The National tribune., 1890-06-19

have been asked by the Editor of THE
NATIONAL TRIBUNE to answer the state
ment of Gen. Benjamin f. Butler in relation
to farm mortgages In his speech, Gen.
Butler made the startling declaration that
the agricultural lands of the Western States,
exclusive of City, County and Town property,
were mortgaged for the stupendous sum of
50,000000. How this estimate is made
up or what basis Gen. Butler has for the
statement, it is impossible to say, for the
reason that no official or other reliable fig
ures whatever in relation to the mortgage
Indebtedness Of the entire Western States have
ever been printed. In 1880 the total assessed
value of Western real estate, including City
lots and Town and County property, or
holdings other than farms, was 1854, 04s,-
039, according to the census. IL is evident,
therefore, that Gen. Buffers total of indebt-
edness would represent the assessed value of
agricultural lands in these States after de-
Quoting therefrom the value of City, Town
and County property.
As the Census Office is now conducting an
elaborate inquiry in every State and Terri
tory in the Union for the purpose of asCer-
tanning the recorded Indebtedness of real
estate, and rs il is the intention of the office,
under the act approved Feb. 81, 1890, to
instigate a still further inquiry as to the
ownership of homes and farms, and the
mortgage Indebtedness thereon, it would be
ont OF place. even were it practicable, for me
to makeany estimate as to the total amount of
mortgaged Indebtedness. To counterfeit such
statement, which, as have shown, implies
that the mortgage indebtedness of agricul-
tural lands at the present time is equivalent
to its value, it is only necessary to call at
tention TO such inquiries as have been made
by the statistical departments of some of
the Western States, and TO ascertain how far
these statements support or contradict the
assumption of Gen. Butler. And here the
case must rest until the exact facts are made
public through the Census Office. In Mich
igan the Commissioner of Labor estimates
the total assessed value of the farms of
that State at 1886 100000, and the mortgage
Indebtedness at sGi,OOO,000 with an annual
interest Of nearly 100000. If Gen. But
ler's estimate was anything near the mark it
will be readily seen that the mortgage indebt-
edness of Michigan would be nearer $685., 000,-
600 than $Gl,000000. In Illinois the invcsti-
CATION conducted by John s. Lord has been
moresuccessful, inasmuch as the report claim
ed to he complete for the entire State. From
this report we learn that the total recorded in
debtedness of the Stale is abont $i02, 600, 600,
bearing an annual interest OF about $l4 325,-
600. OF this total, however, nearly 55 per
cent. is found in Cook County, aud in large
measure represents the encountered lots of
Chicago and vicinity. The amount of mort
gage Indebtedness outside of Cook County
aggregates $isl Az, sss, and the annual in
terest $685., i25. or this total $i42, 400, 800
represents the mortgages on lnuds aud farm,
lots outside of Cook County and chattels
being omitted), with an annual interest of
$i,9l975I. The total number of acres of en-
numbered land in the State is s,092, 79i in n
total acreage OF 81 1851 $50 1t will thus be
seen that % per cent of the entire acreage
OF the State is under mortgage. On the other
hand il should be borne in mind that the
productive power of the lands in Illinois
outside of Cook County, exceeded 5000 000,-
900 in 1879, sum nearly O. per cent. greater
than the total mortgage Indebtedness ON all
lands in 1877, the annual interest being less
than $5,OOO,00O
In the State of Ohio attempts have like
wise been made by the Labor Bureau to esti-
mate the mortgage indebtedness, though
from want of money the gentlemen who con-
Quoted these inquiries frankly acknowledged
that the results were after all but estimates,
and of no great value from the standpoint of
exact statistics. This agitation of the debt
question is one of the healthy signs of the
time, and indicates the popular adherence of
debt peculiar 10 Americans Soon after the
war public attention was called TO the Ma
tional debt, and every loyal American citi-
zen seemed TO feel a personal interest in
paying it. Before this public sentiment the
tremendous burden Of nearly $4,000, 600, 900
melted like an iceberg in the Summer sun.
The National debt went down from S2,756-
43l, 57l at its highest point in August, 1865,
TO 81 005, SOC, S95 May 81, 1890; decrease
of over 63 per cent, and a feat in debt reduc-
ing which has not its parallel in the history
OF the world.
Then came the agitation in relation to
State debts, which had gone up during the
war, especially in the Southern States, to an
enormous figure. The reduction of some of
these debts was not rs creditabe to the peo-
pie Of the States where the burden was the,
greatest as the reduction of the National
debt was to the people Of the United States
Int in Guiie nf snma reuud i. tin,, 81 -