The record-union., 1893-12-09


ment has been made so often that the
general impression among all classes OF
people is that it represents the facts.
Nothing could be further from the real
truth. But not until the census of farms,
homes and mortgages was taken in 1890,
was it possible to get at the truth on this
subject. These returns are now suffi-
GENTLY compiled to warrant the following
startling statements:
Three-quarters of all the farms in the
United States are owned free of incum-
brance. Only one-fourth of the total
number of farms in the United States are
mortgaged. Or, to express it more spe-
cifically, out of every hundred American
farms, more than seventy are fully paid
for and less than thirty are mortgaged.
The average mortgage represents only
one-third the value of the farm upon
which it is secured.
The total amount of farm mortgages in
the whole country is hardly one-tenth
the total value of all our farms.
In 1880, nearly one-titth of the mortgage
Indebtedness rested OH farms; but in
1890, farm mortgages represented only
One-seventh OF the country'S total 1n-
debtedness.
Out of every hundred families on
American farms in 1890, forty-seven
owned their farms free of mortgage,
twenty owned but with incumbrance
and thirty-two hired the farms they lived
on and worked.
Of those who cultivated their own
farms, 20 per cent owned but with in
cum brance, and only so per cent. had
mortgages. OF the farms occupied by
tenants, less than 10 per cent. were in
numbered
Four-fifths Of the amount of debt on
farms and homes was incurred for the
commendable purpose of buying and i'm
proving the property, and a like proper
tion of the number Of farms and homes
were mortgaged for the same purpose.
The total real estate mortgage debt that
existed in the United States in 1880 is
estimated at 81, SOC, ,000,000, equally divided
between lots and acre tracts. In 1890 the
total amount OF such incumbrance had
more than doubled but only 81 per cent
of it was on acres and G6 per cent. on
urban property.
The total mortgages on actual farms
were about 1928, 100000 in 1880, and ten
years later was about $S75, 100000, an in
crease of $3.50, 100000 in the decade.
During these ten years no less than
100000 new farms were created at the
West and South. If only one-half of
them carried the average-siZe mortgage,
this would readily account for the in
crease in the total debt on farms.
Mortgages on other acre tracts than
farms proper were in 1890 about 81, 1885,
900, or an increase of S438, 100000 dur
ing the decade.
The mortgages on lots, that is, on city
and town property, amounted to 81 ,250,-
900 at the opening of the ninth decade,
but in 1890 were estimated at nearly
81 900, 900, or an increase of over
s., 100000 900 during the ten years.
The total mortgage Indebtedness in
June, 1890, is estimated to have been some
S. 00O, ,000 as against $500, 600, 600 in
1850, an increase OF 50, 500, 100000.
These figures look large but show that
the total Indebtedness on all real estate in
the United States is only about S92 per
capita. Add to this the per capita amount
represented by the public debts of the
United States ($14 S3), of states and Terri
tories ($3 56), and Of counties (S2 27)-a to-
tai of $40 40, and it appears that the total
public debt and all real estate mortgages
in the United States amounts to only Sl12
per capita.
In other words, in June, 1890, the sum
Of $ll2 from each man, woman and child
i'll the United States would have paid all
the mortgages III the country and also all
the national, State and county debts. In
France, the national debt aione exceeds
SIG per capita. Englands national debt
is nearly 800 a head, while the public
debts in the older Australian colonies are
$500 for each inhabitant. There are good
reasons for believing also that mortgages
in England, France, Germany and Aus
tralia vastly exceed the American aver
age of S92 per capita.
The official figures for thirty-three
States, upon which the foregoing state
ments are based, are prepared for the
american Agl1cuitUIISt by George X.
Holmes, special agent in charge of tho
division Of farms, homes and mortgages
of the eleventh census, and are given in
full in the December issue of that maga-
zine, in connection with Mr.. Myrick's
article. Another interesting fact is that
the number of families is practically one
to farm in most States, but for twenty
two States, these farm families comprise
80 per cent. of the total number of fam
lilies. In this group of States only one
fourth Of the farms were occupied by
tenants in 1880, whereas now nearly one
third Of the farm families are tenants-a
gain III the wrong direction. The article
concludes with the following statement:
Certain il is that enough has been set
forth herein-mOst of it for the first time
to demonstrate that the facts about farm
mortgages have been grossly distorted
and exaggerated. The indications now
are that the final figures will show that
over LNO-tnIIuS oi our lOuf anu nall
millions of farms are owned free of debt,
and that all the mortgages on actual
farms in the whole United States to-day
do not exceed the value of one years hay
crop.
1.-The whole truth VIII be known when
the census is COMPLETED but enough is
now done to indicate that the final result
will differ from the above conclusions in
amount, rather than in proportion. A
revulsion in public sentiment favorable
to agriculture should follow widespread
discussion of these facts.n