Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-07-16

OF farm being sold. Men who are clear
OF debt hold their property at high dgures,
and yet the statement IS true that, taking
the farms OF the State generally, they
Ysnld not sell for more than the mortgage
lo1t. Indeed, that statement can be
B)yen by the Capital itself On the 3ist
.Jy OF last August that paper contained
eports from forty-three counties ia tho
s,fate. The reports, which were said to be
oAiclal show that farms-not wild lands,
but fdr7mS were being sold in Kansas un-
der foreclosure sales at the rate OF over
90 a year. The Capital record covered
six months OF the year. showing less than
one-half OF the counties IN the Statei but
the Capital, not tho KANSAS FARMER,
made comparison for the whole State
based upon the figures given for the forty
three counties, showing that II the same
proportion held good for the entire State,
the total number OF sales Of farms under
mortgage foreclosure proceedings was
equal TO 1850 for six months. Wetake the
liberty Of extending the same proportion
over the whole year; that gives us, for one
year, In Kansas, 800 farms sold to satisfy
mort gage debts, and these are the Capitals
own figures. 10 addition to that, we find
that In an issue only few days later-the
following Friday, II our memory is not at
'ault-a report was given Of the organiza-
Ion OF land syndicate to bring together,
lnder one ownership, an immense acreage
II land which was being transferred vol
nntarly TO loan companies IN order to sat
sly mortgages. Every we'll informed
person knows that large number, q ueTp
arge number OF farms have been passed
in this way into the hands Of mortgages
without any proceedings IN court at all.
This voluntary surrender OF the home
saves the expense and humiliation OF going
into court; and II Is fair to assume that
this class OF transfers OF homes largely ex
ceeds In number those which are sold
under orders Of court. 1t IS safe 10 say
that no matter whas may be the actual
9orth OF these farms, they cannot be sold
for that amount, for II they could be, the
owners would gladly sell them and II pos
.ible save little margin between the
worth OF the farms and he amount Of tho
mortgage debt 1t IS clear that II the peo-
pie could sell property enough to pay their
debts, the property would have been sold
long ago. But suppose that every mort
gage debtor in Kansas-and that includes
two-thirds OF them, according to the Cup
iidrs statement-were TO put up their
homes at public auction on thirty days
notice. where could we find purchasers for
them at more than their mortgage indebt-
cdness, which Is supposed to be only one
third OF their value? Why IS 1t that when
form Is sold under the order OF court TO
satisfy mortgage IN nine cases out OF ten
the mortgage is the purchaser Why is
IL that to-day the loan companies Of the
State are burdened with lands which they
do not want, but which they are compelled
to take 10 order TO save themselves, be-
cause the debtor cannot pay his debt?
Why Is II that In 90 per cent OF these sales
the amount bid BY the mortgagee. his
agent or attorney, is not the amount or
the debt, but simply enough to cover the
cost OF foreclosure, leaving a judgment for
the amount OF the debt hanging over the
head OF the mortgagor and his family?
Why is II that owners OF homes are clam
bring for money to renew their loans, aud
IN many Instances are unable to obtain II?
Why is 1t that IN largo numbers Of cases
the security, which was good three or four
or i've years ago FOR loan, is not now
good for an equal amount, when the land
is as good as Il was then, when additional
improvements have been put upon the
property, and when, as a matter Of fact,
the property is really worth more to-day
than IL was then9 The plain, simple,
truthful answer TO all these questions is.
that property values have falleL so thar
the debtors are unable with the property
they have on hand to pay their debts In
other words, the property Of the people
under existing conditions IS not worth a
much as their debts amount to. We have
not said, at any time, and we do not say
now that here aud there and yondar par
ticular piece OF land IS not worth NOR
than its assessed valuation, or that fl
not worth and would not sell Tor as muci
as II was worth and would have brought
FIVE years ago. What we dosay. and wha
every person knows TO DO true, whethe'
he is willing 10 admit IL or not, is that tht
market value OF property not only IL
Kansas but in all the agricultural State
OF the country and In all the agricultural
sections Of the States, has heen SO enormou
that II It were put up at public auction C
notice It would not sell for as much as th, /
total indebtedness OF the people
Its time that cur public men should ac-
knowledge the actual conditions confront
ing them, and II is time that writers 10 /
the public press should not only be ewilinl |
but anxious TO give TO the people the actua
facts in order that our legislation may be-
made to correspond to what the conditions /
demand. You elect a man 10 public Office |
and Immediately stuff his ears fullo false /
statements. intending primarily TO infu /
ence his judgment in favor OF the power /
which We all know is destroying the peo- I
pie. The census report shows, and We /
know without the fact being shown, that +
the people who are In debt are paying from 4
10 per cent. to 30 per cent. for the use OF I
money, while no business, except that OF
so large profit. We al know that farm
ing has not, in the last forty years. paid
more than an average Of 2 per cent, per
annum on the value OF the farmers In
vestments, and as result Of this while
We have been toiling to make homes lei
ourselves, we find that our condition hgs
been growing worse instead OF better;
while the financial condition Of the men to
whom we are indebted is growing better
and better every year. That is TO say, the
masses are growing poorer. The masses
who do the hard work, who produce all the
wealth In the country, while the few who
end the money are growing richer and
more powerful, moro impudent, arrogant
md merciless every year.
Now, another statement The Capital
,stimates that the real worth Of farms in
Kansas is three times their assessed valu-
ltlon. That may be true, but II they are,
6 It not strange that nobody Is willing to
1ay that for them? Is it not strange that
money cannot be obtained for more than
jne-third Of that estimated vslue9 Isit