1893 - State Library Information Center

CO-OPERATIVE BUILDUP AND LOAN ASSOCIATIONS. 463, Now, if we are goicg to retain this side-track of fines^ we hadbetter lock the switch and throw away the key. "We might"reaaon" over this open switch one minute too long some day.A statute should make it " not to exceed two per centum on eachdollar in arrears." • It is now generally 120 per cent., sometimes.420 per centum!Speculation should be circumscribed. Associations should belimited, in purchasing real estate, to that upon which they mayhave mortgages, judgments, liens or other encumbrances, or inwhich they may have interests; should not be allowed to borrowto an amount in excess of one-fourth of their securely-investedcapital; should be allowed to lend to each other; should not betaxable under any law which exempts savings institutions ; accumulationsupon shares in local associations, to the amount of$1,000, should be exempt from seizure for debt, and foreign associations,under whatever name or guise, should be absolutelyprohibited.I would also suggest that the act entitled "A supplement to anact to secure to mechanics and others," etc., approved June 19th,1890, be amended to the effect of inserting on page 480, Laws of1890, line 15, between the words "thereof" and "and," thewords " or their heirs or assigns," and add to the penal, sectionas follows; "And if anyone procure or tender, or knowinglyjoin in making or tendering any such release by, with or throughmisrepresentation or fraud, his claim to the liability of such landsand buildings or lien thereon, and his rights hereuncler shall immediatelythereupon cease and be void, whether the contractshall have been filed in the county clerk's office or not."The first revision is to meet an often recurring contingency ofremoval, absence, sickness or death prior to and upon pay day.The addition to the penal section is to prevent the contractorfrom obtaining the signature and release of a mechanic or journeymanby promises, therewith collecting money from the ownerand withholding it from the mechanic or journeyman. Thepenalty of prosecution for perjury in the statute as it now standsis practically a dead letter. It is believed that the penalty proposedwill cut the tap root of the evil involved, more thoroughlyprotect the mechanic and laborer, mortgagee' and owner, andcompel a faithful compliance with the law, or induce a repeal of