State Offers Grace Period for Struggling Farmers
Facing the severe economic depression of 1893, the State Land Commission announces it will relax collection policies on land contracts to prevent mass foreclosures.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
In view of the disasters inflicted upon the farmers of this state by the severities of the past season and the existing money stringency, the state land commission has determined upon a most liberal policy respecting the payment of principal and interest on land contracts. The board realizes that a policy which would enforce payments in strict accordance with the letter of the law during a period so distressing would be inexpedient and unfeeling. On this account, the board has in no instance refused to grant extensions of time on the payment of installments due on contracts, or to reinstate such contracts as have been liable to forfeiture upon payment of delinquent principal and interest. The law provides for both extension and reinstatement on a proper showing, and the adversities of the times, the land commission considers as sufficient cause for favorable action. Many touching appeals have reached the office of the state land commission, which indicate the anxiety felt by land debtors. With these facts before them, the commissioners have resolved to practice the extreme of leniency under the law.
“Many touching appeals have reached the office of the state land commission, which indicate the anxiety felt by land debtors.”
During the 1893 Panic, the state was forced to choose between enforcing contracts and keeping families on their land—a precursor to modern discussions about mortgage relief and eviction moratoriums during economic crises.
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