The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1894-08-30

not upon the acres of the farmer, but
upon the lots Of the city resident. The
whole number Of mortgages made In one
year In the United States Increased from
643,143 In 1880 to / .226, 828 b 1850, or 00.08
per cent; and the yearly incurred indebt-
edness increased from $7i0, 1886, 504 in 1880,
to 81, 7J2, SCI, S74 In 1889, or 146.53 per cent.
But while the number of mortgages on
scres increased ALA per cent, and the
amount OF debt increased 709S per cent
the mortgages on lots increased in numbe
1875 per cent, and the amount represented
increased 1850 per cent. The mortgage
debt per capita for the whole United
States at the end Of the decade was SOC;
the largest averages being found in New
York, with S26S, Colorado with sos, and
California with 1900. The smaller per cap
tta debts were mostly found In the South.
The average rate of interest ON mortgages
Is found to be steadily declining from year
to year.
Taking now, the statistics Of Minnesota.
III which we are most interested, it is
found that the number Of mortgages re-
corded In any one year rose from 22,427,
representing SIS ,093,0 76 in 1880, to 60, 1853;
representing S70,50J,3 1897 In 1887; and then
declined to 1876, representing $50, 7S1 $3.50
IN 1889. The relative proportion between
the beginning and the end of the decade is
about the same as in other states.
The distribution of this mortgage debt,
however, is exceedingly interesting The
mortgages placed on acre property in 1880
amounted to $40, 6O3, 023 and In 1859 to SlS,-
70O,65l, an increase of about so per cent
The mortgages on city lots, which were
only u, 400, 053 in 1880, had increased in
a ON, nI Of
or between 800 and 900 per cent. 1t thus
appears that il the cities of the state have
increased in size and wealth out of
proportion to the rural districts, they have
had to pay roundly for it; and the burden
OF mortgage debt put on city property n
1890, which is nearly ten times what it was
ten years before, was also 2 Is times the
debt assumed in that year by all the
farmers in the state
The total mortgages in force on the first
Of January, 1890, numbered 1850 and
represented a value of $197, 745. $50. OF this
great amount only S75, coo, 900 was burdens
upon acre property; sl22, 900 rested on
city lots. Moreover, the ratio of debt to
the actual value of the property encum-
bered is much higher in the city; averag-
ing over 25 So per cent, as against 1881 per
cent, for the country districts. The in
crease of mortgage Indebtedness in the
State of Minnesota in the last 10 years
has been notably small instead of notably
large, as compared with other Western
communities. In the newer states, where
a large proportion of mortgages listed are
made to cover part of the cost of the
property, or represent permanent improve
ments, the increase is naturally
Much Larger Than in Older Countries,
where real estate has already received all
the burden it will bear. So in this bulle-
tin, it is the newer Western states where
mortgage Indebtedness has increased most
rapidly. The percentage for Minnesota
for the last ten years is POS; but it is 3S1 in
Nebraska, 400 in the Furnishing state of
Texas, 491 in Colorado, and rises to $50 in
Idaho, III in South Dakota, and 3253 in
Washington.
These figures are sufficient to show that
an increase of mortgage debt may be con-
sistent with very active growth and
prosperity. Taken all in all, they demon
strate conclusively some important propo-
sitions. First, that the growth of debt
charges on this community has not been
disproportional, considering the recent de-
velopment of the state.
OcCOuU, VudC Juc rate Oh Increase nus
been smaller in Minnesota than in other
states under somewhat similar conditions.
Third, that the increase of debt is an in
cident of the increase of wealth and has
only fairly kept pace with it.
Fourth, that by far the largest share of
this load has been assumed by the dealers
in city property, and that the increase in
farm debts is not above the normal
There is one other point in these sta
tistics that should be brought out en-
phatically. Every Populist speaker en-
deayors to impress the farmer with a
sense of the outrage committed upon him
by the appreciation in the value of money.
No such appreciation can injure the
farmer only if it takes place between the
time when his debt is contracted and the
time when it has to be paid. All these
calamities, however, run back to the
reconciliation of silver in 1873, and the
alleged contraction of currency since then.
But if what they assert should be true
instead of being false, as it is, their argu-
ment would be worthless. 1t is shown by
this census bulletin that the average lite
of a mortgage upon farm property is only
four and a half years, u period so short
that not even the most reckless ranter on
financial topics, would claim that there
had been an appreciable change within it
in the value of money. AS far as the
farmer is concerned, therefore, the injury
supposed to be done him by the alteration
in money values, becomes, in the light Of
these figures. mere smoke and moon
shine.