The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-11-18
AGRICULTURAL.
The Credit Of Farmers.

The subjoined article is supplement
TO one from the Neso England Home
stead, and appears on the editorial page
of the paper of the same date. 1t:
value at the present time is very great
and we hope not only our farmer read
ers will study it, but also all who have
to do with farmers. City people and
business men need to understand the
true condition of agriculture as well as
farmers themselves:
The pessimists, the ignorant and the
calamity shouters are very fond OF
prating on the "poverty of the farming
community" and some agricultural
journals, not conversant with the facts,
have assisted in spreading the idea
They have done their utmost to de-
stroy the farmers credit. But the
real truth is this While many farmers
have been in distress, yet, taking the
farming people as whole, it is safe to
say that the farmers have passed
though the years of depression better
than any ether body in the country.
To-day farmers owe less than any
other large group of people. Fewer
farmers have "failed," commercially
speaking, than in any other business.
Some farm mortgage companies have
failed that did an extensive business,
especially in the semiarid region,
where agriculture is yet in an expert
mental stage, but the records of the
well-managed concerns in this line of
business, in the central west and north
west, show that farmers interest is
being promptly met, and the principal
of many mortgages reduced or paid in
full. The number of farms owned free
of debt in the South shows remarkable
gains. In the middle and eastern states
farmers have maintained their good
credit in the face of keen western COM
petition.
Contrast this with the record of fail
ures among merchants, manufacturers
and railroads. The 161 railroads that
have gone into receivers hands in the
asst three and one-half years were mort.
gagged for twice as much as all the
on all the farms in the
United States. Probably the actual
loss on investments in railroad mort
cages in the past six years, has ex
ceeded the amount of all the farm
mortgages in the country. Our judg-
ment is, that taking the country as
whole, ninety five per cent of the loans
on farms during the past twenty five
years have either been paid in full or
are to-day worth 100 cents on the dollar.
Instead of pushing collections among
farmers, instead of calling in loans, in
stead of marking up interest rates, the
american AgriculturiSt believes thatpo-
litical, industrial and social conditions
justify liberal financial policy with all
engaged in agriculture. Not only that,
but the indications are that in the
early future, the new beet sugar indus
try will offer most attractive field for
the investment of the peoples savings,
yielding fair dividend on capital, be-
sides (what is more important to gen.
eral prosperity distributing among our
farmers and laborers the 800, 100000
now sent abroad annually for imported
sugar.
Our heart is stirred with sympathy
for such farmers as are really afflicted,
but their ills are not to be cured by
lying about other farmers or by loudly
declaring that all farmers are bankrupt.
Without in the slightest degree trying
to cover up any of the evils of agricul-
tural depression, we here enter solemn
protest against the great wrong that
has been done our farmers by the ire
pressible calamity bowler. We solemnly
maintain that the farmers whole his
tory demonstrates his desire and his
ability to pay his just debts. Railroad
/" receivers" corporation wreckers aud
"trust promoters have made an I'M
enviable re cord as regulators, but the
vast majority of farmers have, can or
will pay 100 cents on the dollar.
The organized attacks on the farm
ers' credit ought to be fully answered
by this review and by the accompany
ing exhibit on third cover page. We
shall send marked copies of it to sew
eral thousand individuals and institu.
tions that have capital to loan or to in
vest, hoping thereby to make these peo-
pie recognize the wisdom of Offering
money at low rates to farmers in return
for Inc perfect security farmers can Of
fer. More capital is the crying need of
many farmers and it is TO be obtained
on reasonable terms by proving the
farmers credit. Let US build up, not
tear down. Let us inaugurate the pol
icy of construction, not a reign OF de-
struction.
1t has remained for the american
AgriculturiSt alone among the agricul-