The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1889-07-17
KFSIfaH FARM MORTGAGES
The Indebtedness Of the Farmers
Has Been Exaggerated.
fsrss and FiSure. that Consraai~s
n Assertions Made ~ the
Free Traders

EAHNtt-taEAH
We are cnzbsel from the data re
have slready pahltshel IA summarize
with substantial exactness the extent
OF she mortgage Indebtedness Of the
Western farms. Ii Is quite important
that the real facts he known. 81 that
ne false alarm shall fe created and no
ssFzaI discomfort shAli ne enrersiersNs.
The most absurd statements have h~en
propeEaseU fsf political elect. As i
well knosn. Il ass keen positively as
serted. aud wsckedlv and falsely as
well. that the NesTera farmers 81 this
country ara E~SneTaiiv hsnkrnpt are
losing one and being eaten mn ~
mortgages and s3xeS. All this bogus
eslsasisy hts he~a cooked M for the
purposes NJ charging it q, protection.
We fortunately have official figures
enough from she states forming The
great central wheat and corn belt 10
set as rest ali these vicious Inventions
The ssNe and quality Ut the fabrica-
items IN this line naav ~ learned from
. single example,. During the cam.
aatrs1 the New York Tsnsss asserted
That the tarsa mortgages ia Illinois
anaoinfed t9 SZM.Wa.na, the ~,
loats kepa& pat IL at Ssgea.ea.Ha.
~ nuw apr9srs from the report OF the
bureau q labor statistics that the total
mortgage Indebtedness on Illinois
farms Is SisS &We. 0f this sum Ssn..-
NG,aTa is for deferred pavnaentx on
the purchase money. The indebted
ness Ter loans is only f0S9 per cent.
on the census valuation Of 1851, and
The average rate az interest 60 Per
cent per annum. And what viii
EFieve and perp1ex the free trade
aisrmtStS, 81 per cent Of this mort
gage debt Is oses in the state ot ILL.,
nos.
In Michigan. we learn from the cur
rent report II the huTean nf labor that
there are 81 ~e farms. Their assessed
valuation Is >i9t.SA ,SSs. They are
ntortgaSed - the amour; of So .4ss,,
81, beng 10 PER cent ri their as
seSsed valuation.
Ia Ohio IL i charged that the mort
eYgc indebtedness wa~ S-g0,Nsa.fssl.
Mr.. j. Il. Dodge. of the bureau of
agriculture. states that the conclusions
81 an Investigation are
That one-fourth Of The farms If
Ohio are encnmhared, either slightly
or more heavily. in part - secure
debts - n~eignhoring farmers ar "a re-
tired farmers living in town. Ii j.
questionable whether much more than
a tenth Of the real value al OHIO farms
j. m~0rtwaeed. Ohio farmers are rich.
! folly believe. from an extensive ard
special knowledge of the financial sifu-
alton of ohio farmers. tina. their in
v~sstvnentS In town or village property,
ia bonds or railroad stock. and shares
in manufacturing and mining enter
prises. exceed in value the entire in
dehtefness of farmers, whether COW
cred by mortgage ur not"
Mr. Atkinson. the well-known Geo.
nomic writer took occasion 10 investi-
gate the matter from the side OF the
mortgage loan companies. His con-
rlasions were published I'm Bnifs2resf's
for November y. iSST. Here are some
OF them.
The reduction ia the rate Of inter
est has been from 10 per cent annual
interest and 10 per cent commission
on g five years mortgage 90 an aver
age OF Oh to ~ per eat at the pres
ent time, without commission.
Many of those 10 whom leans were
first made sre now lenders through
the same corporations.
The present conditions indicate
Widespread and almost universal pros
perity.N
The farmer, as \ rule. knows very
veil that individually he is TN no dan
rer Of a foreclosure and the sheriff.
Ii will he some comfort to him to
know that his ncighhor in the next
county IS exempt from the like vista
tons. The lecturers" Of our friends,
the gFangers. ought 10 rejoice that
their owB occupation IL gone and
cease their whining, which at best *
only an inap4itati0n npon the raanli-
ness of the Western farmer.