Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-08-07
T" Does Farming Payrv

answer Tor nllllSell DuU, III we are 10 JuuBe
by the talk of the farmers we meet, the out
look is dull for farmers out of debt, and
squally for those who are owing much on
farms bought at prices current five or six
years ago, A very few years must see great
changes in the ownership of property among
us, unless an improvement that few feel
justified in looking for is to take place in the
prices of such farm products as are grown in
our state.
The chief source of comfort TO those of
us not heavily encountered with debt is the
outlook over other branches of business in
the country. Somewhat cramped as we may
be in money matters, we can look out over
the scene with feeling of safety akin to
that of the dweler on the sea-shore, who in
great storm sees noble ships laundering
in the deep, or dashed to pieces upon the
rocky coast. Yet no one with heart in his
bosom can feel otherwise than deeply sad
dened to see so many fine prospects clouded,
so many families reduced to want, so many
honorable names blighted and ruined in the
great commercial storm that has ragged and
still RACES around us.
But what of the far too large number of
us who are so loaded with debt CONTRACTED
in good hope during better times) that in
the fate of the mercantile community they
see their own prefgured Shaken over
hell p to use the startling figure of a great
revivalist; how many of us go to their beds
full of gloomy thoughts, and wake Gf they
Sleep with hearts sorely burdened and al
most devoid of hope. What are these heav-
lily weighted farmers to do p? Must they
continue hopeless struggle, the only benefit
of which must accrue to the money-lender
whose slaves they have become, or shall they
shake off the burden by getting even bank
ruptcy as a welcome relief
Each one must of course decide this ques
ton for himself. Many will toll on, even
hopeless as they are, rather than give up
their homes a day sooner than they must
We know of those with farms mortgaged at
more than they will sell for, to secure loans
which have run at usurious interest so long
that the interest alone that has been paid
is more than the value of the land The
mortgages know that they cannot realize
their claim from the property by sale. There
are more than thirty farmers within six
miles of where we write that are in this
condition, and they show it to the passer-by
in the appearance of the fences the build
ings and their surroundings One of the
money-lenders who has been drawing ten
per cent. on his loans from these poor farm
ers told us recently that he had to get them
jobs of teaming and other work, off the farm
in order that they should be able to pay him
his interest; while he would not foreclose
as long as he could help it because he could
not get his investment back in that way.
Both mortgagor and mortgage are looking
for relief to an improvement in the times
but how any probable improvement of that
sort can benefit the debtor in these cases it
is difficult to see.
Failures in commercial and manufactur-
ing business have swept away large amount
of nominal wealth; yet the actual property
has not been destroyed. 1t has been bought
in by capitalists, and though much of it is
still unproductve it has been obtained at
prices that justify its being held until better
times bring it into use. How is it going to
be with the millions upon millions of acres
of farms, with their buildings and stock,
now under mortgage, and the other millions
constantly going under mortgage, at rates of
interest which no farmer can pay, and even
hope to redeem? You cannot take up city
paper and not find in il such advertisements
as one before us in the Springfield RepuJii-
can, offering as a " conservative investment
farm mortgages "paying nine per cent. net, y
to investors. Where is the farmer in broad
America that can afford TO pay such interest
for capital In nine cases out of ten such
mortgages are to raise money to pay off
debts that must be satisfied, and are simply
way of putting off the evil day when the
farm will have TO be surrendered to credi
tors Both West and East the farms are be
ing shingled over with these usurious mort
cages. The only possible result is that
this season of commercial disaster must be
followed by similar season of agriculture
failure and distress over the whole country
Sometime (and the time is not far-off) a
succession of bad years must follow the
succession of good years that so far hav,
kept the agricultural interests from genera
bankruptcy. This will ensure general de
fault in the payment of interest, and final
the falling into the hands of capitalists o
thousands upon thousands of farms. Thes
capitalists cannot work the farms they thu
acquire. The farmers that will be turned on
of their homes cannot generally find othe
occupation. The inevitable consequence
must be the Inauguration of the tenant sy
TEN in this country, such as exists in Eng
land and other European countries. The Ian
will be owned in large bodies by wealthy mel
who will lease it to the former owners
Suppose this great change to be peaceabl
effected, and what must be the result Sha
we not then have landed aristocracy, don
mating nation of tenant farmers, alon
side of the bond-holding and banking ari
tocracy of the cities that will control Il
business interests OF the country 7 II lool
TO us as though that is the way it is comir
out. Our readers have seen expression
such fears in these columns before yet v
confess that we never expected to see sue
result in our day. But now it looks as
the process of change was becoming INN
nent Not that it will be all at once, b
that, within the next ten years, vast exteu
of farmland will become the property
the mortgagors, and necessarily be offer
for rent to farmers unable to purchase.
1t will be long before our people will {
dure a titled aristocracy. But an aristocra
class does not need titles to give it pow
and ascendancy. 1t is the name of the thr
rather than the thing itself, that we seem
be the most afraid of. We Americans, wi
all our hostility to titles, are very respectf
very deferential to wealth, no matter h
acquired, Forty years ago there was
general wall among the "people of cultur
that rich and educated people had no
fuence in public affairs. We have gott
bravely over all that. The money poy
is bold, aggressive and successful in dictati
legislation in all our states, and in