St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1891-05-07
STANFORD'S SCHEME AND THE Al
LANCE.
Editorial Correspondence

as they may seem, are not more so
than some advanced by alleged states
men. Take the plan of Senator
Stanford for the government to loan
money at two per cent interest on
farms at one-half their valuation.
AS the government no more than an
individual would want second mort
cages, a title clear OF 1ncumbrance
would be the first condition. In
manv ofthe states where the Farmers
Alliance is most active a majority OF
the farms are already incumbered
for more than half their value, and
the only hope of the occupants is
that legislation or boom OF some
kind will help them out. Some way
then must be devised whereby an in
cumbrance exceeding $1,000 can be
removed from a farm worth $4,000
so as to secure on the Stanford plan
government loan of half the value
of the farm. But even if this SEEM
ing impossibility were removed the
average farmers condition would
not be much better, for he would
find it very hard to pay off his mort
gage, and pay taxes and running
expenses from the proceeds of his
farm.
This opinion is confirmed by
farmer in western New York who
states in the New York Evangelist
that a very large proportion Of
farms there are mortgaged for more
than half their present value, and he
adds that Farms have no market
value for there is no market, but
when a farm has to be sold it brings
half or less than it did twenty years
ago, and many farms are mortgaged
for every cent they. could be sold for"
He says che is old and in debt and
our condition is a sad one. Several
farmers in this town, good in
dustrious men, are leaving their farms
in despair this spring and losing all
they have paid on them. They can
not even keep up interest and taxes
and they give it up as useless
struggle" Sad as this is he thinks
Senator Stanford's plan of doubtful
value even were it possible for most
of the mortgages are held by Buffalo
and Rochester savings banksin trust
o,11 10h0rIno
men. Should the government pay off
these mortgages there would be a
plethora of money which would be
difficult toinvest and temptation to
extravaganza and wild speculation
with the usual results. One Of the
principal things that has put farmers
where they are is the ease with which
old debts were paid with the cheap
legal tender money before specie pay
ments were resumed, and the high
prices to which land was then car
ried."
This is pregnant fact and applies
to all the middle states as well as to
lIlOSC IuI lliSl HNSl. w hNIi
was two dollars bushel farmers
bought land right and left, many
mortgaging their homesteads for
security and losing every acre when
prices went down and bonds became
due Then they became tenants of
those who could and would hold
land rather than part with it for
half its former value.
New England farmers, everything
considered, are as well off as any in
the Union. Some of them have |
made money or they could not have
placed so much in hazardous western
securities, and whoever owns a farm
in Vermont and is satisfied with his
occupation and surroundings should |
stay where he is and never pinch his |
farm or himself to send money out of |
the state.
After all the Farmers Alliance |
may be expected to promote some
good results. 1t is clearly seen that
agriculture is unduly weighted in the
cost of marketing crops and in tax
alton direct and indirect. The farm |
and it's belongings, worth a few
thousand dollars, are wide open to |
the gaze of every one. But a city |
man can place million in taxable |
bonds and securities beyond the
reach of an assessor nor need he per-
lure himself when taking the usual |
oath. F.
MAPLE SUGAR BOUNTY.
The commissioner of internal rev.
e.,.a hoe ,,reoared reur,1a tionc for