what is our true policy is it herein considered

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Seite 5 - I have but one lamp by which my feet are guided, and that is the lamp of experience. I know of no way of judging of the future but by the past.
Seite 26 - Give a man the secure possession of a bleak rock, and he will turn it into a garden ; give him a nine years' lease of a garden, and he will convert it into a desert.
Seite 13 - The mortgages there were divided into shares, and the documents which conferred the right to those shares were very generally in use as investments by all classes, and were found very convenient, and increased very much the facilities of mortgaging land for its value. They also increased the value of land.
Seite 12 - Land debentures effectually establish the ere. dit of every owner of real property, inasmuch as he is enabled by their instrumentality to command a certain sum of ready money in proportion to the value of his estate. And while, on the one hand, the proprietor is free from the annoyance of having any loan on his estate suddenly called in, on the other hand the capitalist need not be paid off against his will. Every owner of property is thereby furnished with means of improving his estate, and paying...
Seite 21 - ... rates were always high as compared with interest rates at the North. " Every person familiar with the condition of trade in the Southwest," wrote a Southerner, " knows what an enormous tax is levied by factors on planters for the advances made the latter. Ten, twelve, fifteen or more per cent. are the common rates of interest charged for these loans. Besides, the planter is placed completely in the power of the factor. The crop is often sold to satisfy the exigencies of the latter's situation....
Seite 21 - ... interest on these loans varied considerably, according to the commercial integrity of the borrower, the fertility of the land, etc., but the rates were always high as compared with interest rates at the North. " Every person familiar with the condition of trade in the Southwest," wrote a Southerner, " knows what an enormous tax is levied by factors on planters for the advances made the latter. Ten, twelve, fifteen or more per cent. are the common rates of interest charged for these loans. Besides,...
Seite 13 - In Germany one of the safest and most usual investments for small sums is a kind of land debenture. The mortgages there were divided into shares, and the documents which conferred the right to those shares were very generally in use as investments by all classes, and were found very convenient, and increased very much the facilities of mortgaging land for its value.
Seite 13 - The advantageous rates of interest, combined with, the security which many undertakings offered, also materially affected the land credit of the country, because persons who had money to dispose of found it advantageous to invest in railway debentures or to embark in foreign, colonial or Indian loans. All these circumstances...
Seite 14 - I have it from very high authority that if there is any prior charge upon the estate, even ordinary small family charges, the difficulty of effecting a mortgage or borrowing money upon the security of the estate is enormous.
Seite 13 - House to extend the credit of personal property and to facilitate the sale and transfer of securities affecting personal estate; there...

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