The advocate., 1894-04-18

from Ss94, loo, 900 TO s2,171, ,OOO,OOO, while
those Of other banks, exclusive Of private
banks and of real estate mortgages, in
creased from $378, ,0OO, 900 to 81, ,189, ,000, 900.
The most astonishing increase of all, how
ever, is in the real estate mortgaged indebt-
ness, as disclosed by the Investigations Of
the eleventh census. Let US remember that
this is largely the debt Of the hardest work
ing and the poorest paid Of all our Ameri-
can citizens, namely, the farmers and the
laborers who are trying TO obtain a home
of their own by honest toll. In the twenty
one states for which the mortgage indebt-
edness has been tabulated, the aggregate
amount in force at the close Of 1889 was
$4, ,547, 100000, with the great states Of Ohio,
Texas and California, and whole groups Of
lesser states yet to be heard from. The
grand aggregate will be no less
than $500, 100000. The aggregate in
1880 was only about $2,600, ,0O0, 900.
Last year, after turning the scale at $1,000 OO0,-
900, the mortgage indebtedness continued tts up
lOGrd flight, not being content lOith an increase
Of 29O per cent, or nearly four times tho iHcredsc
IN the true udIue Of real estate.
In word, the total net private indebted
ness Of the American people equaled in
1880, but $6,75O.OO00O0. Last September q
amounted to $I9.7 OOOOOOOO, an Increase Of $751;
900 900 900 IN the short period of tiCelre 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 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 raise
the value of land, and TO build cities where
none were needed. Bonds and watered
stocks have been ruthlessly foated for the
purpose Of wrecking valuable properties. In
order to indicate how universal such prac.
tices have become, may say that my lnves.
LEGATIONS in the census Office forced me ia
the conclusion that the liabilities of the
railroad companies equsled fully 81 pei
cent. or 5000, ,0O0, 900 more than their tota
assets. With this conclusion all experts
practically agree. In short, things have
been overdone, and the periodic settling
day has come.
This ia the giant fact that stareS our ooun.
try in the face TO- day. The industrial de-
pressions Of over 1000 years under any civil
ization know TO history, have been, one
and all, due to the innate power which debt
has of piling itself up until it reaches vol
ume which the existing civilization cannot
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 $l,0O0,0OC 900 of
this indebtedness shall have been wiped out
Of existence, and probably not until prop
erty which is to-day valued at thouPands 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.