The record-union., 1894-05-04
FARM MORTGAGES AND FACTS.


Something more than couple of
months ago we published official statis-
artist from the census returns showing
that the statement so much INDUCED in
by calamity shriekers that the property
of the farmers of the nation is mortgaged
for more than it's value, is absolutely
false. On the contrary, the statistics,
very carefully gathered land at a cost of
81, ,0O0, ,000), county by county, prove that
mortgage Indebtedness is comparatively
a small per cent. of farm and of home
values, and that in the last decade there
has been absolute gain in the matter of
relieving such property from liens of in
debtedness when the value increase and
productive increase of lands are con-
sidered.
Edward Atkinson, the accomplished
statistieisn, has been making close study
of the returns that have come in up to
January l, 1894. through the official
sources, and he arrives at like conclu
sion, namely, that the facts established
mean that the owners of land are much
less in debt than they formerly were, that
they have made great progress in thrift
and prosperity, and that there is nothing
in the statistics of farm mortgages to give
any concern. incidentally it is shown
that Fl per cent. of the mort
cages held on real estate in the whole
Union is held in and about New York
city. Mr.. Atkinson derives from the re-
turns these facts: That in the United States
there are 4,564, ,6H separate farms, averag-
ing 137 acres. OF these, so per cent. in the
East, Middle, West and Pacific sections
are occupied and managed by their own
ers; that more than half of these farms
are wholly free from mortgage liens of
any kind, and that the rest are mortgaged
for less than half their salable value
The value of such facts is found in
their potential power to destroy fabrics
of deceit and irritation built by designing
demagogues and ignorant leaders, who
refuse or are unable to distinguish be-
tween fact and assertion. Some time ago
we heard one of the great lights of re-
form party speak in this city upon that
subject, and he affirmed and challenged
denial that the farm lands in the United
States are mortgaged for their value and
half as much again, and hundreds went
away from the meeting believing the
man told the truth, and without reflect
ing that the money-lender IS yet to be
found who lends the owner of land a
sum equal to its full value aud half as
much again.
Against such teaching by false leaders
we now have demonstrated facts ascer-
tanned at enormous cost, after the most
painstaking labor and in manner as
near to absolute justice as men usually
approach. The assessed values were
taken county by county, raised to actual
value based on the best obtainable evil
dence had from many quarters in each
section, and corroborated by official
statements and other testimony of a
character beyond successful contradic-
tion. The Indebtedness was then accu-
rately ascertained, the number of tracts,
the conditions of ownership and occu-
pancy, the productive character of the
lands etc Lots were DISTINGUISHED from
farm acreage, and parcels separately con-
sidered that are held under mortgage to
be divided into lots.
The value of such ascertainment as this
cannot be overestimated. Ii is the first
ever had and it will form the basis for
all future comparative statistics of this
order. The facts prove conclusively that
the mortgages in force January /, 1880,
were of $500. .0OO. 900. That those ex-
ecuted since amount to $4,000. .000. 900;
that those IN force January /. 1890, were
Sc, coo, 600. 600, thus proving that $780,.
100000 had been paid off IN the decade, OF
IS per cent. On the 1st of January, 1880
of all outstanding mortgages 65.S3 pei
cent. was upon lots and 81. IL per cent. il
point of number upon acres. The aver
age life of a farm mortgage was found tc
be little less than five years, and the
average farm mortgage was $3.50. Over
per cent. of all the mortgages were ex.