Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-02
ESPECIAL TELEGRAM TO THE DISPATCH, ,

occupation OF New Orleans was observed to-
night by the Butler Club in a banquet at
the Parker House. Rare Old Ben," the
hero of many fights on field and in court,
was the hero tonight, and, of course, made
the principal address, and it will command
close attention throug hout the country, his
subject being 1.-The Farmers Alliance. /"
Among other things which the radical war
rior said were the following:
"The Farmers Alliance claims to be nom
political, honestly SO, 1 doubt not, but how
is it possible for the action of body OF men
who think to influence the legislation of
Congress and the Government of the country
to be non-political. That is as impossible
as would De movement to change all re-
1igious belief to be non-religious. / sup
pose they mean, however, that they do not
propose as a body TO join either of the polit-
ical parties any more than such body of
religionists would propose to join any
church.
A POLITICAL PROPHECY.
at it succeeds it will destroy both politi-
cal parties and will become a political
party of itself. Their claimed object is to
fundamentally alter and change the situa-
tion, business and production of the fruits
of the earth, on which all at last depend,
and their relation to the other industries OF
the country, to the fullest expanse and in
the most radical form.
What are the possibilities of the farm
ers' financial condition? Within "a hours
railroad ride of Chicago the farmer cannot
get more than 10 cents a bushel for his corn.
He cannot raise, on the average of years,
year in and year out, more than Is bushels
to the acre. He cannot cultivate with
his own hands more than so
acres, and to do so much he
must be aided by the approved modern ap-
pliances and horse power in some form. To
DO that therefore. it will be seen at once,
and L think I have given the largest pos
sible value TO the farmers corn products,
that the carpenters can earn q bushels OF
corn by days labor, or IN the year, 300
working days, 6, 400 bushels of corn, or $500
in money, the purchaser buYing the corn
where the iarmer sells it.
SOME MORE FIGURES.
If there is any mistake In my figures any,
where it is that no farmer by his individual
efforts, without the use of very extensive
horsepower and machinery TO aid him. for
portion o. the year can do the labor neces-
sary upon so acres of land and its crop, and
If he hires any additional labor it must
come out of what he raises and in that case
the labor must be excessively cheap if he
can make any profit on it. Fifty acres
yielding Is bushels to the acre at Is ceuts a
bushel would be Sill so for the iarmer's
crop. The farmer works 16 hours a day
when he works at all and that during half
of his time.
The skilled mechanic works half of this
time for the whole year, taking care of him
self and his family and improving his con-
dition otherwise, If he so chooses, during
the other half How does the farmer lose
his lands? Taking simply tine agricultural
lands, the farms of the Western States,
exclusive Of city, country and town prop
erty, there will be found to be invested
IN FARM MORTGAGES
the stupendous sum OF So, ,450, 600, 900 at a
rate OF interest averaging from to per
cent, TO say nothing of costs and the COM
missions of agents, which have been taken
from the farmers for procuring the loans of
money, which may be safely said to be no
less on the average than per
cent There is no way of re-
newing or reducing this fabulous MORTGAGE
debt with Its oppressive and destructive
rates OF interest. To redeem it, if
done within the same time thar the
national debt has been Cancelled. So
far as it has been cancelled, would
require the payment of considerable 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. be-
cause, as we have see1, they call for from
to 9 per cent, and all statistics show that the
average profits on farming industries are
between and per cent only. These mort
cages never will be paid, if for no other rea-
son, because they
NEVER CAN BE PAID,
~ he
to pay them, for by reason of the deductions
of the commissions and costs at the rate of
z per cent there was left burden upon the
mortgagers of over S241, 600, 600 of debt for
which they never have received anv yalue
which, Therefore, diminishes so much
their ability to pay, and which
they look upon as having been
cheat upon them. No honest
man can invest for another person money in
these mortgages. Capitalists have long
since ceased to invest in them, but there has
been class of thoughtless brokers who
have been engaged in gathering from per-
sons ignorant of these facts, under the
temptation of high rates Of interest, their
little moneys, which they have apparently
invested in farm mortgages. !
Our State savings banks have escaped |
this gull, but trust companies have recently |
been incorporated by our Legislatures to re- |
celVe money on trust which thev are per- |
mitted TO invest in mortgages out of the |
State. One of them has already gone nm in
a very disastrous failure. The trust COM |
panies which made such investments Will !
simply go up with the mortgages in which |
they have invested.
THE WORLDS FAIR.
'fWe have just passed an act of Congress
to call all the world to fair in Chicago TO |
see the best illustration of the great pros
perlty Of our country. l hope that as one |
OF the objects of curiosity in that fair there |
VIII not be put up an illuminated list OF the |
farm mortgages of Illinois, because such |
exhibit will not be pleasant reading for q |
proud American. In what is hardly reck-
oned now Western State, the farm mort
cages in 1887 amounted to S124 600, 900, and
they are still increasing, and at their pres
ent rate OF increase the whole amount of
iarm mortgages o. that State to-day would
be about S134, ,00O. 900, provided there has
not been any accelerated increase since 1887.
The rate of mortgage increase has been
twice the increase of the value of the farm
lands. They have cyclones out West. ac-
companied with thunder, lightning. heavy
rams and hail, which are very destructive.
Look out for
FINANCIAL CYCLONE
where no building or institution will Re
hrong and tight enough to protect the bus;-
ness OF this country from the destruction
which will follow IN Its path. True. we
have the silver bill now on the tapis in Com
Rre6s, which Ia To he The ,,,.... |