The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-04-07
1900, ,0O0 OF MORTGAGES.
4 SADLY ESTING sTUDy
IN THE CESSUS OFFICE.

IN THE CENSUS OFFICE
4 Mortgage 10 Every Seven Peoples.
Inc National bankers and Free Coin.
nCc.--N0mc Opinions on the Alliance
aud No;cs of Alliance Wo,k.
lCopyashted by Reform Press Bureau.1
WASulSGTOS, ID O., March 6. Oil
oue Of the departments of the govern
mcat Census Office is a sadly intere sting
place to visit. In long and tall system
oi Gle boxes, there are abstracts of nine |
millions of mortgages which are hanging |
ever the farms and real estate of the |
people of the United States. Yes, nine
millions Aud this number does not in
giude chattel mortgages, lien bonds nor
the debts ol farms th} may be occupied
by tenants; and it may be that many
thousands of farms are not included even
ia bis appalling evidence of almost hope.
less debt which hovers gloomily, depres-
slugly and threateuingly over the heads
OF eight millions of farmers.
4 Mortgage 10 Every Seven People.
DO you grasp i, Nine millions of re-
ported mortgag means IA mortgage to
every seven inhabitants OF the naJiuA, or
g.la@ - mortgage 10 every family in the
l.l.eG states.
Over Ghrec Thousand Mortgages to
Each County.
Putt ( the number Of counties in the
United states at 2,740, which is some
thing over the actual number, il appears
that there Is an an average OF more than
three thousand mortgages TO every
county IN the Union; and it is anthem
tigally stated that the total interest on
some OF these mortgages amounts to 40
per cent. annually.
That old Billion Dollar Congress-.
Bat in spite OF this desperate and
struggling and almost hopeless condition
Of tIc people, and particularly that peo-
pie upon whom The existence of life aud
govern meut depeuds--the last Congress
spent nearly one thousand millions of
dollars of money which must be paid by
the people; and DO it remembered this
means 1Gt each man, woman aud child
must pay an average tax of eight dollars
annually (amountlg to forty dollars for
ea;h fdmily,) III addition to paying direct
State, county, city and special taxes
Aai tlat same Congress absolutely re
fused to consider any prayer or petition
or measure that might look to the amel
ioration aud relief of the conditions de
scriUed above.
How is This supposition
Suppose the average amount of deb
20 CtCu OF tuese mortgages was one hun
dred dollars. The total would be nin
hundred millions. But conservative
estimate places the average amount a
i've hundred dollars (tor chatte and lie
mortgages are not included) aud tha
makes the total reported Indebtedness
over four thousand millions of dollars
The figures yet beyond comprehension
And with all this debt and all this ia
ii is pretty well established that th
amount Of money In circulation in th
country does not amount to five dollar
a head.
What did the Fifty first Congress d
for the people,
The National Banking System and Ere
Coinage.
The National Banking System was Il
blackmail levied by the State ban
upon the United States at the cor
mencement of the Civil War. We the
obtained our money from the Sta
banks.
When the government needed blanke
and muskets and provisions for Il
Union soldiers, the State banks VIC
willing TO purchase government bon
on their own terms, payable IN tn'
paper.
Mr. Chase induc I'd Congress to aut
orize the issue OF Treasury notes Will
were not legal tender; but while t
banks would recognize the notes of ca
other and receive them on deposit
money, they refuse to receive Treasu
notes on deposit as money. MIR. Oh;
gave this fact as reason for his reco
mendation of the issue of the first le
tender Treasury notes. He found hi
self 30 hampered by the opposition
the State banks that he was compelled
recommend compromise with them,
which they could be transformed i
National Banks, issuing their own no
endorsed by the government, to
am)uut equal TO the issue Of UnitedSta
Treasury notes.
A Loan without interest.
Mr. Chase described National b
note AS loan without interest, by wh
he meant that they were merely priv
shin-piasters made valuable by the &
ernmeuts endorsement, and thus
bled 70 circulate as money. Thus
500, 900, 900 of wealth instantly crea
IN the pockets of the managers CT
State banks, while the State bank Is:
We're taxed out OF existence.
The people have gradually com'
knowledge of this method of fleet
the government, and have deman
that the government should issue
own paper instead Of longer hell
private individuals to circulate
paper as money.
The National Banking System M us
- ,I;sre will never be again ali any any leg ia
sss.'isaa ss s'asi s.as;ss 8: 3:sss y y y
eouni. l;nn out as the goe rnneh longe