The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-10-21

/ frighten Tire noneyed men of the east
/ eru states, To cause them TO believe
/ that tile people Of tie state were dis
honest, and would, if possible, repudi-
ate all their obligations, and generally
/ u iljure the credit of the state, and
1 that their loss Of confidence theI ely pro
duced prevented eastern money loaEers
from making any further loans in KAN
sas, and caused those already having
/ loans TO seek to collect them rs soon
rs possible by legal proceedings.
That these results were, and are very
disastrous to the state, and the only
/ way the credit of tile state can be re-
| stored, and any further injury prevent
ed is by redeeming tie honor Of the
state by an OveFghelmningde defeat Of the
| peoples party, and thereby show the
eastern money Ioaner that the repub-
| lican party still has control, that his
loans are perfectly safe, and that no
amendments or change whatever will
| be permitted in the present admirable
method OF foreclOsing mortgages and
collecting debts, and that when the
money IOaner is convinced of these
I things, lie Will renew his loans, ana
the remarkably prosperous condition
of the Kansas farmer prior to the for
nation Of the peoples party will be
restored, and We will all be 50 joyful and
happy that we will sing Uozauua' s
with loud acclaim to the G. o. 2.
Admitting, for tie purpose of the
argument that the money Ioaners
were scared by the speeches and pro
posed measures Of the peoples party,
and even that their scare was well
founded snd that the peoples party
alone Was responsible for and caused
ii loss of confidence in eastern money
circles in the good faith and ability of
the people Of Kansas, it is a very
serious question il such result WIS
not a great benefit to the people Of
the state. 1t is cOnteuded by a good
many old residents of the state, Of large
experience and sound views generally,
that the widespread and excessive
loaning of money at high rates OF in
terest that occurred in Kansas in CHE
years 1885 and 1886 lin which years
the bulk Of the Indebtedness WAS coll
traoted) was "a great injury to the peO-
pie of the state. Tempted by loan
agents, eager for commissions, farmers
we're induced to borrow large sums of
money at high rates Of interest. The
money thus obtained WAS soon spent
in the making of improvements on the
farm, the purchase Of implements ami
stock, and often largely in buying
many things of comfort and luxury
which could have been dispensed with
without a serious dimiuution of COM
fort. In nine cases out of ten the
msn who borrowed money during the
years mentioned, at the end of three
years were worse of, financially, than
they would have been had they not
made the loans. The stock that was
bought deprecated largely in value,
and the returns from the money in
vested were insufficient to pay the
| interest on the loan. In many cases
the borrowers were unable to pay the
installments of interest as they be
came due, and to prevent their NOR
tgages from beng fOreclJsed they Dor
rowed money from the local banks at
2 per cent per month, and secured the
loan by chattel mortgage on their stock
and other personal property. Not being
able to pay these last loans, in course
of time the chattel mortgages were
fOrecIOsed and the property covered
sold at forced sale at a low price. In
due time, the foreclosure Of the farm
mortgage followed, the land was sold
at sheriT's sale, and the farmer turn
Cd adrift on the highway to make his
living best lie could. This is the
/ history of thrss-fOurths of the farmers
who borrowed money from eastern
money lOsners in 1855 and 1883,
If the credit of the state had been
ruined at that time so that these men
could not have borrowed cent, they
would have been ten times better on
at the end of i've years. They would
have done business Oh IL smaller scale
and in less style, but they would have
/ grubbed out living, and would still
own their land and personal property
| at the end OF five years. The most
I pAGE Es1AAA8 AtlA l4GAG ia ElLQ1 NltLg
and ia the state at large to-day, are the
men who did not borrow money, but
/ kept their farms and stock clear OF
mortgages. 1t Is not necessary now to
show why the men who borrowed mon
/ ey in the years mentioned could not,
or did not invest il IN a sufficiently
profitable manner as to enable them
TO even pay the interest as it became
due, but it is a stubborn fact that cannot
Lruthfully be gainsaid, that in nearly
every case the loan was AN injury. and
in the majority Of cases caused the
financial ruin Of the borrower. We
/ have no doubt that if not a dollar OF
eastern money had been loaned in Ed
wards county On farm mortgages since
1884, we would have had a larger POpu-
latiOn and q more prosp porous commul-
/ ity than we have now.
Again, If tie farmers are so pros