Marietta daily leader. (Marietta, Ohio) 1895-1906, 1896-08-29
NO Help ToTHosE MoRTGAGED
Free Silver a Hardship, Not u Relief. to
Most of Them.


Most of Them.
People owning their homes and hav-
ing mortgages upon them should not
be misled into thinking that u free
silver victory in November would be of
| assistance to them in meeting their
| mortgages. A little examination will
show that on the average it will bring
hardship instead of relief. This would
| be true, leaving out of consideration
| all circumstances affecting wages and
incomes and conining the argument
simply to bare discussion of the
mortgage itself.
| The great majority of mortgages,
especially the smaller ones on dwelling
| houses, are written for three or five
years, and of this class the greater
number for the lesser period, while
many run for year or two. During
the last few years a great many of
these mortgages have contained a
gold clause. 1t is obvious that no one
having such a mortgage on his house
would be helped in the slightest by
free silver. 1t is equally plain that, on
the contrary, were gold at a premium,
| it would be harder than ever to make a
payment.
1t might also be remembered that
there are always, especially during
| hard times, large number of mort
| gaes, especially on small houses, that
| are overdue, and are being carried
along by the mortgage.
Bearing these facts in mind it seems
| safe to assume that the average life Of
mortgages on this class of property in
| this city and it's suburbs does not eX-
ceed one year.
For free silver TO be of advantage to
the mortgageor money must be more
| plentiful and more easily obtained
within that time than it is to-day. Is
there any reason to believe it would
| be?
Even without a special session of
congress, called as soon as possible to
pass q free silver law, such law could
not reasonably be looked for within
that period, much less an imitation of
the currency, so as to give relief to
| debtors. In the meantime what would
be the situation?
The crisis in financial affairs would
| follow Immediately upon the success
of free silver at the polls. Following the
withdrawal of gold there would be a
Sharp contraction of the money in cir
culation, and, instead of more money
with which to meet Indebtedness,
there would be less. Owing to the un-
settled condition of affairs lenders
would be more unwilling than ever to
loan, and, as an inevitable result. pay
lnents would have to be defaulted.
There is still another point. In the
very great majority of cases mort
gagees do not willingly foreclose.
They want their money and interest
rather than the property. This is cs-
pecially true of the savings and coop
erative banks. AS result they often
carry mortgages that are due until
such atime as the owner can NEE them
But if they saw that theywould receive
at some future ime an amount less
than its value in gold, and only such q
payment could be of benefit to the
borrower, they would demand settle
ment at once, and, if that was not
forthcoming, they would foreclose
And foreclosure III panic means the
wiPing out of equities
In the above statement TO allowance
IS made for loss OF earning power or
the part of the home owner. It is as
sumed, for the snke of argument, that
he will have Gs mach Inorey as he ha.
now. Even on such showing free sill
yer to the great majority would not bc
hsip r,tes ant an sdT iniHsryBoft91 Herald
The Chautauqua News, of Sherman
n. Y, contains in it's latest number az
advertisement which we copy free o
charge:
WAR PRICES.
In order to assist those who believe i,
the white metarI viii pay the following
prices in Mexican silver dollars (no chang,
giVen) for live stock and produce delivered
at Sherman:
Steers weighing 1,oOO
pounds or over. fine
Heifers S sA' Weighing go een'S per '0uh'
pounds or over fine and
sheep, fat and heavy cents cents Per Der poun poun
lambs, fat and heavy. ..7lscents per poun'
YEAS, hne ana rat. ...... cents per pouni
Pigs weighing 100 to 156
Best Hoistein milk cows's5o per head eat '
NO. l creamery butter. .2S cents per poun,
flhe factory cheese.....l0 cents per poun'
These dollars contain more pure silve
than the United States dollar
0Those who deliver stock in drove
should bring an extra horse to draw hom
their money.
Dated August /. A. B. SHELDON.
Mr.. Sheldon is able to do what h
promises to do. He is giving the farm
ers of Chautauqua the benefit of the in
fated prices which the advocates of
80 cent dollar desire and is doing
without asking the United States go,
ernment to become a repudiator and