Belding banner. (Belding, Mich.) 1889-1918, 1896-08-27
The M0R1GAGED FARM
Payment of Debts in Debased Cur
rency Means Practically
Republication.
ANEBRASKAFARMER ANSWERED
F aIlacy Of What is Considered the
Strongest Free Trade
Argument.

The following letter is one of many
that are daily received by the Times
Herald. IT is supposed to contain the
strongest free silver argument that can
be addressed TO the farmer, and it is
used by the free silver orators with i'm
mense assurance of its success
Lincoln. Neb.. Aug. 3.-To the Editor:
My land Is encountered by mortgage OF
$1,000. payable in lawful money November
/, 1897 must pay this debt with the
cumstances ! will be able to raise 1000
bushels OF wheat next year II there Is no
change In our financial system, this wheat.
at 80 cents per bushel, Will pay half the
debt. When the value OF a silver dollar
is reduced to 80 cents by free coinage a
bushel Of wheat, without any change in
It's value. will he worth a 5Ocent dollar.
With free coinage OF silver i shall, there
fore, be able to pay the entire debt with
the 1000 bushels OF wheat. The burden OF
paying a debt OF $1,000 has doubled since
| borrowed the money. | have obeyed the
laws OF my country under the gold standard
and shall obey them under a silver standard.
The opponents of free coinage OF silver are
appealing to the laborers. the creditors and
policy holders TO protect their own per
sona interests. IL ! should fail TO look out
for my own interests who will do so for
me7 is there any reason why | should not
vote for the free and unlimited coinage of
silver? Very respectfully, J. w. Binger.
L lie HnSWeT Is not Tar 10 seek.
When this farmer borrowed the money
il was the equivalent of $1,000 in gold.
1t was the same as if he had received il
all in gold $40 pieces. He could have
had il that way if he so desired. Per
C.ps he did. for many such loans have
.t-n made. When he expended il he got
$500 in gold equivalent. He probably
approved his farm to that extent or
fought stock or machinery. In whatever
WAY he used it, unless he burned il up or
squandered il, he got value received
The borrowing and lending was n bust
ness transaction and the borrower used
the money to promote his business in
terests
At no time since that mortgage was
executed, for few mortgages run over
fye years without renewal, would a
thousand bushels of wheat have paid il.
Suppose we had borrowed the money
from a neighboring farmer more pros
perous than he. That neighbor would
probably have TO carry something like
two thousand bushels of wheat to town,
sell il for thousand dollars, get the
money and hand Il over to his
friend. There have been in the
past thousands of such transac-
lions. In fact, in every farming
community there are few farmers,
more thrifty and of better business quail
ifications than the others. who always
have money 10 leHu out OF lnelr savings.
They get the money from the products
Of their farms. but they are not loaning
those products. They are loaning the
money, and since 1879 il has been gold
or its equivalent Why should they
not have the same kind of money in re-
paymentf
lis il any wonder that the advocates of
unlimited free coinage are charged with
dishonesty and that silver is called dis
honest money, when by the passage of
a law thousand 50-cent dollars will he
sufficient TO discharge debt of thou
sand 1O0-cent dollars? Such law
amounts to the reputation of one-half
the debt obligations of all the debtors in
the United States.
When Mr. Ringer in the above letter
saws. "rThe burden of paying n debt of
S10OO has doubled since | borrowed the
money" he must remember, If he IL stat
ing what is true, thet the burden" is not
alone upon him. but upon every other
business man who has borrowed money
Merchants and manufacturing feel the
same stress of the hard times as the
farmers do. IL is not because they bnr-
rowcd gold and have 10 repay gold that
the burden is greater, but that their
earnings and assets have not turned ont
MS they hoped and expected. COMPETE
ton and overproduction have affected
the whole world. hut reputation is not
the proper cure for IL.
Honesty is the best policy--as a policy
merely. without reference to its moral
quality-for nations as well az for indi-