Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1889-04-18
WESTERN FARM MORTGAGES.
some Important and Comforting Fa
in Connection ThereYith,

some Important ana Comforting Facts
in Connection Therewith
American Economist: We are enabled,
from the data We have already put sh-
ed, to summarize, with substantial ex-
actnesR, the extent of the mortgage in
debtedness OF the western farms. 1t is
quite important that the real facts be
known, so that no false alarm shall be
created and no social discomfort shall
be engendered. The most absurd state
ments have been propagated for politi-
cal effect. AS is well known, 1t has been
positively asserted, aud wIcxedIy and
! falsely as well, that the western farmers
OF this country were generally bankrupt,
were losing money and beng eaten up
by mortgages and taxes. All this bogus
calamity has been cooked up for the
purpose of charging it to protection
We fortunately have official figures
| enough from the 8 stes forming the
great central wheat and corn belt to o.
at rest all these vicious Inventions. The
sizs and quality I the fabrications IN
this line may be learned from q single
example. During the campaign the
New York Times asserted that the farm
mortgages in Illinois amounted to 1920
600 900: the ST. Louis Republic put 1t at
So 900 900 900 Ii now appears from the
report of the bufesu of labor statistics
that the total mortgage indebtedness oi
Illinois fsrme is 1928 733, ,o9S. OF this
sum $50, 633 ,072 is for deferred payment
on the purchase money. The indebted
ness for loans is only 1852 per cent oil
the ceneus valuation of 1880, aud I'll
average rate OF interest 6 80 per cent PEI
aDnum. And, what will Rrieve and per
pick the free trade alarmists, 80 per oeu
of this mortgage debt is owned in tht
state of Illinois.
| From Nebraska gentleman of in
telligence writes us:
Fifteen years ago central and west.
arn Nebraske we're On unbrokAn prairie
To-day they are covered with fpe farms
With industrious and energetic farmer
located thereon. Lands in this stat
have rapidly increased in value, and ii
order to make improvements farme,
have rather increased than dimnlshe
the amounts loaned on their places"
From Minnesota prominent state o
Goer says:
"All our farmers nearly commence
without any capital and were obliged {
mortgage their lands in order TO bull
, and improve. The low price OF whes
: and other farm produce, ell over tt
world, making it still harder for the En-,
lisb farmer, though a free-trade countr,
I, | think just and equitable proteotiy
tariff, without discrimination against ii
,, farmer, will greatly help the farmers
= this state"
From Iowa an officer in the depar
ment OF state assures ue, among 9th
) things, that:
"The state OF lowe was never mo
= prosperous than it is at the present tim
: and She people OF Iowa, and especial
% the farmers. seem to be we'll satisfied
!, continue the same evils that the 'lectu
~ err refers to as tariff taxes"
. In Michigan, we learn from the curre
> report of the bIreau OF labor shat the
u are S0,S03 farms. Their assessed val1
., tion is s194 ,s54 ,633. They are NOR
,, gagged to the amount of $37, 7,456 81
- y being 1872 per cent. OF their assess
10 valuation.
W In Ohio, 1t was charged that the mo-
y gage indebtedness was $500, ,000, GOO. n
- j. r. Dodge, of the bureau of agricu
VI ture, states that the conclusions of
. invt stigation were:
o. ''That one.fourth of the farms of Oh
70 were enoumbered either slightly or mo
'f heavily. in part to secure debts to neig
boring farmers or to retired farme
living in sown. 1t is quessionab
:. whether much more than tenth OF Il
~ real value OF Ohio farms is mortgage
le Ohio farmers are rich. / fully belle
l. from an extensive and special knowled
a of the financial SIT tuation OF Ohio farmer
that their Investments in town or villa
property, in bonds or railroad stock, 81
shares in manufacturing and mimi
u enterprises, exceed in value the enti
Indebtedness OF farmers, whether cover
by mortgages or not"
y Mr.. Atkinson, the welI.known &c
nomic writer. took occasion to invest
gate the matter from the side OF {
:. mortgage loan companies. His CO.
. illusions were Published in Bradssree
for November IL, 1887. Here are son
70 OF them:
;. "The reduction in the rete of inteYe
u has been from 10 per cent annual inte
u est and ten per cent commission on
% tive-yes mortgage to an average of 6
- to TX per cent at the present time, wit
!. out commission"
J. MANY of those to whom loans we
% first made are now lenders through t
came corporations"
J, 1.-THE present conditions indicate vic
" spread and almost universal prosperity
'e Gall the testimony is OF the hight
70 character, and these conclusions o
>, reached by sober-minded, rejecting me
q They ought to satisfy and quiet the pl
10 fess!onai agitators who are trying to
u the work of the Golden club.
u The farmer. as q rule, kLows very W
'9 that. individually, he is in DO dang
! OF foreclosure and the sheriff. II W
- be some comfort to him to know th
IL his neighbor in the next county
exempt from the like visitations, T
J "lesturers" OF our friends, the grange
ought to rejoice that their own occur
20 tiou ia gone, and cease their whinir
y which at best ia only an imputati
" upon the manliness OF the weste
farmer.
re- --------
- Love in "A Cottage.
sff9hallV ~ caid ynaroptbu Iapa