The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-01-16
THE VALUE OF THE FARMS OF MAINE.
1t HAS Fallen Fifty Per Gent In
Twenty Years
In the Last Ten Years the Shrinkage
Has Been Ten Per Cent.
Some Startling Facts from the Hon.
z. A. Gilbert.
Especial to the Press.1

Especial to the Pressl
AUGUSTA, January 15-The annual meet
ing OF the State Board of Agriculture was
held here today. The most important event
OF the meeting was the reading of the follow
ing paper by Secretary z. A. Gilbert on the
decline of farm values in Maine:
Every one living in a farming town, and
interested in farm property. whether as
owner or dealer in the same, is well aware
there has been shrinkage in value of farm
lands and their attachments going on for
some time all over the State and throughout
New England This made itself apparent a
full score of years ago. At first its effect was
SO slight asto be hardly apparent, but year by
year it has made its advances with increasing
ratio, fully down to the present time, and
now has reached stage truly alarming.
Still the end is not in view, and the further
contraction in waiting may well arouse the
deepest concern. not only among the holders
of the property, but with all who have the
welfare Of the State at heart, and are inter-
ested in the general prosperity of her citi-
zens. The unavoidable depression following
this alarming shrinkage of farm values has
| already advanced to a stage where farms
| have hardly selling value. When here and
there, by death or otherwise, q farm is fore
| ed to a sale, the public estimate hardly gives
1t value, and 1t is quite apparent that were
any considerable number in any locality
forced to a sale at one time, they would not
md purchasers. This is not a healthy con-
dition, and already it is plainly showing its
inevitable effects. If these values are to
shrink to still smaller proportions, and carry
with them an increasing effect on all who are
directly concerned Herewith, as would sure
" be the case, the resulting effects will be
dark picture to draw. Certainly so grave a
matter may well command the attention
of the economist, whether within or outside
the ranks of those in possession of this real
estate.
sit is everywhere conceded that agricul-
ture is the basis of the prosperity of peo-
pie. This accepted, then first of all the agri-
culture. of a people should be carefully
guarded and its conditions intelligently
studied. 1t is quite time then that the ex-
traordinary conditions in which farming and
farm property now found should command
public attention. The farmers themselves.
though all the time cognlzant of what has
been coming upon them, have borne it meek
ly and without fiinching: With their prop
erty shrinking in value day by day and year
no sounds of complaint Neither have there
been appeals for help. Too much it is char
acteristlc OF farmers to accept what falls to
their lot without question. The present crisis
ls such that, Notwithstanding the absence of
signs OF embarrassment, public attention
should be directed to means of relief.
THE CAUSES.
every effect must have its cause, and be-
fore attempting remedy the cause must be
sought out. In this matter of depressed val
ues of real estate there are several causes
which have combined to work the results
now under consideration.
"During the war, and the few years fol.
lowing, in which the country was again be-
ing filled up with its needed products farm
real estate, in common with everything else,
bore an inflated value. 1t was then worth
the prices it hore AS prices again gradual
ly resumed their former relations, farm prop
erty took Its place in the new schedule of
values. This, of course, caused a shrink
age. and was the first step in the down grade.
But In case OF farm property the shrink
dinary values The downward tendency
thus started kept on with the farm property.
There must, then, have been other causes
affecting the problem. Public sentiment
ready begun. Without stopping to trace out
how it came about. a Western land craze
took possession of the country. Unmeas-
ured areas Of land were for sale, and
were advertised to everybody's atten-
iications Of every Kind. were e"ffflss flesd with With
praises of the West, and the cheap lands
there awaiting an owner. Public halls, post
offices, stores and places of business, school
houses, fence posts, show yards, and every
ed with western land for sale. Everybody
and everything has been stuffed with the
idea of the SURPRISING value and unrivalled
cheapness of these lands. The very air was
loaded with it. generation has been reared
schooled into them that New England was
played out, that its soil was old, and worn,
and unproductive, and that only the golden
lands of the West were worth the owning.
Such such sentiments as these, peryyading every
sons, farm values were already on the down
grade, had powerful effect in keeping up
the momentum.
'Of course, young, middle-aged and old
must go West. Property has been sacrificed
homes broken up, parents deserted, and with
them has gone our money. The amount of
money that has gone out of New England to
build up the West is simply beyond measure
and our State has supplied its full share.
been serious draft on the loose capital Of
the State for many years. and is
at the present time absorbing the
principal part of it. Loan and Trust
companies have been chartered in every
considerable town In the State, whose prin-
cipal business Is to gather up the loose cap
ital for western investment. Every man
whose industry and economy have gained
him surplus, Is shadowed by agents of these
companies and lahored with till their OBJ
ject is gained. What with private loans,
farm mortgages, mortgage loan companies,
land speculation companies, and our char
tered loan and trust companies, the wonder
is that even the land is left for occupancy.
"But this is not all. In our State there are
45 millions of money deposited in the saw
ings banks. A large proportion of this was
dug out OF the soil by industrious farmers.
AS soon as the frugal farmer gets surplus
In hand, no matter if it be but little, it goes
into the savings bank where taxes are nom.
inal and security supposed to be safe. The
principal part of these 45 millions is also in
vested in securities, ana adds its part to the
other uncounted millions in building up a
competition against our home industries.
The result of this is that country towns are
western mortgage or into the savings bank
for like purpose. The result of all this is
easily seen. young man Of limited means
wishes to buy farm. lie can find no
money N In town 10 help him out: for it is all
and finds it has all gone West. Savings
banks will not loaE money on country farm
mortgages. Western paper is taken freely,
but money cannot be raised on the home
farm.
that has spark of ambition In him for busi-
ness, but go West? We are absolutely driy-
ing him off the farm and out of the State,
literally and truly, He must go where the
ulouOy 10 dNdLiuuiCs duu WutI6 bu6 pbUpl6
want him to do something. Land is worth
nothing anywhere without men and money
to 60 with it. Every man that goes West,
and every dollar that goes with him, increases
the value of the land there and shrinks its
value here.
HEAVY TAXATION.
Taxation, as now administered has a
| powerful influence in shrinking the value of
| farm property. In our system of taxation
| the discrimination against farm property,
| and especially that of farm real estate,
| amounts to an outrage too glaring to be en-
| dured. Those who have not investigated
the bearings of the system as now applied
are not aware of the magnitude of this in
| justice. Never in the history Of the State
has it borne with such severity as during
| the last decade, and In no year so heavily
| as at the present time. All, of course, are
| familiar with our system. Once in ten
| years valuation is fixed by the State on
| which the State and county taxes are annu-
ally assessed during the next decade. AS
| SCISSORS of municipalities make valuation
annually, on which all taxes for the year are
| apportioned among the taxpayers of their
town or city. All farm property is visible,
and none escapes the assessors lists. Ordi-
narily in country towns and rural districts,
| for reasons there is not now time to refer to,
| the aSgnscnrs' valuafinp of farm real estate