The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-01-21

For years we have not conserved
our in North Dakota. We
owe too much money and each year
we send out Of the state an enormous
amount of money for interest. for
farm machinery, for coal. and in fact
for almost everything we use, To nav
Tor this we raise grain and in a small
way cattle n hogs. We spend an
enormous amount of money for labor
each year and the labor owing to the
fact that our harvest and threshing
season Is so short, necessitates paying
a large price for it and all this is a
severe drain upon our resources I'm
der our state laws If a county or school
district shall borrow money upon it's
oondS, 1t requires that for each wear
that the bonds shall run, a stated
amount Of money shall be set aside
In a sinking fund to retire the bonds
at their maturity.
suppose for instance that the bonds
are to run for twenty years. Then
each year on~e-twentieth Of the face Of
the bonds is set aside so that at the
maturity Of the bonds at the end of
twenty years, there shall be funds
sufficient to pay the bonds in full.
The same method should be adonted
by our farmers. They borrow money
upon their farms for five or ten years.
but it is extremely rare for a farmer
10 make any preparation to pay that
loan until the loan becomes due.
Then he says, Well, 1 cannot pay
the loan this year. My crop has been
poor" and he renews it for Ave or ten
years more. Then perhaps as the
lands have been advancing in price.
he increases the amount Of the mort
gage, SO that really the records of the
state will show that the average mort
gagged indebtedness upon our lands
has increased in the last twenty years,
rather than decreased.
We should make an earnest effort
In North Dakota to conserve our re-
sources, to practice economy, and as
a people to get out of debt. This
should apply to the state. to the coun-
ty, to the municipality, n to the in
dividual.
I do not suppose 1t will ever be
possible to get entirely out of debt
and l understand Of course that many
Tunes 1t is necessary to get into debt
Tor needed improvements; or perhaps
unexpected expenditures, but what I
do mean Is this: that we as a people
should not have permanent debts.
III we borrow money to build a
schoolhouse and issue bonds, then
each year we should levy funds for a
sinking fund so when the bonds ma
ture they will be paid and not refund
ed. l feel that the same Is true as to
farm loans.
"a farmer should make an earnest
effort to lay aside some money each
year that shall be held sacred the
same as life insurance money, so that
When his farm mortgage shall mature
he either will have sufficient money to
pay Off his mortgage, or at least re-
duce it.
Few of our farmers keep any set
or books, so that they may know
where they stand financially. an
preclate that it is difficult to keep an
absolute set Of books upon the farm.
but any farmer could at least once a
year make an inventory of his farm,
showing his lands and their value an
inventory Of his horses, cattle, sheep.
hogs. grain and in fact everything he
has.
Then d the whole sum together,
the value of the land to the personal
property and he would know the val
ue Of h property he owns. Upon
the other side of the ledger put down
all OF his Indebtedness; mortgage in
debtedness if any, any notes that he
may have out either secured or unse-
cured, any money he may W upon
open account, store accounts or any
thing of that kind.
by deducting his total indebt-
edness from his total assets, he would
know exactly his net worth. If he
would make this inventory Jan. 1
each year he would know. at the end
OF each year whether he had gone
ahead for the previous year or had
gone behind, and If our farmers knew
just where they stood financially, I
believe 1t would go a long way toward
helping them to determine the best
way to get out Of debt and I wish that
the farmers Of our northwestern
states would try this Out.
Il am interested in a certain farm
and have been for eight years. We
have a lot Of personal property upon
1t and farm the land ourselves, that
is with our own teams and labor.
The farm is in charge Of a man who
Is associated with me in it. Each
year we make just this kind of an in
ventory and I can show for the whole
eight years that we have owned 1t
those years in which we have gone
ahead and those years when we have
gone behind n can also show the
books as to where we have made
money upon the farm and where we
have lost 1t, and I recommend this
practice, Of keeping even a simple set
Of books and inventory, such as I
have suggested to you, for your con-
~sideration.
"Now, as to the farm machinery.
We people here in North Dakota and
In the northwest are extremely waste
full. There is nc place where more
money Is thrown away than do we
with the expensive farm machinery
we buy. We do not conserve our ma
chinery, but we waste it. A binder is
used during the cutting season, then
we haul 1t to a corner near the Darn
and let 1t stand out doors through the
rain and snow until the next year
and within a short period and long
before the binder is worn out it Is
rusted out and destroyed by the ele-
ments. Then the farmer Is obliged to
buy a new binder and the new binder
goes through the same old process,
n-I -HAan AR L.sA- nnnnnrr--l 49,