The farmers' union. (Memphis, Mo.) 1891-1895, 1894-03-22
SEVEN MILLION MORTGAGES IN
THE UNITED STATES.
Eleven Mere State. Yet to Hear From
\ Census Bulletin Which Spikes the
Pluto Press Gun-Olney and Law ftl
Money.
The Mortgage Weight.

lowing editorial review of recent Cen
sus Office bulletin in the Tribune will
be mighty good reading. 1t not only
shows what sort of q paper the Tribune
is, but it points to some very valuable
information about the mortgage in
ilebtelness in this country. The Tri-
bune article is as follows:
The Census Office at Washington
has issued bulletin containing sum-
mary of mortgage statistics for thirty
three states and territories at the be-
ginning of 1890. The tabulation in
cludes nearly seven-ninths of the mort
cages made in the United States dur
ing the ten years next preceding and
about tive-sixths of the existing mort
gage debt of the whole country. In
the ten year period a total indebted
ness of 9,469 million dollars was IN
CURED, represented by 6,94S, rs mort
cages, 3.74 per cent. of the debt be-
ing on acre tracts and 62.29 per cent.
on lots. The total indebtedness at the
beginning of 1890 was 1880 millions,
or about half of that incurred in the
decade, 34.17 per cent. of it being on
acres and 65.S3 per cent. on lots.
During the ten years 336. Ol3, 43O
acres We're incumbered 10y 1905
mortgages. In 1880 the acres were
29,7O6,934 and the acres incumbered
in 1889 were A., 556,311. Lots TO the
number Of q, 200, 46S were incumbered
during the decade by 1886, 23O mort
gagesr 319,513 in 1850, and 997, 263 in
1889. The percentage of increase in
ten years was 43. - on acres and 2l2. L.
on lots. The mortgages have an aver
age life of 4.S14 years, on acres 4.64.
and on lots 1923 years. The amount
of partial payments made on the exist
ing debt that is tabulated is 10. IS per
cent. on acres and 1925 on lots. To-
tai. 1872 per cent. The existing debt
is partly calculated and in part esti-
mated to be 1857 per cent. of the value
of all taxed real estate, mines being in
cluded where not taxed. The average
incumbrance is $3.50 per acre on farm
property, mortgaged for 1916 per
mOrtgaged lot.
The report states that much of the
debt on acres is due to their suburban
situation, and more properly belongs
to the debt on lots, though not SO tab
ulated. The increase of mortgage debt
within the ten years is mostly found
in urban growth, which has exceeded
non -urban growth in its ratio. The
average rate of interest on the existin z
debt is 6.73 Ter cent, being 7.27 on
acres and G32 per cent. on lots. In
the ten years the rate on the incurred
debt declined from 6.75 to 6.52 per
cent. for all mortgages, the decrease in
rate being nearly confined to city lots.
These acres covered by existing mort
cages are 32.09 per cent. of the num-
Der of taxed acres in twcnty-seven
states and territories.
Olney and Lawful Money.
The Administration has made anoth-
IT bold move in favor of the Wall
Street idea of money. Some of the
banking corporations refused to &C.
:ept from the Treasury silver certifi-
:ates in exchange for other paper
money. Secretary Carlisle then asked
Attorney General Olney to give an
opinion as to the money status of the
silver certificates. Mr.. Olney. himself
| q corporation attorney as we'll as At
Orney General of the United States,
has rendered an opinion to the effect
that the silver certificates are not law
ful money within the meaning of the
acts of June 20, 1874, and July Il,
| 1882.
This is as hard blow at silver as
has vet been struck. There are mil.
lions of these certificates in circulation
and this decision that they are not
| lawful money, must affect them more
! Or less, and still more closely narrow
the money of the country to the gold
standard. This narrowing down te
: the gold standard does not benefit tho
! gold owners alone, but it benefits all
the financial institutions, for whatever
is lacking in money must be supplied
by bank paper. notes, checks, drafts
etc.
A letter from Washington informs
the Progressive Farmer that it is put
ting it verj mildly to say this opinion
was a great surprise to seven-tenths O
the House and Senate, and that il
aroused much indignation among th.
friends of silver, many Of whom do no
hesitate to characterize It as another
Administration move to further lebas,
silver.
While the opinion of the Attorne,
General is not legally binding upol
anybody, it necessarily has much effec
upon Treasury officials It is probabl,
that steps will at once be taken t,
make q test case for the courts. I
was the full intention of Congress t,
make these certificates lawful money
and it is thought it had done 50. o.
motion of Mr.. Allen, the Senate ha
asked for the papers.
1t looks now as if the present Ad
ministratlon will go into history rs tn
most Infamous one the City of Wash
ington ever knew.
| Outrageous. II True.
! The following is published on tn
authority CT the special Washing.o
correspondent of the Chicago Record
Our Democratic friends must remeu
Der how freely such charges wer