The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-01-14
Farm Mortgages,

Invested capital is always sensitive, and In
times like the present perhaps unreasonably
so. Wise men have been sometimes deceiv-
ed. and SECURITIES deemed entirely secure
have failed. The change of values in many
kinds of property have thus affected all kinds,
until even the best comes within the shadow.
The attempt occasionally made to suggest
discrimination, and find reasons for encour-
agement, have usually missed the mark; till
there has seemed to be no resources left save
in the patience that conquers all things.
Nevertheless, while something of the sud-
posed value of very good securities has disap-
peared, there is not the slightest reason for
general distrust, least of all for distrust of
those which are based upon solid property.
Good land under proper cultivation always
holds its own. Its inherent value is perma-
nent; and its returns are as certain as the
order of the seasons. Mortgages on cultivat-
ed farms are at the head of the list, or very
nearlyso. Where these investments are in
diligently made, it is practically impossible
that they should fail and there have been no
failures. In cities and towns the value of
real property is more or less speculative. 1t
depends upon many considerations, and is
exposed to accidents, OF which some of our
cities have had melancholy experience. But
good farm under suitable management is as
good as gold, and as indestructible, As Sec
urity it is little disturbed by accidents and the
varying fortunes Of the commercial world as
anything material can be.
This confidence is abundantly justified by
experience. Where investments have been
made in farm mortgages, within clearly de-
fined limits, and according to rules tested and
approved in practice, there have been no los
ses. Mortgage banking. as practiced In
Germany, has been deemed the safest and
most productive in the world. Many insti-
buttons of this kind have been long in exis-
tence. Their bonds are always good.
Panics, wars, revolutions, have not disturbed
them. The principle of these Institution is
comparatively little known in this country
but, sol far as it has been introduced and fol-
lowed, it has been entirely successful, and has
been attended with every guarantee against
loss which is possible in the nature of things.
The silver agitation, of course, affects all
investments for the time unfavorably. Lend
ers will not lend in the face of prevailing I'M
certainty as to the medium in which they
will be paid. Borrowers, however good their
security, of course find it difficult to borrow
for the same reason. If the Bland bill should
be defeated, as there is the best reasons for
believing it will be,-or passed with am
mendments substantially equalizing the two
measures of value, that embarrassment would
| be removed. But uncertainty as to the
| future is fatal to good credit. Plague, pesti-
lence and famine cannot be more damaging,
| Every owner of farm who wishes to extend
his operations, and can do so proitably, has
reason to pray for the best currency OF the
world, and for laws that will make it impos.
sible to debace it, With such currency es-
tablishod the borrower can borrow on the
best terms, and pay with the least difficulty.
Boston Advertiser.