St. Landry democrat. (Opelousas, La.) 1878-1894, 1888-02-18
FARM MORTGAGES.
They Are Intimately Associated with Mig
fortune, Modification and Misery.


fortune Modification and Misery.
Startling reports have lately been
published in relation to the indebted
ness of farmers throughout the country
and more especially in the Western
and Southern States. Some who have
given attention to the subject have
come to the conclusion that the debts
OF farmers secured by mortgages on
their places amount to more than the
combined Indebtedness of the Nation
and the several States, counties and
municipalities. That large number
of farmers, especially in the newly set
tied States and Territories, where they
have not obtained q title to their
land, have raised money by mort
gaging their stock and tools IS certain.
In the portions of the country where,
wheat, tobacco and cotton are the
leading products, raising money by
giving lien on the crop has become
quite common. Raising money on the
securities last named is of somewhat
recent origin. In most places it was
entirely unknown before the civil WAS.
1t is generally the last resort of a
dcspairing farmer 1t shows that the
borrower places every thing but his
person at the mercy of creditors, who
are generally destitute of mercy.
There have probably been consider.
able loose talk and writing about the
Indebtedness of farmers. Probably the
| rQonrHS IF
worse showing than actually exists
Sharpers who take mortgages are gem
orally very prompt about having them
recorded. 1t is the rule for money
lenders to exact pay from farmers for
recording chattel mortgages. Many
who borrow money do not have re-
lease recorded when they take up their
obligations. Some times they forget
to do it, and at other times they are
simply negligent or without the means
to pay for having the record made. In
many respects the creditor class ''is
wiser in its generation than the
debtor class. The creditors practice
more business-like methods, and ordi-.
narily contrive to come out ahead. The
day is not only very cold but uncom--
monty stormy when they get left.'
There are some things they never
neglect to do, and among them are
ascertaining that the security is ample,
that the title is good, that the mort
gage is properly made out and duly
acknowledge and that it is filed for
record before there is time to write
another.
Though the Indebtedness of farmers.
may have been overestimated in some,
States, it seems evident that it has not
been in Michigan, which is one of the
most wealthy and prosperous portions
of the West. Iii one, withal, that en-
joys all the advantages of home mar.
kets in the form of manufacturing and
mining towns. 1t is one whose indus.
tries are diversified, and whose surplus.
agricultural products can be transport.
ed by water. But in this favored State
the secretary of the Labor Bureau in
forms us, in report recently pub
lished, that 43, O79 farms out of the co.,
800 from which returns were received
carry mortgages ranging from So to 60
per cent. of their assessed valuations.
The interest on this Indebtedness Sc,
cured by mortgage averages 7 per cent,
but in many cases q commission was
paid for obtaining the money. Farms.
decreased in size in Michigan between
the years 1860 and 1870 and decreased
still faster between the latter year and
the time when the last census was TAX.
en-. 1t is believed that debt was the
wedge that split up many farms, and
that q mortgage was the power that
propelled it.
Seven per cent. interest generally
means 8 per cent. The expenses of
obtaining loan on farm property are
ordinarily considerable. They include
a visit to the farm, obtaining an alb.
stract of title, an examination of it.
the making out of a mortgage, and re-
cording it. In many cases a commits
sion is also charged for obtaining the
money. Eight per cent. interest draws
very hard on the average Western farm
sr. 1t generally draws him deeper and
deeper into the abyss of debt, L very
seldom draws him up out of it, In
what department. of husbandry does,
capital pay 8 per cent interest? How
IAN a farmer use $1,000 so thatit will
De sure to pay him $50 before the time
he interest becomes due? If he can
lot pay the interest, how can he ever
expect to pay the principal9 1t will be
veil for any farmer to consider these
questions before he concludes to put II
mortgage on his place. 1t will also be
veil for him to remember that mort
rage is intimately associated with mis-
ortune, modification and misery
Chicago Times.
Corn Soup.-One can sweet corn,
me pint and half of milk; flour, one
ablesl Don; butter, one tablespoon;