The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-20

Its Present Prosperity Largely Due to
the Money 1t Borrowed.
Philadelphia Record.

Very cheering news concerning the effects
of the rise in the price of wheat ana of
the improved markets for other farm
products continues to come from the West
The farmers who have realized so hand
somey on their crops are devoting the pro-
ceeds to paying off mortgages that seemed
to many of them too heavy to ever become
eXtinguiShed. AS another consequence of
the abundant crops farm values have risen
all over the West-a fact which in itself
cannot fail to materially modify the views
of their owners on some current economical
questions.
But from no part of the West come such
gratifying reports as from Kansas, a State
in which the champions of cheap money
have celebrated their greatest triumphs.
For six years the hirsute PETER denounced
in the United States Senate the gold bugs
and money sharks of the East who were
eating up the substance of the poor Kansas
farmers. For session after session he in
troduced resolutions demanding the issue
of fiat paper currency by the government
or the free coinage of lightweight dollars
as the only alternate means OF relief for the
suffering agricultural interests. But In a
trice the whole situation is changed, and
the fantastic theories of Populism for MAX
ing people prosperous and happy by de-
basing money and repudiating obligations
are blown to the western winds.
The Eastern pubic has read, the report
of j. w. Breidenthal, bank commissioner
Of Kansas himself an enraged Populist in
which he boasts that Kansas is the most
prosperous State of the Union. AS proof
Of this he says that during this year the
homesteads will be lifted. These mortgages,
he estimates, average $1,000 each. which
would make total payment of $4OOOO.OOo
and raise Kansas to the first position as
commonwealth of homesteads. Should
no untowaFd events cloud this prospect he
says the Kansas farmer will be the most
independent person on earth.
There are some other deductions that Mr..
Breidenthal might draw from the state
ments which he presents in such glowing
colors Populist as he is, it may possibly
dawn on his mind that the Tapaclous
money lenders" of the East have had no
small share in making Kansas common
wealth of homesteads. OF the $4,000. 900
of mortgages which he says VIII be paid
this year, almost the whole amount was
applied to the purchase of Kansas homes
If the savings of the wage winners depOs-
tied in Eastern banks had not been loaned
to borrowers to open farms in Kansas Mr..
Credentials account would probably have
been wanting in much of its proportions.
There is no doubt that In many instances
the mortgage has been an extremely op-
pressive burden, as successive years OF bad
harvests and low prices have made ii i'm
possible TO pay the accumulations of inter
est. But the sunshine ana the rain haNe
brought an abundant harvest, and many a
Kansas farmer is rejoicing in the free
homestead that his industry opened with
the aid of much abused Eastern capital.
A year ago when listening to the PEI
fers, Breidenthals and other cheap-moneS
demagOgues, many of these Kansas farm
ers would have been glad to discharge then
debts 10 Easte I'm lenders in half the amount
with lightweight dollars. But they have
redeemed thei- homesteads in gold III,
standard and as honest citizens there IS no
doubt that they feel the better for it, II
other words they have paid their debts
principal and interest, in the same money
which they received 1t is not conceivable
that their minds would have been q s easy
as they are now If by trick of l6 TO d
legislation they had been enabled to repu
date half their obligations.
Another deduction which Bank Comrnis
saoner Breidenthal may draw from the