The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-03-07

wuEELINo, W. VA, MAROh !. 1885,
Tho American Farmer and the Protective
TRFiff

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Tho American Farmer and the Protective
TRrif,
The primary contention Of the Tree
trader is, that whatever the protective
tariff may bs to the manufacturer, it is
certain dead loss, bringing ultimate ruin,
10 the farmer. a little before tho Last
campaign began Mr.. Augustus Mon
prsd!sn, Golden Club writer for the
American market, addressed himDell to
the American farmer, in the hope Of
psrsuading that much abused individual
that ne was outraged in MS financial in
tsrest by a protective tariff.
The American farmer may have been
influenced by ibis and similar appeals
That the general proposition is moi
true, wo have the high authority
of Mr.. Edward Atkinson, Of Boston, g
Tree trade writer Of note, who, in his do
Termination not to ba ritd ndown by the
Euqlsh c,ilCa, thoroughly establishes
the fac! thRt the American farmer has NOT
been, and is not being, ruined by any
thing.
Mr.. A,kinson in September last ad'
dreospd the British Association for the
Advancement OF Science taking for hit
topic tho wheat trade Of tho world, rnair'
tanning that while the price of wheat had
fallen in Liverpool, still the American
wheat csn compete with it and make
money. This brought down upon Nj
Atkinson horde Of EuRlish critics, par
ticularly through the Columna Of the Lon
don "Timca." Referring in "BradsLrsets"t 10
those critictsms Mr.. Atkinson says that
chief point ofthem 10 "that the farmers oil
the West have, Ga body, been tending
toward bankruptcy, or were being eaten
up by heavy mortgages"
Ga this point Mr.. Atkinson says:
Inrespscs 10 tho alleged bankrupt con.
dition OF the western farmerp, have re-
csived returns from the books OF fifteen
land or mortgage security companies OF
firms which have lent eastern money upon
western farms from period ranging from
two and one.bslf TO thirty.eiSht years. !
know from personal knowledge how well
and Osiely 4 portion OF these companies
are managed of tho rest know but little ;
Int. Rs tho rOpites to my questions from
all the companies consulted are substRn-
tally uniform and concurrent with those
given by the companies which know to
he well mAnaped, 1 think that the ConClu.
sious reached fran the compilation OF all
their statements may be accepted as the
truth. These returns, emitting trac.
tloua, cover two HUNDRED and fifty
thousand $3.50 O0O) mortgages, amounting
10 two hundred and thirty-tour million
dollars 1924 100000, averaging little
over 5000 lent on each mortgage. One
hundred and thirty.thres thousand five
hundred l33 5000 of these mortgages
have been paid, amounting to ono hun.
dred and ion million five hundred thou
sand dollars ($llO, 500. 00O); ono hundred
and sixteen thousand five hundred (ll6,-
600} are still outstanding. The foreclosures
have been few not one per cent in point
of number Of the whole number ncRo-
tiated. There have been few losses in
particular cases; but, 80 whole, the sale
Of land taken on foreclosure has paid q
profit. The net aggregate result 10 mo
ions." The number OF foreclosures out
standing OF the present time is unusually
email; the inteTeet 10 being promptly mot;
nil the comments, statements and condi-
tious point to prosperity among the farm
era, rather than to Rdversity.
[ have addressed questions to many
manufacturers and merchants and have
obtained similar replies, and have deduced
similar conclusions from the facts given
by the dealers in agricultural Implements
and by some OF the largest general traders
who supply the wheRt.Erowing country
with goods Of all kinds.
The reduction IN the rate Of interest on
money lent 10 the farmer has bsen, cub.
Btsntially, from 20 per cent per Rnnum
plus commission at the earliest date TO 9
per cent minimum without tho commits.
sion at the present time. Tbs rates
named in the replies vary according to the
experience and age OF the company, and
the place, State or territory where the
property is on which the money is lent;
the average rate to-day may BIO taken at
u to z per cent; the average rate twenty
years ago, at 10 to II per cent, or even 10
per cent. The rate being lowest where
the laws Of the State are the safest for
both creditor and debtor, and where the
State or public credit is untmpaired;
Admitting, therefore, that iII.mRnsged
farms, great and small, have failed to be
profitable; that the present conditions
call for close economy, and that mort
gsgc9 entered into for speculative pur-
poses may have "eaten up" the profits OF
farming; nevertheless, the general con.
clusion must, think, be admitted that
the western farmers are as rule in q
sound and prosperous condition, and will
continue to aupply Great Britain with all
the wheat she may require at present
prices, no more can be obtained or il a
better usO for tho land cannot be found in
substituting come other crop.
Itis interesting to observsin the reporta
Of come Of the older land mortgage com.
pRnies that many Of the farmers t. whom
their money was lent at high rates Of in
terest in the early period Of their history
in Ohio, Indiana, Illinois and Michigan
are now lending their surplus profits de-
rived from farming at much lower rates to
the newcomers or the pioneers OF the
Rheat.prodUClng territory Of Kansas, Ne.
braska, Minnesota and Dakota.
How much docs this leave the free
trader to stand on when he tolls the
American farmer that Q protective tariff is
usipg him up? OF course Mr.. Atkinson is
not discussing the tariff question in this
article, He is stating facts which knock
away the UNDERMINING and leave the
free trader fiat on the broad OF his back. |
Avocatea of the Mills bill will not enjoy
this blow between the eyes, 60 vigorously |
administered by one OF their household Of
faith; but what are they going to do
aboutit2
John L rs an Editor.
John L. Sullivan las editor Of Boston