The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1892-07-26
FOREIGN MORTGAGES.
They arc Rapidly increasing in Mum Der
Throurhout the Country.

Throughout the Country.
Is the number of home property owners
in the United States decreasing!
That is u question Ok vital llnportllneo
that is now agtating the minds OIL Siea'
many people.
If there is any truth in the statement II
argues that the country is III very pal
condition, and unless u change IS "fou2he
in the situation, either by legislation or
otherwise, the result will be unfortunate,
if not deplorable in the consequences that
will be entaied upon the country.
Facts have recently been disclosed IN
regard to the ownership OF property IN tne
north and west that are simply astonishing,
and a man who understands their 1uii III
port cannot suppress certain degree OF
alarm as he realizes the full extent Of their
meaning.
1t appears from the authority of Mr.. j.
"A. Collins, who is III Atlanta as tne
agent of the home, farm and mortgage Oh
vision of the interior department. that the
number of mortgages has greatly Increased
in the northern and western states during
the last few years, and that the ownership
OF home property III the United States IS
rapidly passing into the hands of European
syndicates.
The foothold of British capital in the
south, however, is not SO great as it is III
other sections, and while great many
homes are encountered, the mortgages are
principally held by domestic capitalists, and
benefit OF the people
But large percentage of the mortgages
In other parts of the country are held by
foreign syndicates and wealthy individuals,
who belong to the rich nobility, who are
freely Investing their capital in American
real estate
Il am here" said Mr.. Collins, who was
buslIy engaged in the tax receivers office
yesterday examining the returns of the
county, for the purpose of ascertaining
If Al md for hot
are free from debt, and also the number
mat are covered with mortgages. | am
gong about from state to state and am
carefully investigating the records of each
county for the purpose of finding out the
exact situation of affairs"
,tiaYe you found the home places and
farms of the south heavily mortgug ed?"
he returns for the southern states have
not been tabulatcd, but the general situa-
ton Is better, | think. in the south than in
other parts OF the country. The mortgages
are held by home capitalists and the aggre-
gate debt which they represent are not so
great as in other localities The farmers
are poor, LII Il great many districts, but they
manage to make their profits exceed their
expenses and preserve their independence,
which is better than fortune encountered
with debt"
The situation in Kansas" continued Mr..
Collins, may be shown in the following
figures:
Debt on real estate 5000 900 900
4, rage debt on each farla. 1,45u
4Fyarage debt ON each home. 80. 1000
Average debt per capita 100
Average rate of interest, IA Ii
per cent.
Iowa
Debt on real estate .Sl99, OOO, 900
Average debt on each farm. ..... loo
Average debt on each home, .,. $50
Average debt per capita. ......... $50
Average rate Of interest, IL per
cent.
Illinois
Average debt on each farm. ..... 12SS
Average debt on each home...- $50
Average debt per capita. ........ $50
Average rate of interest IL IL
per cent
"a large number of the mortgages in these
states are held by foreign syndicates, and
the manner in which the poor, dependent
farmers are ground to the earth is revolt
ing. 1t amounts to system of slavery
as oppressive as the fcudal tenure of Eng
land. The necessity of having to mortgage
a farm is bad enough in ITSELF but when
mortgaged to foreign capital and to men
who are utterly devoid of sympathy and
feeling, it amounts to a great calamity"
Mr.. Collins then went to speak of
the act of congress appropriating million
dollars for the purpose of ascertairing the
status of home property in the country. AS
rapidly as he finished his examination of
the books in each county lie sent a full re-
port of his work to Washington city, and
the returns were filed in the department of
the interior.
The condition of the country, as represent
ed by Mr.. Collins, who has carefully stud
led the situation, is certainly interesting. IL
the invasion of foreign capital continues for
the next few years ut the same rate, there
is no estimating the evil that will accrue to
the country. The situation in some parts
of the west is almost as bad as 1t Is in Ire
land, and the question arises, i'll view of the
rapid incrdase of foreign mortgages, is
England trying to purchase her way back
into the ownership of American property.
Already the number Of acres that England
owns in the United States is Alarming. and
the number of tenants that pay their rent
to English landlords is almost incredible.
The tendency should be checked before 1t
is too late.
The dimunition in the ownership of home
property argues Il decrease of patriotism
among the people. The unit of patriotism
is the home, and the satisfaction that Il man
feels in Knowing that his home is his own
is the best guarantee that the government
has against anarchy.
Mr.. Collins will remain in the city for
two weeks longer He is "A typical southern
er, in his open and handsome face, and