Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1890-10-02
MORTGAGES.

| Cleveland Leader.
Ben. Butterworth told the farmers of
Kane county, Illinois, the other day that
mortgages are an evidence of prosperity
rather than the contrary, in this country,
and the free traders are making what
they seem to think are humorous re
marks about it.
Mortgages may or may not be an evil
dence of prosperity. 1t depends in the
main on the purposes for which the
mortgages are given. The lands of Great
Britain are mortgaged for their full
value, because agriculture in that coun-
try has not been profitable enough to
support both the farmers and the aris-
tocracy who own the lands. Mortgages
have been piled on mortgages to enable
titled profigates to dress in purple and
fine linens aud live riotously. These
mortgages are not an indication of pros
perity.
Mortgages given for purchase money,
for permanent improvements, for the
purchase of stock, to invest in business,
or to purchase other real estate, are an
indication of prosperity. For example:
Senator Henry b. Payne owned some
lots and old fashioned buildings on
Superior street in this city. He did not
have ready money enough to improve
the property as he desired. So he bor-
rowed 100000 of the Society for Savings
on mortgage, and erected magnificent
block that is a source of honor and profit
to himself and the city. 1t has increased
the value of other property, added largely
to the tax duplicate, and will pay for
itself in reasonable time. No one has
yet been fool enough to say that this
mortgage indicated that Senator Payne's
affairs are not in prosperous condition;
and the assumption of prosperity it in
dicateS applies to the whole city. 1t
showed demand for more buildings of
the best class, and it showed that the
Savings Banks are well supplied with
money, two good proofs of general
prosperity.
The illustration is ouly one OF thous-
ands that could be given in every State.
The mortgages in this country are given,
as rule, from motives that show present
prosperity and faith in the future of the
country. The money is used for invest
ment in Futures" and not to settle
losses of the past. And this is quite as
true of farm mortgages as of those
given on city and village property. We
recently gave the statistics of farm
mortgages in one county of New York
and another in Illinois, collected in
June by the census officials, and showing
what is above claimed We have now
the figures for some Nebraska counties.
from the Bureau of Labor and Industrial
Statistics of that State One of these
counties will serve to illustrate the con-
ditiOn in Nebraska. Sarpy county has
141, ,l09 acres of farming land, valued at
S5,941 $50. OF this 40,095 acres are
mortgaged for $46S,618. The causes of
Indebtedness are given as follows: For
purchase money, So per cent; to invest |
in mercantile business, 20; to invest in
other real estate, per cent; for perma-
nent improvements and stock, per
cent; to pay personal debts, three
fourths of per cent; unknown, Il per
cent. Here we have the striking fact
that 92 per cent. of the mortgages in
Sarpy county were given for purposes
that indicate prosperous growth and
development, and only three-fourths of
l per cent. as the result of losses and
Fifty years ago there was not mort
gage, or any sign of civilization, on the
lands of Sarpy county. The county was
a waste, included in what was then
known ON the maps as the "Great
American Desert" The value of its
farms alone to-day is nearly $6,000,000,
and they are incumbered for less than
100000. Here is a clear gain of
in farm property, not in fifty
years, but practically in half that time;
and very much of 1t is due to the ability
of settlers to borrow money on mort
cages to purchase and improve the
lands.
Ben Butterworth was entirely right.
Mortgages in America are an indication
of growth and prosperity.