The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-08-14

but is still the leading employment of
the inhabitants. OF the farms occupied
by their owners In Kansas $500 per cent.
are unincumbered, and 64.3S are under
mortgage. In Ohio, 1879 per cent
the farms occupied by their owners
are free of incumbrance, and 21.2S
per cent. are not. In Maine, 77.97
per cent. of the farm-owning families
have no mortgages and 22.O9 per cent.
are subject to incumbrance. In Kansas,
the average value of the farm under
mortgage was 1904. and the average
amount of mortgage was S1,21; while in
Ohio the average value of the mortgaged
farm was S3.S4S and the average incum-
bance SLAP; in Maine the mortgaged
farm was worth S1,449 in 1890 and the
incumbrance averaged 1862.
1t has been represented that much of
the incumbrance upon Kansas farms is
due to the inability of the occupants to
pay their way, and that money was
hired TO meet the expenses of living.
The facts show that such representation
is wrong, since they show that 1913 per
cent. of the farm mortgage debt was in
Cured to purchase real estate, to make
improvements and to purchase personal
property-farm and family expenses,
as the cause of mortgage, being
but 1856 per cent, and that was
incurred by 6.54 per cent. of the
families. In Ohio, purchase money for
farms, additional real estate, the pur--
chase of personal property and business
were the objects for which S1.96 per cent.
of the mortgages were made, while 2. IA of
the farm debt was incurred by 4.63 per
cent. of the owners for family expenses.
In Maine 82.1S per cent. of the total farm
incumbrance was incurred to secure
purchase money, pay for Improvements,
invest in business and buy personal
property, while farm and family ex-
penses stand for $3.50 per cent. of the in
cumbrance and limited to 8.S7 per cent.
of the families.
In Kansas rates of interest between
6 and per cent, both inclusive, were
paid upon 59.41 per cent. of the farm
debt in 1890, but only 4.47 per cent. of
this debt paid rate higher than 10 per
cent. The average Kansas rate was S.12
per cent. In Ohio GAIT per cent. of the
farm debt paid per cent. interest and
81. "a per cent. of the obligation did not
pay in excess of 8 per cent, while the
amount which paid 10 per cent. is
inconseQuential. The average annual
rate was 6.S5 per cent. The average in
terest rate on farm mortgages in
Maine was 6.26 per cent. These were the
rates of 1890 Since, that date the rate
clined somewhat. The fact that the
rate of interest on farm mortgages was
only 1856 per cent. lower In an old mon
eyed State like Maine than in a new
State like Kansas, where money is in
great demand, proves that the medium
of circulation is not so scarce there as
has been represented, and that under
the national currency and banking sys-
tenn the prices which money will hire
for have been gradually approaching
each other In the old States of the East
and the new States of the West. In
fact, viewed from any point of observa-
ton. the condition of the new West is
gradually improving; but it the perfect
season is to be that in which no mort
cages will be contracted upon farms, it
will be when real estate ceases to change
hands and when men who have no farms
will have no courage to purchase and
give mortgages in the confidence of
bettering their condition by their own
efforts. .,....,,,s. -.-.s.,