New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-26
FARM MORTGAGES.
the SaIOOnS

Another hOary falsehood has been exploded
by the official records of the census. The story
| that the West and South were fairly buried
under the weight of farm mortgages cumul
ed in consequence of Protection has been clrcll-
lated so long and widely that many persons have
come to believe it. Even those who knew that
| the cause could not be the one ascrlbed, ana
| that the current stories of the number OF mort
cages or amount Of Indebtedness must be much
exaggerated, have unconsciOusly come to be-
licve that there must be some fire where there
is so much smoke, and that the burden Of farm
Indebtedness at the West and South must at
all events be very heavy. The Investigations
Of the census were extended TO cover this sub
ice, against the earnest protests Of many, be-
cause they knew that the work would be costly
and difficult. and feared it could not be ac-
cmatelv performed with the means at the dis
posal of the bureau. Superintendent Porter, it
is understood, joined in these objections, but
when the work had been ordered went at it
with energy to make it as perfect as possible.
and was surprised to find how complete the re-
turns could be made.
\ bulletin just issued states that abstracts
have now been obtained Of every mortgage on
record in every county in the country. though 1t
has been necessary to hire a small army OF
agents to visit every county seat for the pur-
nose. and the Entire number of mortgages is
about nine million. \ great proportion OF
these. of course. are on town and city properly,
and the proportion of mortgages on farms may
be Inferred from the returns given OF mort
gage, in two States, Alabama and Iowa. The
total amount of mortgages in Iowa was Sl99,-
O39.951. and about 90 per cent appears to have
been incurred for purchase money or improve
montt. The total in Alabama was only s39,-
O27. 9N3, and the proportion incurred IN puf-
chase or improvement appears 10 be over 50
nor cont. But aS 10 the farms these significant
facts apncar out of 3j,50i 600 acres IN Iowa
only 39iC.i32 are mortgaccd at all, or 81
ncr cont. Out of ~. 9Sj, 600 acres in Al1bama
only I7lit2O appear to have been mortgagcd
at all, or 5.3 per cent.
If lc,, than y tenth Of Shc land in o Is
mortcagcd. and only little over a twentieth IN
Alabama. il is plain that the ontcry about farm
mortgages ut the West and South has been the
most impatient cheat of the last century. Inc
amount Of mortgages in each OF those states, be
il understood, includes those on all town ana
city property, presumably a very large share OF
the aggregate in value, 50 that the amount OF
Indebtedness on all farms in Iowa may probably
be less than a tenth Of their value, since the
yalno Of farms in that state was over StOO,-
| Ooo. 600 ten years ago and has enormously in
creased within the last decade. In like manner
The Alabama mortgages include all upon city
and town property, which must there be much
the greater part in value. leaving but an IN
significant amount for NIL farm mortgages.
No doubt there are some Western states IN
which 4 larger proportion Of farms are mort
raced than i'm Iowa. Kansas would seem from
report, T. be ono Of the worst ol these, owing to
the unwislom Of multitudeN in buying land IN
REGIONS which can hardly be cultivated with
profit without artificial irrigation. y succession
Of short crops has followed the wild boom which
many new railroad, having land to sell helped
to produce i'm Kansas. and the defaults on mort
RACES have been numerous. But most Of the
older states are presumably more free from debt
than Iowa. and it viii probably l.. found that
less than one acre in ten Of Western farm lands
j., m9rtyagcd AT all. Only this single fact Is
needed 10 show how absurd has been the notion
that a National policy could be dictated by the
needs Of heavily mortgagcd Western farmers.