The commonwealth. (Greenwood, Miss.) 1896-1923, 1897-08-05
An Open Letter to Eastern Capitalists.
ny CHARLES {, WILLARD IN THE AUGUST ARENA.

GENTLEMEN: Against you individually, or as class OF persons who
VI have accumulated more or less wealth, and who loan it at interest to
those who perhaps have been less fortunate. Ihayc not the least
prejudice, believe that yours is an honest as well as a Legitimate business;
That great wealth may be and often Is, won by honest means and that itd does
not border upon the marvellous that the capitalist is often an honest ma n,
and the pauper as often a rogue. believe that you are as honest as other
men are, and that IL you fully understood the situation in the west and
SOUTH and knew that "A certain line Of conduct would result to your own ad.
vantage financially, and also be a great benefit to the whole country, you
wouldac t as other honest people would act under similar circumstances, and
1t is because SO believe, that write this letter.
write neither as a partisan nor in the interest Of any party, but togive|
plain facts which can be easily verified, and to show how these facts re seen
and felt by those who, like myself, have been born and bred on the boundess
praires, and have had a varied experience with the ups snd downs of life on
the sunset side Of the Father Of Waters. hope by 50 doing to help you to
realize the extent OF the disasters which a continuance of the present fnan.
cal policy will inevitably bring to you "A well as tous.
THE ACTUAL CONDITIONS.
In 1886, the chief clerk and trusted ageut of u great loan company, who
has since been In the employ OF Jarvis Conklin h Co., said to me: "Therc
is plenty OF money to loan, but the securities are practically exhausted "
Everything "in sight" was covered with a mortgage. The few who had cS
capped the mania Of speculation did not want any mortgage on farm or city
property, Loans since then have been mostly renewals, and for a time one
company loaned money to be paid to another: but, with a few exceptions the
eastern money borrowed since 1880 has not been paid, and any one familiar
with the facts does not need the gift Of prophecy to foreten. that. under the
present conditions, it never can o. will be paid.
The mortgages, bonds and most Of the coupons You still hold. and, in
many cases, you also have deed to the property: but neither the one nor the
other is of any practical present value. The mortgagor is dead, moved away,
bankrupt, or working at daily labor-whcn he can get work-for his daily
ter. The very best of it-costly business blocks in the heart Of ciues-isun.
remunerative. No intelligent poor man would, or could, take a brick block
as a gt and keep the taxes and interest paid.
And perhaps the larger share Of the city property is unoccupied or pay.
ing no rental lie who rides upon a western railroad can SCI the proof OIL
this from the car windows In every city, town, village, and on not a few
FARMS can be seen the broken II boarded.up windows which are the foot.
prints not Of time, but Of the eastern mortgage. This property belongs toI
you. No western man pays taxes or interest. and no ne expects to pay the
principal. No one wants the property, no one has any use for 1t; and no
want ever existed which IL was calculated to fill. except in the brain OF the
monomaniac who built it. Whether you have "foreclued' OF not, the prop
cry Is virtually yours: the mortgagor has n equity In II. While he had an
equity, the decline In prices affected that equity now II affects only your in
tercst.
You own our business buildings, mansions, and cottages. You have m
grip on our public buildings, Beard Of Trade halls, Young Mems
Christian Association buildings and even our churrnes. The Rev, Nj.
Wooley, in the pulpit Of the Central Christian Church Of Wichita, said re-.
Gently: Every church building In this city. except one. is heavily incum.
hercd, and most of them are practically insovcnt." Even the stalamuy
howlers' OF the "Popultst" party re afraid or ashamed to tell the truth
''and the whole truth, ~ about our financial condition.
And 1t Is not Improving. A few farm mortgages ARE being paid, and
scarcely any new ones are being made except renewals; but all the reduction
20 made is more than equaled BY the sum Of defaulted interest payments on
mortgages outstanding. The statements In the papers, that the morte,eeI