South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1892-09-30

1OAxk.
A. No--not ten per cept-pro-
badly not over five per cent of
them.
Q. Where are they owned then?
A. Chiefly in the New England
States and New York.
Q. What is the railroad property
in Missouri worth?
A. About 1915, 900, 600.
Q. And this large amount of
Missouri wealth is owned in New
England and New York?
A. Not all of it, but much the
larger part.
q. You say that, besides the
railroads, there is other Missouri
property mortgaged to the East.
What property is this?
A. Farms and city and town
property.
Q. What is the amount of these
mortgages?
A. The best authorities estimate
the farm mortgages at 800, 600, :
600, and it is safe to put down the
mortgages on city and town proper
ty at as much more, making to-
tai of $500, 600, 900.
Q. Then 1915, 900, 900 worth of
Missouri railroads and 1900, Co.,
600 in mortgages on Missouri resi-
estate, making total of 1918, 600,
600, is held and owned by non-res-
idents?
A. Yes.
Q. Where are thesc mortgages
held?
A. Chiefly in the New England
States, where the investment of
money in Western real estate mort
cages has, in the last twenty years,
grown into an enormous business.
Q. Does this 1915, 900, 900 Mis-
souri, property owned in the North
east pay dividends and interest to
it's resident owners?
q. 1t does, indeed! The rail-
road net earnings at SIS, 900, 900 q
year; and the interest on the real
estate mortgages, at 2 per cent,
must yield, in the aggregate. $14,-
600, 600 more; making a total drain
of S29, 900, 900 year on the state.
q. Where does this drain go?
A. To the manufacturing states
chiefly, which are also the money
lending or creditor states.
O. Are the other Western states
in the same condition as Missouri,
in this respect?
A. Yes: some of thsm, Iowa,
Nebraska and Kansas, in a worse
condition. Official reports in Mich
igan state that AZ per cent. of the
farms in that state are mortgaged
for 48 per cent. OF their assessed
value, which means that the farm
mortgages alone cover one-fourth
the assessed value % the farms. Tt
has been estimated that 62t per
cent. Of the farms in Iowa are un-
der mortgage, and that the aggrc-
gate amount is $50. COO, 600. A
farmers convention in Nebraska,
held last year, declared in q me-
mortal to Congress that the farm
mortgages in that state make a to-
tai of $50, 900, 900, and that there
is hardly farm in the state not
encountered. And IN Kansas the
farm mortgages amount to fully
one-half the value of all the farm
property.
Q. You say that the earnings of
the Missouri railroads, $15, OOO,-
600 year, and $l4, 100000 more
in interest on mortgages, making
together 500, 900, COO, is drained
from the people Of that state, every
year. Is there not some mistake
in this? Can it be- possible that
these figures are correct?
A. They are based on authorita-
tive reports.
Q. liz this large amount Of mon
ey actually drawn from the state
every year?
A. 1t is taken from the people Of
Missouri as an annual debt-chsrge
on the property in the state. It
may not all be drawn out of the
state. Much of it may be, and
is, re.invested in other
mortgages, other railroads, and
other interest and dividend-p paying
property; but this only increases,
from year TO year, the nonresident
ownership Of Missouri wealth.
A TAX ON LABOR.
q. Do other persons besides far
ners pay the protective tariff taxes?
A. Yes; all persons in she coun-
try pay them.
q. Do the operatives in q pro-
tectiVe factory pay them?
A. Yes.
Q. Suppose factory hand buys /
> pair OF blankets or q piece OF /
that he has made with his
own handS-surely he does not pay
: protective duty on that?
A. He does, indeed.
q But that looks like paying q
AK on his own labor.
A. It is paying a tax on his own
abor. And the protective tariff is,
N it's last result. tax on All the
abOr Of the country. The factory
iand pays it on the blankets Of his
'wn weaving; the colored mas in
Mississippi pays on shirting made