The advocate., 1890-01-09


false. As 10 the aggregate mortgage indebt-
edness of our state covering all kinds and
classes Of real property, II has been represent
ed that such indebtedness represents the
actual losses in agriculture TO the agricutu-
raj people Of that State because Of the al
legged hard conditions existing on account Of
wrong financial or fiscal policies, etc, Of Re-
publican administration. want 10 record
the statement here that not TO exceed per
cent of the mortgage indebtedness, II 80
much as that, Of my State, represents actual
losses in the prosecution Of agricultural in
dustry. Indeed, believe that seyen-eights
Of the mortgage indebtedness Of that State
represents purchases made through deferred
payments amongst those engaged in agricul-
ture, who have found IL advantageous TO
themselves to acquire additional tracts Of
land adjoining their already improved farms,
or 10 increase their ilocks and herds; and in
the large towns the great growth incident TO
the marvellous delelopment Of all kinds Of
business and the Unprecedented increase OF
population has been 30 very great as TO
cause many changes in the holdings or the
propnetorships Of lots, etc, through the e.
Enormously increased demand for residences
and places for business.
Mr. Blair-May ask the Senator a ques-
tion2
Mr. Paddock-Yes, sir.
Mr. Blair-Would IL not, then, follow that
IN your State and in other States situated in
the same why, which are prosperous, that
the argerthemortgage indebtednessappears
to be the greater prosperity Of the StateH
That il to say, it il aninyestment Of capital,
proAtably invested.
NJ. Paddock have substantially stated
that IL does show prosperous condition Of
affairs in my State. In stock-raisng, for
instance, many farmers who had no stock
and whose farms were paid for, desired TO go
into that particular branch of the farming
industry, and 80 they borrowed money to nc
quire anew or TO increase their herds and
Aocks.
MIR. Blair--And instead Of drawing the in-
ference from the great amount Of mortgage
indebtedness that she is poor, the natural and
true inference would rather be that the State
is rich?
Mr.. Paddock--It is nm evidenced fprogress
andprospentya farasm my Staten concerned.
Indeed, sir, | affirm that there is not, all
things considered, more prosperous coun-
try or people ON earth.
Senator Wilson Of Iowa said the mortgage
Indebtedness in his State did not amount to
over SG5,OOO,OOO, and the farmers were per-
fectly able to care for them.
These are specimens Of financial wisdom
for which the people are paying at the rate
of $4,000 per day and foreshadows the meas
ure of relief that may be expected from that
body. The alarming feature Of this debate
consists in the gross ignorance Of these Sem
ators concerning thetrue condition of affairs
or their utter disregard for the demands and
necessities of the people The sentiments
expressed are an insult to the intelligence OF
the country and disgrace to the American
Senate. The doctrine that mans debts are
evidences of his prosperity is too absurd for
Il moments consideration. Senator Blair
says; "Eyery man Of them has grown
wealthy by borrowing money and running in
debt" A greater fallacy couldnoth have been
advanced. Money rents in the West from 10
to 30 per cent, and the average profit from
farm production is not farthing over A per
cent. The prosperity and financial existence
of the Western farmer, then, becomes a mat
ter of calculation. II will last as long as
per cent. can contend with 25 and no longer
Reference TO the "hard-earned money of the
East is not calculated to arouse pleasant re-