New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-09
Rhinebeck, n. Y, March ., 1891.
WESTERN FARM MORTGAGES.
THE FACT THAT LOANS COULD BE OBTAINED
HAS BEEN AN ADVANTAGE TO MIN:
NESOTA FARMERS.

TO tho Editor of The Tribune
Sir: great deal has been said aud written regard
Ing "Western Farm Mortgages" VIII you allow one
who is familiar with the subject to say few words
upon this matter. My observation and knowledge ex-
tends over Southwestern Minnesota, which Is far
average part OF the West. have been IN this region
for fifteen years and have spent about ten years In
travelling, mostly in this part of the state, and conse-
Quently 1 know whereof speak. During the grass
hopper scouIge many men lost their farms under
mortgage foreclosure, and many more put mortgages
on their farms who otherwise would not have doe so.
But soon after the scourge was removed farmers began
TO pay off those mortgages and not only tht Dut 10
buy more land and to put up good buildings ana 10
make many other Improvements. There has been
steady advance along this line ever since. Young
men with a few hundred dollars have bought land on
contract and in few years changed the contract nto
q deed by giving mortgage on the farm for the pal
ance These mortgages are generally gwen ioi Il er
of five years. This is done, not because the farmer
could not make his payments, but in order that lie may
put buildings his land and get the personal property
necessary to carry his farm. This the plan tat
thousands of young men are pursuing, ana IL -
great advantage to them. You see that II they were
Obliged TO mage their payments on their land annually
it would be much longer before they couo Duilo vi
their farms and procure the necessary personal prop
erty TO work their land Frequently, instead oil pay
ing the mortgage at the end of five years, the payment
land NAV he procured. As rule farmers Ie noV
satisfied with onequarer-section Of land. Inc same
machinery that is required to cultivate oncluartSr
will also answer with few additions for han secto
SO YOU see there is great incentive fr men 10 Ioao
up or overreach. Yet rule those are me men WHO
sncceed hest Few farmers keep out Of debt Many
might be- if they chose. but as shown above, IL pay
heller TO be in debt Many farmers are operating a
section of land and carrying from $4,000 TO S9'ooo
Of Indebtedness Most of the loans are made at per
cent but securities improve the rate Is lowered ana
already a considerable number made al per cent
True occasionally man loses his farm under mortgage
Int this is "a rare exception and IS becoming more IN
freouent each wear. / satisfied by years OF OD-
servatiOn that the percentage OF farmers VINO lose eI
farms under mortgage Is smaller than that OF iluIes
of business men manufacturers o. In 1act, any
class of men, The cry about depression OF agriculture
and the burden of farm mortgages applies Only 10 sec
tions of country which have experienced succession
~ taiInne Of crops IL is true that farming has
passed through great transition IN the last hitecn
Years and has caused many hardshps but tlOsc
changes are adjusting themselves. or people are al
iuStjnC themselves to the changes. Prices nave ma
ferialy appreciated in the last year. and uch better
feeling pervades the minds Of farmers One OF the
chief advantages Is that money can be had at reason,
able rate of interest. With a little money lots OF
muscle energy and deeTm natof any young man may
succeed in acquiring comfortable nome IN We west
poduood Falls Mimi. Feb, 90, 1901.