Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1888-05-29
SEMI-WEEKLY WORLD.
FARM MORTGAGES.
They Are Intimately Associated with Mis-
fortune, Mortificati and Misery.

Ahcy Afc <AsBOcthtcu Win Nhfs
fortune, Modification and Misery.
Sterling repor;s 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 tnan the
combined indebtedness of the Nation
and the several States. counties and
municipalities. That q large number
of farmers, especially in the newly set
tied States and Territories. where they
have not obtained. 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. Rtising money on the
securities last named Is of somewhat
recent origin. In most places it was
entirely unknown before the civil war.
1t is generally the last resort of u
despairing farmer. 1t shows that the
borrower places every thing but his
person Mt the mercy of creditors, who
are generally destitute of mercy.
There have probably been consider
able loose talk and writing about tho
indebtedness If farmers. Probably the
records Of most countries present a
worse showing than ,4ttnslly exists
Sharpers who take mortgages are gen
orally very prompt about having them
recorded. 1t is the rule for money
lenders 10 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
IL do 1t, and at other times they are
simply negligent or without the means
to pay for having the record made. In
many respects tho creditor class sis
wiser In its generatioa" than the
debtor class, The creditors practice
more bu,incss-lke methods. and ordi-
nariiy contrivc to CONS out ahead. The
day Is not only very cold but uncom-
nonly stormy when they ''gct 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
acknowledged. aud that it is filed for
record before there Is time to write
another.
Though the indebtedness of farmers
L..
States. 1t seems evident that it has not
been in NJ ehigan, which Is one OF the
most wealthy and prosperous portions
Of the West 1t Is one, withll, that en-
joys MI the advantages of home mar
kets In the form Of manufacturing and
mining towns 1t Is one whose indus
tries arc diversified, and whose surplus
agricultural products can be transport
ell by water But in this favored State
tho secretary Of the Labor Bureau in
forms IA. In report recently pub
lshed. that 43. 079 farms out of the co.
800 from which returns were received
carry mortgages ranging from b5 to 60
per cent. of their assessed valuations
The Interest on this indebtedness Sc
cured by mort gage averages per cent,
but In many cases II commission was
paid for obtaining the money. Farms
decreased in size in Michigan between
tho years 1860 ani 1870. aud decreased
still faster between the latter year and
the time when the last census was TAX
en-. IL ia believed that debt was tho
wedge that split M many farms, and
that mortgage was the power that
propelled It.
Seven per cont interest generally
means 3 per cent The EXPENSES OF
obtaining n loan ON farm property arc
ordinarily considerable. They include
visit to the farm. obtaining an alb
stract of title. nm examination Of it.
the making out Of II mortgage and re-
coryling IT. In many eases commits
sion Is also charged for obtaining tho
money. Eight per cent. interest draws
very hard on the average Western farm
er. 1t generally draws him deeper and
deeper into the abyss of debt 1t very
seldom draws him up out of il. In
what department of husbandry does
capital pay per cent intere It? How
can farmer use $1,000 So that it will
be sure 10 pay him $50 before the time
the interest becomes due? IL no can
not pay the interest. how can he ever
expect to pay the principal' 1t will bo
well for any farmer To consider these
questions before he concludes To put a
mortgage ON his place. Ii will also be
well for him to remember that mort
GAGE is tmttely associated with mis-
fortune. modification AMI misery
Chicago Times.
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Corn Soup -Onc can sweet corn.
one pint and "A half of milk: flour one