The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-05-16
READ THE FOLLOWING.

FURNISHED by the AuthOr-The
Mortgage Curse u Factor In
COncentra ton.
Extra census bulletin No. GA was issued
last December by Mr.. Carroll D. Wright,
in charge of the bureau. Some of its facts
will doubtless be of interest to the reader,
in view of the many publications in the
newspapers that have been made on this
subject, some correct, but generally err
roneouS. The statistics for this bulletin
were prepared by Mr.. George X. Holmes,
special agent of the census bureau for that
purpose. The details of the mortgage in
debtedness were taken by census agents in
80 states and territories. Upon these de-
tails the bureau estimates the debt for the
remaining states and territories. We find
in this official bulletin the following dam
aging facts:
The mortgage debt of the United States
on the first of January, 1890, was $4,000 O0,-
0G0. That terrific debt has grown in The 10
years 156 per cent. Does the reader COM
prehend that statements? Look at it in
the light of other growths. Population in
creased 25 per cent; wealth of the entire
country increased 40 per cent; the mort
gage Indebtedness of the people 1856 per cent
Increase in pOulation --
Increase in wealth -----
Increase in mortgage debt ----------
What a picture And yet the old parties
point with pride and solemnly resolve
that our debts represent our invest
ments." 1t has been a wonderful period
for investments-for home investments
That is to say the producer, realizing no
adequate returns for his products-com-
PEELED to grow them at a loss, as SHOWN
on the testimony of Iowa's great Demo-
cratic governor-achieves nothing for HIM
self but-losses. And these losses he in
vests-invests in a mortgage on his home
And SO the country prospers. The produc-
er has gained something. He simply had a
home before He has a home decorated
with mortgage now. He is gaining.
Do not think that the farmer is hurt
alone Not by any means. The business
man in the city who has invested his
money in buildings with the hope of fair
returns in rents; the mechanic or laborer
whose hard work and sacrificing economy
in the years past enabled him to acquire
modest home; the farmer who became the
owner of a home by Inheritance or home
stead-it matters not where situated, by
whom owned or how acquired, the breath
of the bighting Upas of monopoly is over
them all. The curse of the oppressor is on
the sweating brow of industry. No city,
town, village or country district is ex-
empt This bulletin shows it. The people
of the cities who belong not to the three
great ruling and running classes suffer as
much as the people of the country. A little
over one-third "a per cent? Of the mort
gage Indebtedness existing Jan. !, 1880, was
on acre property, and a little less than
two-thirds (66 per cent? was on lots. There
in is a hope. The people of the cities who
are unable to rent their property for
enough to pay taxes and make repairs
are beginning to realize that something is
wrong. They are just rubbing their eyes
after waking from a deep dream of peace
to find that they, too, have been ruined
by policy that destroys all but the de-
stroyer.
In previous lectures and essays the writer
has tried to show that while the North
tlan tic of
ills that we suffer, because the railroad,
bank and manufacturing despoilers of the
nation nearly all live within those states,
yet that the masses of the people there
are no more exempt from the general ruin
than are the people of the other STA ties.
The per capita mortgage Indebtedness Of
the several states will show the truth of
this. The bulletin now under consdera-
ton gives the per capita of such debt for
every man, woman and child residing IN
each of the several sta tes Here are those
states owing $3.50 or more for each person.
New York, $25S; District of Columbia, S226
Colorado, S206; California, 5000: Kansas
$40; Minnesota, s155; Massachusetts, slH
Nebraska, $126; Pennsylvania, $l17; Connec-
ticut SOY; Rhode Island, $105; Iowa, S104:
Illinois, 500. This is the the per capita
debt for each man, woman and child as
exhibited by the mortgage record. EStl-
mating five persons for the average family
the reader can see the depth of the curse
The compilers of Census Bulletin No. 81
say: "What the amount of existing real
estate mortgage debt in the United States
was in 1880 it is impossible to determine
except roughly, by a process of reasoning.
In 1890, January l, the debt was about
SC, CO., 600, OCO one-sixth of this amount beins
an estimate for debts not tabulated. AS
already pointed out, a progressive move
ment chara cterized the debt incurred dur
ing the decade under consideration, and, If
it may be assumed that the life of mort
cages and the proportion OF partial pay
ments have not changed materially from
the beginning to the end of the decade, the
following formula may be regarded as ap-
proxnately sound: The debt incurred in
1889 is to the debt incurred in 1880 as the
debt existing January l. $780, is to the debt
existing January 1. 1880" BY this formula
Mr.. Holmes concludes that the real estate
mortgages existing in 1880 amounted to
81 3i3, 0o0,000 increasing in 10 years to $1,000.
100000, gain of s., 1861 Geo, 1856 per cent!
That ought to be quite sufficient to satisfy
the most eXacting and extreme greed of all
the constructors.
Real estate mortgages, $4,000, 900 900, COO.
An increase of 1851 100000! Per cent of in
crease 1856! Tenant farmers, 1440,0G0. An
increase Of 415,599 Per cent of increase,
4O12! How long will it require for the Big
Three to become the owners of all the
land? How many years shall we wait until
the tenant farmers outnumber the farm
owning farmers? These questions are all
susceptible of mathematical demonstration
The day is coming for the accomplishment
of all these things unless the people arouse
from their lethargy.
When the conspirators took hold of mat
ters it was necessary, in order to facilitate
their work of spoliaton, that new laws be
passed for the collection OF debts. Then it
was that the several legislatures began to
part from the ancient landmarks and find
some means for the speedy transfer Of
title by forced sale. 1t was formerly the
practice that property exposed to forced
sale should be appraised by disinterested
persons thereto appointed by the court
and that it must be sold for not less than
twothirds or three-fourths of the appraised
value as the case may be. The conspira-
tors did not want to pay so large a por-
ton of the value as that. They knew the
property must sooner or later fall into
their hands, and they wanted to get it as
cheaply as possible. 1t was then they be-
gan TO get the laws amended. They want
ed to be permitted to sell without apDrsiso
ment. And 50 it was provided that whe,,
a debtor would put into his note or mort
gage the words ''appraisement waived or
their equivalent. then in any judgment thai
may be rendered to enforce collection fra
real estate CT the debtor may be sold with
out apprai2ement to the highest bidder at
whatever price may be offered And there
are those who Justify that legaized rob
berry. They say the debtor need not make
the waiver unless he wants to. All, but h..
must He is compelled 10 borrow money.
The lender says he must waive the ap
praisement. and he must And so the
waiver is put into the instrument default
is made in the payment, judgment is rem
dered, order Of sale is issued, another adj
vertisement of Sheriff's sale graces tho
local paper, the day of sale comes. tho
ia i1ap tp i,i IL,