Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1914-08-04
200 ACRE EXEMPTION LAW
n HlNDhANCE TO VALLEY
To The Herald:

During the past year. ! have known
AZ least = dozen wcll-to-d do men from
the north. who wished "a invest and
move % this region ~ the country. but
decided not a. do 80 upon finding a
that they could not borrow money upon
land here if their holdings did mo-;
amount TO over two hundred acres. The
man. who was putting nearly sSn.oOO
into n trade. and was here 10 take pOSSrs-
: on with the deeds already made out.
went back 10 continue business under
ordinary methods Of credit. when hc
found out he could not borrow a cent on
al this Investment.
In nearly all the civilized world except
Texas. loans when needed are placed on
land up 10 one half lis actual selling
value. IT a man has n farm worth So
600 he can borrow $4,000 on it. and tluS
IN a way that much more wealth has
been created and put into use. Laws arc
usually provided whereby the borrow
or canno be deprived Of everything. e.
pccially the women and children who
may tall heir 10 his estate.
Texas. on tke other hand. DESTROYS 4
large part Of lis agricultural resources
by SHIFTING ont the natural credit that
The land carries with IL. When land was
worth not over so per acre. the law
was fitting. Now that land here II 500
per acre ar more. 50 far AZ credit " con-
ccrncd. il is like %throWin. a sack full If
gold into the bottom " p deep we'll. with
no way 10 pet II ont. Nou can look on.
but yon cannot get ant use uut at ID. |
shall briefly point out some of the #
fcctS ~ such Il law.
First Mortgage on personal proper
~ and cropS. Mns told h, IA native
Texan that nearly every mule. hog and
chicken Ia thr State II mortgagcd. Not
hrins able a. borrow On land. the, bur
row ~ The things that are absolutely
nctcs sarv "a make the land produce ANY
thing ~ all.
Second Loans merely on personal
confidence. there being no legal way u
collect IN This hcectS a spirit III patron
.sile an one side and of Subsrrvicnrv ON
ih' o.hcr. that after five wears resi
d'n"c. ! have not ceased "a wonder IA
yet.
Third Subtcrfuee and deceit. Loans
rrc made ~ pretended sales. This makes
i4i rickingS for the lawyers. but j. death
f. good banking methods and To credit,
y" that one ncighhor can hclp another
and bc safe.
Fourth sales and pretended sales
bring ia Vendor lien notes. which can ~
collected H. against al exemption laws
IA this state. 80 that III the end ii i
purely = question n 10 the comparative
merits az TIE vendor lien note a. against
~" Ordinary mortgage on land.
which prevails in the civilized world
outside of Texas. One man writes. II
have lived IN Missouri. Kansas. Iowa
and North Dakota. and in an theS.
places. One can borrow money IN hi~
iahd FOR five wears. with \ ccrtainf,
that II viii then he renewed II desired
ms method - universal in those STATES
from which the men and none, II nov
widely known IN nh those states ono
man calls il 2 ''ut throat" method. H.
meant that L would be collected either
from the land Sold or from The other
possessions a the person giving the
note. u Is not 4 -eAt4,nmn'S nnrr,qnent.
w y what a master imposes npon i
slave on = thief rnon his victim
Then the annual payment method Of
these Vendor Lien notes does not inspirc
1n outsider with confidence thai the
land promoters here really beIie,e IL
'heir own land AZ 4 permanent invest
htent. One real estate man said. .Tbe
fonnirv Is fril If money that i Secsino
SAFE investment ia land. III vour land
sellers 'rwn thc-c viii show 81 The
terms they give that they really want
70 develop that country. and let il pay
Ter itself. their notes viii >oon have i
commercial value TINT they do NO. now
poSleSS. Every Time ] get "A man read,
10 70 down to v0nr country. h. meet
ny with some one who has been run out
there ~ 2 Vendor Lien notc pa1mrnt
mat h. could not meet. and the lilo i
mp
Inc drainage district bonds RIM Tor
y years, and sell readily. All long time
l~Ah!lheiTs on land that i worth Will,
\" the same Thousands Who are LONGING
ior our wonderful climate and soil are
neid back ny the financial considerations
enumerated above. Hundreds ALREADY
Hefe 10 not improve their land in a prr
mahcht manner Tor the same reasons
he Root NJ N an ~ The quantitativc
exemption from debt on land. With This
removed. ordinary loans could bc made
w elsewhere. and these abhnrrent Ven
sinr Lien notes IN ...f1 Zee rr