The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-27
MORTGAGES ON FARMS AND HOMES.
Statistic. showing Fai-ity OF Certain Pops
list Orators Pet Phrases.

Statistic. showing Fai-ity OF Certain Popu-
list Orators Pet Phrases.
A stock phrase with all Populist orators and
Farmers Alliance platform builders is the
debt bnrdened homes and farms OF the people"
loaded down by mortgages aggregating nearly
three billion dollars. According TO these ora
tors the agricultural portions Of the United
States are owned pretty generally. by Eastern
or alien m oney lenders who exact from the
tillers OF the soil nearly usurious interest
which is rapidly draining out the profits OF the
farmers. and extending constantly the area Of
mortgaged lands. AGainst this state OF things
the Populist orators vigorously and continu-
ously protest.
There are 4.850OOO farms In tho United
States. 0ne-quarter OF the farms In the United
States are mortgaged: three-uuarters OF the
farms are owned free OF encumb rance. The
total mortgage debt resting upon the farms OF
the country is not :" nearly three billion dol
lars. " but is actually 5000. 900. 900. The
mortgages on farms are Just about one-h in
value OF the mortgages on city and town lots.
mortgage debt on all iand city ana town lots
as well as farms, amounts to sl1O per
ssp, which is les than he nationsl
., Tfs Rs1 css. Of dfs Italy HSa PS,s
upon farming lands are always an incident Of
progress In newly deyeoping countries and
are prhc'i:hHS. one VI tHN nesessNleN OF ueVel-
quires many things which cannot he bought
on credit al q distance. to secure which he
mortgages his land. the productiveness OF
which Is enhanced by the articles which the
proceeds OF the mortgage enable him to buy.
Kansas sta nds at the head Of the States the
land ofwhlch is heavily mortgased. The total
II il sl52: in hassachuset Sl44. and in Ne
braska $l2U. bat the total in Massachusetts Is
greatly Increased, Of course. by the mortgaged
debts o: Boston and other large cities. Out
side o! those the mortgages are no heavier
than in adjacent states. In Maine Il is $40
l. about the average in the older states where
the farmers are well supplied with all the re-
quirements OF modern cultivation. In some
OF the States it Is less. being S2d in Alabama
and S23 in Tennessee. In some OF the States
the percentage OF mortgage OF farms IL very
small In Wisconsin, for instance more than
half the farms OF the State are owned. without
mortgage, by those who cultivate them.
Taking the whole country through, tho ag-
gregate mortgag debt on all farms is not
much more that ten per cent. Of their total
value and In some states 1t is much less than
this. The rate OF interest varies from "a TO o
per cent. The average is about per cent
the legal rate Of interest is greater than In
Eastern communities. The legal rate OF In
terest isl or per cent in most Of the States. |
but In Idaho. Montana and Wyoming II is III
per cent or more, The more the question OF
farm MORTGAGES Is studied the more clearly IL |
Populist orators are unsubstantiai and unsub- |
The income from land in every |
part Of the United states Ia materially greater |
{ an the mortgage interest and while this con- |
tinues to be so mortgages will be popular. and |
nowhere more so than in the city OF New York. |