This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ... CHAPTER IX CO-OPERATIVE MORTGAGE-CREDIT There is one form of credit, older than the time of Solon --who put his seisachtheia in force against it--and proclaiming its universal necessity by overspreading the whole civilised world with its heavy burden, which is so peculiarly suited to co-operative ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ... CHAPTER IX CO-OPERATIVE MORTGAGE-CREDIT There is one form of credit, older than the time of Solon --who put his seisachtheia in force against it--and proclaiming its universal necessity by overspreading the whole civilised world with its heavy burden, which is so peculiarly suited to co-operative methods, that what one has a right to wonder at is, not that in its co-operative form it has to day become as general as it is, but, on the contrary, that it has not been adopted everywhere. Dr. Felix Hecht, who is a special authority on the subject, puts the amount of more or less co-operative mortgage liability, outstanding in Europe in 1897, at more than 950,000,000. What the amount of old-fashioned non-co-operative debt was, standing by the side of it, he cannot of course estimate. What strikes one in looking over his list is, that there is not a line given in it to the United Kingdom, which, nevertheless, if we may accept the testimony of an Irish writer conversant with the subject, had in or about 1893 more than 900,000,000 * secured by mortgage upon its land. Mortgage-credit is at the present time one of the best discussed subjects of the day. Changes in the value of agricultural produce and in the yield of agricultural land have brought its burden painfully home. Oddly enough it is most discussed where, under the adoption of appropriate methods such as co-operation supplies, its pressure is steadily yielding; very much less so in countries, like our own, in which inconvenient and very costly methods, persistently adhered to, keep it at its * H. de F. Montgomery: --"The Organisation of Real Credit." old figure. In Germany, where statistics show that the burden of mortgage debt is not nearly as great as is habitually...
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