The midland journal. (Rising Sun, Md.) 1885-1947, 1890-06-06
THE Farm,
GEN. BUTLER FIGURES.
He Makes Astounding Statements
Concerning Mortgaged Farms.

AL the recent meeting OF the Butler
club, of Boston, Gen. B. +. Butler
made an address on the condition Of the
American farmers. from the report of
which in The Boston Globe the follow.
ing is excepted:
How does the farmer lose his lands?
Let use now turn to the second PROPOSE.
ton which illustrates the facts that we
have set forth in the first as to the re-
wards of farm labor which l present,
as we'll as an Illustration of the condi-
tion of farming interests as a warning
to those who are seeking even the
pittances OF the laboring men and
women deposited for their future in the
savings banks in other states, in New
England, excepting Massachusetts,.
Taking simply the agricultural lands,
the farms Of the western states, exclu-
sive OF city, county and town property,
there will be found to be invested in
farm mortgages the stupendous sum of
$3.50, 100000, at rate of interest
averaging from 7 to 9 per cent to say
nothing of costs and the commissions of
agents which have been taken from the
farmers Tor procuring the loans of the
money, which nv be safely said to be
not less, on the average, than Z per
cent. The human mind at once does
not take in the results Of these vast
sums.
To give you an ilustration-the
whole national debt of this country in
1865, at the close of the war, was So.
100000, very nearly one-q quarter
less than this mortgage debt. But
there is another fact or two TO be taken
into consideration. This country has
been twenty-five years, with all its
immense resources, engaged in paying
some time anticipating its payment
the national debt, and has reduced it
only to S1,600,000, 900, or 81 per cent.
And the national debt has had much
lower rate of interest, and may be re,
funded any day at 3 per cent. There
is no way of refuudiug or reducing this
fabulous mortgage debt, with its oppre-
sive and destructive rates of interest
To redeem it, if done within the same
time that the national has been Cancelled
so far as it has been cancelled, would
require the payment of considerably
more than double the amount of the
national debt at the end of our war.
So that the payment of these mortgages
is simply impossible.
The payment Of the interest upon
them is also impossible, because, as we
have seen, they call for from 7 to 8 per
cent, and all statistics show that the
average profits on farming industries
are between 1 and 5 per cent. onl y
hardly over 4. These mortgages never
will be paid, if for no other reason, be-
cause they never can be paid if the
debtors were ever so much disposed to
pay them, for by reason of the deduc
lions of the commissions and costs at
the rate of 7 per cent, there was left a
burden upon the mortgagors Of over
S241 100000 of debt, for which they
never have received any value, which
therefore diminishes so much their
ability to pay, and which they look upon
as having been cheat upon them.
We have the silver bill now on the
tapis in congress, which is to be the pan
acea of all financial difficulties. certain.
ly in the views of some western men
But it would take all the silver that
the minis of the United States coin, at
the rate of four and half millions a
month, and all the silver that the silver
mines can produce in that time, to pay
one years interest on these mortgages,
supposing that no more money is Dor.
rowed.
A senator, to put himself in accord
with the Farmers Alliance, introduced
bill providing that the government OF
the United States should loan the
farmerss3 100000 to relieve them from
theiv financial difficulties. When
saw the report of that bill, as telegraph,
ed by the Associated Press, made a
little calculation of results, as I not in
frequently do, and found that if it
passed at once, and the western farmers
should get the full amount ofthe money,
without any toll or discount, they would
be able to pay their debts to the extent
OF about twothirds of a mill on the
dollar, on these farm mortgage debts
only. Or, in other words, so as to get
rid of remembering calculations, it
would pay the interest on these farm