased
| prosperity for the state at large
| Norfolk Nirginian-Pilot.