The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-07-28
LOOKING FOR SERES.

The reports from Kansas, Nebraska
and South Dakota, are that the farmers
are siking advantage of the immense
crops of wheat, and the comparatively
high price for the same, due to the
failures in other parts of the world,
OF debt. 1t is said that in Nebraska
thirty millions of dollars have been
thrown back on the hands of the money
lenders in the past few months; and
the same. The same story comes to
us from Kansas.
This is glorious news, if true. We
hope Minnesota farmers will adopt the
same policy.
Get out of debt 1t is serfdom
Only a little while ago the money
lenders were holding meetings in the
east, and passing resolutions not TO lend
any more money in states inflicted with
Populism. And the Republican papers
were indulging in lugubrious articles,
upon the horrible condition of the peo-
pie who could borrow no more money.
Now the boot is on the other leg; as
the usurers are begging the farmers, for
Gods sake, to take their money, and
bind themselves to work for them for a
term of years; or, if they do not, they
will have to work themselves. Hcrri-
BILE possibility.
Populism has done great deal 20
educate the western farmers to true
appreciation of the situation. The chi
cago Times-Herald of July II says:
All loan men agree that the interior of
the state is better off in this respect
than Omaha and that the ratio Of mort
cages paid in the interior of the state to
those paid in Omaha is about four to one.
On this basis the estimate of $50 GG0. 900 OF
decreased ndebt edneSS is made.
The majority account for this evidence
Of thrift on the theory that the hard times
during the last two years have caused the
people Of the state to do business a
cash basis. OF course. the enormous crops
of those two sea sons have made it possible
to carry these ideas into practice. w. B.
Meikle, one of the most conservative in
vestment brokers in Omaha, and
who probably commands as many wealthy
Eastern clients as any man in the West,
q
the improved financial condition of the
state.
Three months ago his many Eastern
clients were not inclined to place money
in Nebraska. He had just returned from
Philadelphia. ard While in consultation
with one of his clients, who commands
at least 500, 600, 900 for loan purposes. he
was told that the recent scientific demon
STRAIT ton that corn stalks may be used for
an innumerable variety OF manufacturing
purposes had increased the value of land
IN the West on which he had loaned money
at from Sc to $40 per acre, and he told Mr.
Meike to so back to Nebraska and send
in all the applications for farm loans he
could get. When asked as to the limit he
said he would make it at least IA million
Il year.
These fool bankers will finally re1l-
ize that the men who own the fertile
land, and have the industry to raise
upon 1t all things necessary for mans
use, are. under proper governmental
conditions. the makers OF the globe. AS
soon as they are all able to stop bor
rowing the parasites will perish, o.
have to go to work. And the chaps who
were the other day looking over their
noses at the farmers will be on their
knees before them begging them to let
them tie themselves, in some way. to
the muscles Of industry.
Get out Of debt, friend. then go to
work to scrape off you the teaches Of
watered-stocks and trusts and rings
which are now sucking the substance
out of you.
George H. PAYNE president of the t'idel-
fty Trust Company of Omaha. can loan as
much money under favorable circunl-
stances. yet he declares he finds it difficult
to extend dcsira Bile loans because the PEG
pie want to pay them off. In proof, he
cited ten loans maturing July L. in amounts
OF from $4,000 to So,CC0 each. Eight of them
were paid in full. though he offered to
renew all but one of them on the same
terms. and the other two were satisfac-
torily arranged
This is his experience regularly this year
The spirit of liquidat lion he every
where. The people have got the money
and insist on getting out Of debt
AS an evidence of NeBraska'S extraOrdi-
nary condition. it may be mentioned that
while the greatest small grain crop III the
states history is now being harvested.
with excellent prospects for equally
fine corn crop, at least 30 per cent of last
years colossal corn crop is still unsold
and piled up in great cribs all along the
railroad lines in the state. This is another
evidence that the people of the state are
not in need OF cash. If they We're. the corn
would have long since been disposed Of
Loan agents throughout the state agree
with those of Omaha that they are unable
to find applications for proper loans. as in
old times. The explanation is usually the
same from the farmers:
I'VE have stopped borrowing money and
propose to run on q cash basis in future