The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-04-24
The Torrens System.
News and Courier.

h Wal street Journal. one of the
leading business newspapers of Amer
lea. Is convinced that modern ciyiliza-
ton demands Torrens methods and
Torrens legislation" Land, II says. Is
n fundamental of wealth: and be-
cause this Is true the history of the
human race Is the history OF a struggle
on n part OF mankind to protect land
and TO assure possession OF II for him.
self N for his descendants. As civ
ilization has become more complex.
and as delays In business actions have
become In consequence costlier, the
cumbersomeness OF the old methods OF
establishing tand transferring titles has
grown increasingly burdensome. The
demand for n simple system existed
even before Sir Robert Torrens evolv-
cd that which bears his name. The
spread OF the Torrens system has been
due to a recognition OF its practical
biiity. IL cuts the Gordian knots OF
land Jurisprudence and furnishes n
trenchant instrument. which after its
use as a weapon. can be tn, ned into
the ploughshare OF modern economic
life"
The reasons which have led this
able financial journal to such a conclu-
sion are set forth In a series OF sixteen
a%rticles the last Of which has Just ap-
peared. In these articles the history
OF Torrens land registration acts Is re-
wed, the workings Of the system In
tuel operation are. discussed. tho OBJ
stions legal and otherwise. which
80 been raised against II are consid-
vred. a reading OK these articles Is
convincing. The opposition to the
1orrens system. nm opposition founded
Argely upon self-interest of title COM
pi,nies and owing such successes as IL
a achieved. to the ignorance of the
public. Is crumbling. II cannot pros
per indefinitely. The Torrens system
has proved its benefits. 1t has been
put To the test under the most diverse
conditions and has established It's
probability and It's advantages. These
are obvious. 1T abolishes endless
fees. IL eliminates repeated examina-
tons OF titles. IL reduces records
enormously. IL instantly reveals own
ership. Ii protects against encum-
berances not noted on the Torrens GER
uhcate. IL makes fraud almost i'm ,
possible. IL assures. 1t keeps up the
system without adding TO the burden
OF taxation. The benenciaries OF the
system pay the fees. 1t eliminates
tax titles IL furnishes state title in
surance. II makes possible the trans
fer Of titles or OF loans within the
compass OF hours instead of a matter
OF days and weeks. Transfer and reg
~istration can be reduced to ST."
This last claim for the Torrens sys-
tenn. that II makes possible the trans
fer OF loans easily and promptly.
should prove an especially effective ar
gument for IL In this section OF the
United States. The new banking laws
are far more liberal as to land loans
tina those which formerly prevailed
In this country. But under the pres.
ent complex and unsafe system OF es
tablishins and maintaining titles those
who have money to lend are not eager
to accept land as security. The Tor
rens system would not only make
possible for the poor man "a simple
and cheap transfer OF his property"
but. says the Wall Street Journal. 1T
Will reduce the mortgage situation To
n OF cheapness and one OF speed.
Banks will not refuse mortgages nor
will they charge 5 and 6 per cent for
loans on mortgages instead Of 4 To 5
per cent for loans on securities. The
fault Is the difficulty OF the title OK
animation. the search. time. expense.
and uncertainty OF the present sys-
tenn. when policies are simpliAed.
whon. as in fire insurance. they are
standardized. when they are transfer
able and when they are cheap there
will come "A change In the realty sit
uation and hardly before. This 4.
what the Torrcns system will accom-
plish.'
Those who block the adoption OF
the Torrcns system are largely re.
spOnsiblc for the fact that loans cost
So much In the South. There is No
good reason why the rate yon money
II IL In many other places except tina
lind. which forms tho basis Of our So,
Curity. cannot be transferred In this