The midland journal. (Rising Sun, Md.) 1885-1947, 1899-03-31
The Mortgage Debt of Cecil County.

l 1hC dSSNSol1CHl OOOkS III ilC OIlCC vi
the County Commissioners show the num-
Der of mortgages in Cecil county to be
$50, and the aggregate amount of mort
gage Indebtedness to be A35,5I6.5e This
sum does not in any wise express the
amount of debt resting on the people.
Since the law passed by the last legisla-
ture makes the mortgages liable for the
tax on the mortgages, The money loaners
get round paying such tax by taking,
when possible, other security than
mortgage, and the recorded mortgages
stand for only portion of the debt rest
ing on the industrial class of the people.
There is probably double that amount
drawing like cupping glasses or leeches.
But if we take only the sum expressed in
recorded mortgages on property in the
country, and compute the annual interest
at per cent OH that amount, we find the
rice sum Of sac 80 transferred from the
producers to the money loaners. What
an awful appetite interest has How much
better it would be for our farmers and
everybody else if, in place of the govern
ment giving the privilege OF distributing
the peoples money TO private persons,
who open banks for the purpose, it would
take the business into its own hands and
charge no more for this work, called
banking, than the cost-clerk hire-for
doing the business. Statistics show that
the cost would not exceed one half of one
per cent. Just think of farmer going to
the government bank in his county town
and borrowing the money for one-half of
one per cent, lifting his six per cent
mortgage and transferring it to the gov
eminent for a half per cent interest
mortgage.
National banks do not negotiate loans
on real estate but bankers do. And it is
extremely doubtful if a mortgage could
be financed" on the instalment plan
with private money loaners. A govern
ment bank could do both, and greatly to
the advantage Of farmers.
On a 5000 mortgage on which he
is paying All annual interest of
$500 at per cent, he would pay but s2s,
He would have S77S saved of his present
interest money, which could be applied
to distinguishing the principle. This saw
ing of interest applied to paying OH the
mortgage in annual instalments would
wipe out the debt in ten or twelve years
as the principal would grow less every
year, and as he found the mortgage debt
melting away and growing beautifully less
he would take heart and redouble his
efforts to wipe it all out in as short time
as possible.
But under the present mortgage man.
trap the $500 interest keeps him down.
He pays on and on year after year. say for
sixteen years, il he doesn't break down in
the mean time and give up in despair he
will have paid in interest the whole
amount of the debt which is as large and
heavy as ever, crushing him and his
family, who toll without hope, TO the
earth. All Of his hard toll in these long
years has gone into that bottomless pit,
the mortgage. Consider the saving 10
the people who create all Of the wealth
by labor, it would be if the goverumer
would take the business of bankirg-dis
tributiug and safe keeping the people S
money-out Of the hands of Shylock and
transact ii as it does the post office.
The government makes the money for
the use Of the people. No private parties
are permitted TO make money without
suffering the penalty for eounterfeiting.
The government should also assume the
duty of doing the necessary banking for
the people, for so sure as the handling oil
this important medium of exchange Is
allowed to be done by private parties
more Of the wealth created by industry
will stick to the bankers hands than lis
creators will enjoy Every bank state.
ment proves this TO be true.
In the early days Of the colonies OF New
England, one Of the colonies employed
au enterprising citizen Of mechanical
proclivity to coin silver shillings FOR the
government. When one Of his daughters
was married he placed her ON one scale
and put silver shillings on the other till
they balanced the brides weight. This
was her dover. This was also an eve
opener, or an object lesson. for the frugal
New Euglanders aud they concluded the
colony could coin its own silver shillings
after that.
This anecdote illustrates the FOLLY OF the
government giving the job Of banking to
certain favored indiy iduals, which is plac.
ing them in a similar position 10 the
public that the Yankee shilling coiner
stood to the colonists Like The New
England damscl, the baukers' daughters
are lowered with the money which should
remain In the hands thar create the
wealth which il represents.
The money question is the question
Of much concern la politics just now and
Is destined 10 remain there ull settled
right, F" and the above presentation b the
heart Of the question. The imcky fellows
who on the place Of the obi Ncw England
shilling maker. Try hard % befug the
subject with newly eoiued phrases snsl
fine sounding names such as sound
money" honest dollars" Zone dollar
as good as every other dollar. A" aud many
more such trick words. lks the iuzgief )
mummery used 10 deceive and nlisiead
people II Is Interest which IS concealet
behind these cant phrases that Is estima
the people mp. devonfing sheir substance
as cancer eofrodes their hesh
| The banker aud nancy taauiuaf rfaas