The advocate and Topeka tribune., 1893-09-20

900, the mortgage 81deOCedEeSS continued NS up
IUGrd Etght, not being content Nth an increase
Of 99O per cent, or nearly four times the Increase
IN the true UaIlle Of real eStGte.
In word, the total net private indebted
ness Of the American people equaled in
1880, but $6,7E0, 100000. Last September Il
amounted to S1S.7OO 10000, an Increase Of S1S,
900, 900 IN the short period of ttOeIUe years.
These mute figures tell the tale. Our
manufacturing and mining industries have
been stimulated under the Intoxicating in
fluenCe Of protection, while our farmers have
been compelled TO borrow TO meet deficits.
Our land values have been bolstered up by
booms and ruthless real estate speculation
all over the west and south. Railroads have
been built to forestsll competitors, to raise
tho value Of land, and TO build cities where
none were needed. Bonds and watered
stocks have been ruthlesSly foated for the
purpose Of wreOkinR valuable properties. In
order to indicate how universal such praC-
tices have become, I may say that my in
vestigations in the census Office forced me to
the conclusion chat the liabilities Of the
railroad companies equaled fully IS per
cent. or $4,000, 900 more than their total
assets. With this conclusion all experts
practically agree. In short, things have
been ovsrdone, and the periodic settling
day has come.
This is the giant fact that stares our coun-
try in the face to-day. The industrial de-
pressions of over 4, 600 years under any civil
ization known TO history, have been, one
and all, due to the inmate power which debt
has Of piling itself up until it reaches a vol
ume which the existing civilization can not
support. Ten months ago our private in
debtedness reached that awful climax. Dur
ing seven months we reduced that mighty
load of debt by few score millions, which,
together with the reduction of the last three
months, amounts to hundreds OF millions.
The unpleasant fact which must be bravely
met, is, that We shall not have prosperity
again until at least $1,0O0,0O0,0O0 of
this indebtedness shall have been wiped out
Of existence, and probably NOT until prop
erty which is to-day valued at thousands Of
millions shall have passed at great Sacri-
foe from the hands Of the poor and middle
GLASSES to the hands Of the men who hold
the money.
Oar representative from the fourth
district, who derives his political in
spiration from the Capital, insisted
in his maiden speech in the house
that the mortgage debt of Kansas
was of little account and was being
rapidly paid; and now comes this
fatal letter completely upsetting all
this glittering gush. The letter states
that
LAST YEAR, after turning the scale al
So, ,O0o, 900, 900, the mortgage indebtedness
continued itS upward flight, not being con-
tented with an increase Of 200 per cent, OF
nearly four times the increase in the truS
value of real estate.
What! last year-the blessed, pros
porous year 1892 under the Harri-
SON administration! Yes, that is
what it says. There is no mistake
about it. And the force of the state
ment cannot be impaired in republi-
can estimation by the claim that it is
democratic testimony, because Mr.,
Waite is the republican appointee
who has had charge CT this depart.
ment from the first The poor, old
Capital is here confronted with cold