Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-09-01
THE MORTGAGED FARM
Payment Of Debts in DECEASED Cur
rency Means Practically
Republication.
A NEBRASKA FARMER ANSWERED
Fallacy Of What is Considered the
Strongest Free Trade
Argument.

The following letter is one of many
that are daily received by the Times
Herald. 1t is supposed to contain the
strongest free silver argument that can
be addressed TO the farmer, and 1T is
used by the free silver orators with i'm
Lincoln, Neb., Aug 3.-To the Editor:
NV land Is encumbered 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 I'm our financial system, this wheat,
at so cents per bushel, will pay half the
debt When the value of silver dollar
is reduced to SO cents by free coinage a
bushel Of wheat, without any change In
Its value will be worth tia 9oc cent, dollar dollar
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 silver standard
The opponents of free coinage OF silver are
policy holders to protect their own per-
sonai interests. If / should fail to look ont
for my own interests who will do SO for
me? Is there any reason why | should not
vote for the free and unlimited coinage OF
silver? Very respectfully, J. w. Binger.
The answer is not far to seek.
When this farmer borrowed the money
it was the equivalent of $1,000 in gold.
1t was the same as if he had received it
all in gold $50 pieces. He could have
had ii that way If he so desired. Per-
hans he did, for many such loans have
been made. When he expended it he got
$1,000 in gold equivalent. He probably
improyed his farm to that extent or
bought stock or machinery. In whatever
way he used it, unless he burned it up or
suuandered it, he got value received.
The borrowing and lending was bust
ness transaction and the borrower used
tbe money to promote his business in
terests
At no time since that mortgage was
executed, for few mortgages run over
five wears 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 it over to his
mast 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 to lend out of their 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 it has been gold
or its equivalent. Why should they
not have the same kind of money in re-
payment!
unlimited free coinage are charged with
dishonesty and that silver is called dis
honest money, when by the passage of
n law a thousand 5O-cent dollars Will be
sufficient to discharge debt or thou
sand 1OO-cent dollars? Such law
amounts to the reputation of one-half
the debt obligations OF all the debtors in
the United States.
When Mr.. Binger in the above letter
saws. 1.-THE burden of paying a debt of
$1,000 has doubled since / borrowed the
money" he must remember, il he is stat
ing what is true, that the burden" is not
alone upon him, but upon every other
business man who has borrowed money.
Merchants and manufacturers feel the
same stress of the hard times as the
farmers do. 1t is not because they bOr-
rowed gold and have to repay gold that
the burden is greater, but that their
earnings and assets have not turned out
as they hoped and expected. Competi-
tion and overproduction have affected
the whole world, but reputation is not
the proper cure for Ii.
Honesty is the best policy-as a policy
merely, without reference to it's moral
Quality-for nations as well as for indi-