The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-11-24

article:
"Nine.tsnths OF our farms are mort
gagged for all they are worth. This
statement has been made so often that
the general impression among all
classes Of the people b that it repre-
sents the facts. Nothing could be Iur-
Their from the real truth. But not until
the census OF farms, homes and mort
cages was taEen in 1880, was 1t possible
10 get at the truth OIL the subject. These
returns are now sufficiently compiled to
warrant the following startling state
ments:
Three.quarters OF all the farms in the
United States are owned free otsin-
cuDbrance. Only one.fourth OF the
total number OF farms in the United
States are mortgaged. Or to express it
more specifically, out oil 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 mort
gage indebtedness rested on farms; but
in 1890 farm mortgages represented only
one.seveath of the country's total in-
debtedness on real estate.
Out OF every hundred families on
American farms in 1880, AZ owned their
farms free OF mortgage, 20 owned but
with inCumbrance, aud 80 hired the
farms they lived on and worked.
OF those who cultivated their own
farms, 70 per cent owned without in
cumbranc6s aud only so per cent had
mortgages. OF the farms occupied by
tenants, less than 10 per cent were in
numbered.
Four.ffths OF the amount OF debt on
farms and homes was incurred for the
commendable purpose OF buying and
improving the property, and like
proportion OF the numbers OF farms and
homes were mortgaged for the same
purpose.
The total real estate mortgage debt
that existed in the United States / 1890
is estimated at $500 900, equally
divided between lots and acre tracts.
In 1890 the total amount OF snch lu-
cumbrante had more than doubled, but
only "a per cent Of it was on acres and
66 per cent on urban property.
The total mortgages on actual farms
were about 525 millions of dollars in
1880, and ten years later was about S75
millions, an increase OF $50 millions OF
dollars in the decade.
During these ten years no less than
100000 new farms were created in the
west, and south. 1t only one-half OF
them carried the average size mortgage,
this would readily account Tor the in-
crease In the total debt on farms.
Mortgages on other aero tracts than
farms proper were in 1890 about J., 1853
millions OF dollars, or an increase OF 4SS
millions during the decade.
The mortgages on lots, that Is. on city
and town property, amounted TO $50
millions OF dollars at the opening OF the
ninth decade, but in 1890 were esti-
mated at nearly 1000 millions, or an
increase OF over 200 millions during
tho ten years.
The total mortgage Indebtedness in
June, 1890, is estimated to have been
some 5000 millions OF dollars rs against
1900 millions in 1880, an increase OF
$500 millions.
These figares look large, but show
that the total Indebtedness on all real
estate in the United States is only about
500 per capita. Addto this the per cap
ita amount represented by the public
debts Of the United States (Sl463,) OF
states and territories $685. and OF coun-
ties (S2.27, IA total OF 5000, and it ap.
pears that the total public debt and all
real estate mortgages in the United
States amount to only SIP per capita.
In other words, in June, 1890, the
sum Of Sll2 from each man, woman and
child in the United States would have
paid all the mortgages in the country
and also all the national, state and
county debts In France, the national
debt alone exceeds SIG per capita.
I,ngland'B national debt is nearly 800 a
head, while thepublic debts in the older
Australian colonies are $500 for each in
habitant. There are good reasons for
believing also that mortgages in Eng.
land, France, Germany aud Australia
vastly exceed the American average OF
S92 per capita.
The official figures for 50 states, upon
which the foregoing statements are
based, were prepared for the american
Agricultural by George K. Holmes, spe.
cial agent In charge OF the division Of
farms, homes and mortgages Of the
eleventh censuS, and are given in full in
the December issue Of this magazine, in
connection with Mr. MyricE's article.
Another interesting fact is that the
number of families is practically ono to
4 farm in most states, but for % states,
these farm families comprise IS per
cent OF the total number OF families.
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
in the wrong direction. The article
concludes with the following statement:
Certain it 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 indica.
tons now are that the final figures will
show that over two.thirds OF our four
and 3 hall millions OF farms are owned
free OF debt, and that all the NOR cages
on actual farms in the whole United
States to-day do not exceed the value oil
one years hay crop.
1.-THE whole truth will be known when
the census is completed, but enough is
now done TO indicate that the final re.
suit will differ from the above conclu.
sions in amount, rather than in proper.
ton. A revulsion in public sentiment
favorable to agriculture should follow 4
widespread discussion OF these facts.
LIE smallest "cat.boilo is lnrge