The advocate and Topeka tribune., 1893-11-29
FARM MORTGAGES.
Continued from page ~

penned the immortal twenty Afth chapter
Of Leviticup, or TO the dawn Of GreCiaD or
Roman history, the revolutions and re-
bellions in our mother country, or TO the
financial crisis Of modern timcP, such 40
those in our own country in 1918, 1887 1857,
1873 and 1893 81, or to famine stricken
Russis, the one great fact which In every
instance towers above every other history
creating fact is debt.
Let US note the great increase during the
last twelve years in the private indebted
ness Of our own people and contrast 10 with
the modest increase of scarcely 60 per cent.
in our wealth, nearly half Of which was but
fictitious rise in speculative ground values.
Az for the funded debtp, those Of the rail
roads increased from So 392, 600 600 in 1880
TO $5,463 0C0 900 in 1892, according to PoOr's
Manual, an increase Of I29 per cent, while
the current debt has nearly doubled in the
last seven years. The funded debts Of other
companies were very small in 1880, but
many Of them have since assumed magni.
tude, especially during the last few yesre;
az, for instance, those of the telephone,
telegraph and street railway companies.
and public water, gas and electric lighting
and power companies.
During the same time, the loans and
overdraf's of national banks increased
from $S94, 100000 to $2,17l, 100000. while
those Of other banks, exclusive Of private
banks and Of real estate mortgages. iD-
creased from $378, 100000 to $1,189. .0OO, 900.
The most astonishing increase Of ali, how
ever, is in the real estate mortgaged
indebtt dness ss disclosed by the investiga-
tions of the eleventh census. Let uS re-
member that this is largely the debt of the
hardest working and the poorest paid OF
all our American oitizenp, namely, the /
farmers aud the labOreFs who are trying to 4
obtain home Of their own By honest toll. 1
In the twenty one states for which the
NOR gage indebtedness has been tabulRted,
the aggrf gate amount in force at the close
Of 1889 was $4,547, 600, 600, with the great
states Of Ohio, Texas aud California, and
whole groups Of lesser states yet to be heard
from. The grand aggregate will be no less
than $6 300,0OO,OO0 The aggregate In 1880
was oLly about $500 600 900. Last year.
after turning the scale at So 900 600 900, the
mortgage Indebtedness continued { 8 uptDd
flight, mt being cOntsnt iOtth an increase OF 2aO
per cent, or nearly four times tho Increase IN
the true Ualue o real estate.
In word, the total net private indebted.
ness of the American people squsled in
1880. but $6 $50 100000. Last September q
GmOlvnted.tO $40 7OOOOoOOO an tncrsGSe Of $ls..
900 900 IN the short period Of tiUclvs years,
These mute figures tell the tale. Our man.
ufaCturing and mining industries have been
stimulated under the intoxicating iLAlenOe
Of protection, while our farmers have been
compelled to borrow 10 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 fOrestall competitors, TO raiss
the value of land, and TO build cities where
none were needed. Bonds and WAtered
stocks have been Futhlessly Aoaked for the
purpose Of wreoking valuable properties.
In order 10 indicate how universal such
practices have become, may say that my
in the census office forced me
TO the conclusion that the liabilities Of the
railroad companies eQusled fully IS per
cent. or IS 900, ,OOO, 900 more than their total
assets. With this conclusion all experts
practically agree. In short, things have
been overdone, and the periodic settling
day has come.
This iS the giant fact that sbares our Coun-