New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-28
POPULAR OBSERVATIONS
FARM MORTGAGES IN IOWA.
LARGELY HELD By FAHMERs-HvALs OF 1hh
p,xKe AZ MoNEYLENDERS

LARGELY HELD BIZ FAEMEI"S- IA
BANKS As MoNEYLENDERS
TO the Editor OF The Trlb g low,
civ am one Of the wretched farmers Of Iowa
described by Governor Boies In hiS Eecc' 80 %
ug, ,ton, have raised forty successive crops OF
Nc" i,.oro comfy this state, the first in l75o
and the last In 1890 The last crop was ,Ho 49, .ra
on na,e ,ovcr had An entire failure and only TWO
partial failures. anr ,s a
uput saws some one-hOrse politician, no" 10 IL
ra+ p,o farmers OF Iowa are so haTd-"orAeu 81
destitute and the farms 50 badly mortsascu s.o.
viii tell the reader just how IT Is, after hrs1 STAT
uat to Willing agricultural hand in Iowa Daring
accidcnt knows no want. VIII me- ,aao ,h+
position by saving that make no pre'c"oc mn
tors car come 10 Iowa with little or no meais'
ecttle on the wild prairie and straightWay' III "i'
no. roll in luxury and wealth. Those WIN h"lo
been here say ten or fifteen years OF ihoi'' CIV -.
have been reasonably industrious, tehpcr"o !" ,
habits and have used reasonable economy H'No "
t,rns maid for comfortable homes, barns ana out
bindings Their farms are well stocheu VIII" NV
cattle hogs farm machinery and carriages III Sno''
,ho, ovru their own livery, good enough LOT any
mir homes are comfortably furnished-suppileu VIII"
CARPETS, organs pianos, sewing Ild'"i's' ~
Tbeir families are comfortably clad, and their 100 Is
abundant and Just good as they choose W MANI 10
Their children have good school facllltieo our sa'c
,s we'll suppllcd with common schools, semnaTlcS'
bridgcd The state and the counties oil the ota"'
,,r,cucaIlv are not in debt. l will here give IL as
NV opinion that the farmers Of Iowa see rs many
leisure hours as the people Of any other calling III
tho state.
Some one wants to know how II Is that thcre ar
so many farms moHglecd, If the farmers arc 80
thrifty Since | have lived in this state nearly mar
Of n century, and have been somewhat acuVc III
beninr 10 develop its resources, | feel jrsthed IN
giving INV opinion subject to the criticism OF cahdlu
and yyell-informed men who have had Ilhc oPpor
tInity to judge large percentage OF inc AiiiS Va
Iowa were bought on credit, and debts were CON
tracted 10 provide houses, barns teams iarih Ma
chnery and usually, later on debts were iuhued anu
farms mortcaged 10 Eastern capitalists. trust and loan
companies, etc. Forty years ago wei am one oi
theni-paid per cent interest per annum ana per
cent commission TO the agent for doing us 80 great
favor 10 obtain the money for US Lauer OH, cay
twenty five years ago, money could DE oo'alhcu lo
10 per cent interest. A. the wealth was maze lOHl
farm products. interest rated lower. AZ The picscH
time large per cent of the farms In the older seed
portion of Iowa is under mortgage and practically no
foreclosures are made In instances foreclosures
are made 70 perfect titles and not otherwise. For
every foreclosure Of mortgages farms In ths county
there are twenty farmers with money III the bank, VINO
are DESTROYS OF furnishing the money at per cent
many times al per cent 10 relieve their neghborS'
who are said to be SO unfortunate. Many mortgages
has expired, bought by ncighbonng farmers, with
time extended at reduced Of Interest, the orfei
nal mortgage remaining Of record. Many farmers
who have retired because Of old age or by reason OF
abundance - live at their have sold their farms
one Of their children other relatives or
perhaps 10 a neighbOring farmer, or new settler,
have taken "a mortgage the farm they sell and
sometimes on other lands to make the security good
on long time. 80 ~ to keep the money out at IN
tcrcst as long as possible. There are far more mort
cages given recently by persons who find that they
can buy adjoining land and make IT pay better than
regular rates Of interest.
| am now and have been since have been In
the state engaged In several branches Of business, but
my principal business now IS farming. l ind no
trouble IN making my several farms pay me per cent
interest net, on the curielt prices Of farms In IN
locality where they are situated. / have IA addition
the advance In the value OF the farm Whlch no man
whose Judgment Is worth considering VIII put less Una
5 3 per cent per anuum. ms added u inc ! per
cent makes 10 - cent Interest, good enough Tor me
An obccOr may say that tile value OF Iowa farms doc
not advance . ID per cent per dlnum summit 10.
the consideration Of farmers ana all good candid.
conservative men Of Iowa. OF whatever calnne-bdrrnS
only one horse politicians, schcmcrs such men rs thp,l
VINO never deliberately rehect-whether farm land
Will not double IN value IN thirty years. That II
equivalent 10 an advance Of - per cent per annum.
Nhothcr for instance agricultural lands ~ Iowa That
are now worth - per VIII not In thirty years.
sell as readily. under the similar state Of cul.
tyat0n aud conditions, for $50 an acre.
Another phicctOr say: But sim The farms OF Iowa
arc mOrtsaecd.' some Of them are, must admit,
but remember these mortgages are not q necessity
but matter OF choice for profit Ana right here !
Delaware County and all OF tie Older settled couLte-
Of This state that the farmers not IN debt moro pcr
CulIia than the citizens Of other callIu--. Again, ]
will venture the opinion that, II al! IN" fund wcrc
called in That belong to Tie farmers OF Drltwaic
County. which they have sent ont Of tn" county 10
buy farms I'm tits and Other states. ant cn'
out interest and otherwise invested also the I'M
invested money they nave ~ bdihS and else" mere
and all the money they have lent ont mortgages in
this county. II would be sufficient 70 pay every cent
that all the farmers THIS county owe, me ludiug
mortgages notes, accounts or any and all Indebtedness
a class, do not owe one dollar.
it i, "a fact well known To al the bankers Of this
county that the farmers their shaIpc-t com
pcttOrs in lending money. II often occurs when a
banker or loan agent thinks he is about 10 place a
nl i''r GIGh ~ none tIat an u''I', Vcl ii'l''
onc other nduccmcnt and IN loan I, lost 70 thr bank
extended observation VIII Tor moment make even q
prc,cncc that Iowa farmers have not had hard times.
but their verdict viii be that larger per cent u
other calling have failed IN Iowa than the farmers
for Instance, the merchants, lawyers, doctors and
hgl"eiSLt politicians. Pho latter waste much
sympathy on the poor farmer, when they champion
his cause for political effect abroad but AT home ney
eloquent the hoated farmers abuso Of tho
poor laboring man who has vote.
For the benefit Of farmers with limited means who
dcsr. 20 come among Us. J Wish 10 say that have
Mountains opt four, and will venture the stat
mcnt that like block territory this continent
can be- found which AFFORD, hcttcr oppornnlt,-, than
ing and desire, Northern climate. who values oI,
rOriunc, for edncation religions privilege. security
Of lie aud property, civil. temperate aud awHbdng
ncghbOT, and certain return for his labor. with 70
fair profit Those who want something for nothing
and yet demand all the luXurics and comfort, thai
labor brings need not apply. +. Il. DOOLTTLE.
Delhi, Iowa, March %, 1891.
COST AND PROFIT OF IOWA FARMING.
TO the EdItor Of The Tribune.