Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1888-12-14
THOSE FARM MORTGAGES.

So much has been and is still being
said about the mortgages upon the farms
of the west that the following
letter from J. R. Dodge, statistlcian for
the bureau of agriculture, may not be
without interest:
A few days ago l saw in the Post a
floating paragraph to the effect that the
farm mortgages of Ohio amounted to
500, 900. 000 1t illustrates forcibly the
facility with which statistical absurdities
find unquestiOned entrance into news
papers of high standing. 1t is gross ex-
aggeration, being nearly two-thirds OF
the estimated real value of Ohio farms In
1880. Two years ago an investigation
was made-extensive, though not eX-
haustive: not a census-showing de-
crease of farm Indebtedness during a
period of ten years. Its conclusions were
that one-fourth of the farms of Ohio
were incumbered. either slightly or
more heavily, in part to secure debts to
neighboring farmers or to retired farm
ers living in town. 1t is questionable
whether much more than tenth of the
real present value of Ohio farms is mort
gagged. Ohio farmers are rich. Some
have quit work and sold, either to one OF
the several children, who gives mort
gage for the security of the estate, or to
some enterprising young man who is
willing to work out part of the value OF a
good farm. 1t is very rarely the case
that farm is sold by the sheriff, or
under the compulsion of Irredeemable
debt in anv way / fully believe, from
an extensive and special knowledge
of the financial situation of Ohio
farmers, that their investments in
town or village property, in bank or
railroad stock, and shares in manufac-
turing and mining enterprises, exceed
in value the entire Indebtedness of farm
ers, whether covered by mortgage or
not.
II have known farmer in Ohio, who
started poor and engaged IN no other
business, to raise a family of fourteen
children, and dying at good old age,
with all his children settled around him
on valuable farms Of their own, to leave
an estate amounting to four or five hum
bred acres Of land, worth $50 per acre,
for each child, and about $1,000 in money
to each in addition. Nor was his case
deemed very exceptional in region of
large and valuable farms which were
incumbered only as | have suggested
ybove. There has been altogether too
much misrepresentation of farm indebt-
edness. Farmers of the South, West
and East, averaging by states, are IN
better financial position than they were
ten years ago. Nobody will deny this,
unless they have crankish theory to
sustain by sweeping assertion. The
mortgages of farms beyond the Missis-
sippi and the Missouri are mainly for
buildings, implements and improvements
in the making of homes upon public or
other cheap lands, or in part for the pur-
chase of farms OF additional lands Aside
from home investment the idea OF land
speculation enters into the calculation.
1t is debt as profitable investment
mortgaging to make money-by men of
small means and much enterprise, mostly
young men making a start in life. The
whine over the burden Of such indebted
ness is an imputation upon the manli-
ness of western character. AS IN all
speculations, there is now and then one
proprietor, lacking diligence or business
ability, who loses his grip. But fore
closures of farm mortgages are almost
unknown"