The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1928-09-19
WEDNESDAY, SEPTEMBER 10, 1928.
THE BURDEN OF DEBT

N N ARTIN county is great, rich, beautiful
INI county. 1t adjoins the Iowa line and
~ partakes of the wonderful agricultural
qualities of both Iowa and Minnesota. It's farms
rich and apparently prosperous with large
houses and great red barns and silos It's pas
lures eaten by lowing kline and woody sheep
and the corn grows tall of stalk and yellow of
ear.
That is Martin county as it looks to the trav-
eler and it is Martin county as it is But Martin
county has things which not seen,
things entered upon the books of the banks and
the insurance companies.
Jay township is one of the good townships
of Martin county. 1t is said to be representa-
tive Of the entire 20 towns. This township of
Jay contains 22885 acres. Against these acres
is a mortgage indebtedness of $1O74OOO an
average debt of over $53 an acre. The Fairmont
Sentinel for whom this investigation was made,
finds that 172 separate tracts of farm land 1877
are mortgaged In six of the townships every
description is mortgaged
Now what does this mean? Such facts tell
US that before farmer has any money left for
himself he must pay about $500 an acre for in
terest to the money lender.
The farmers of Jay Township pay over S45,-
900 a year in state and local taxes that is two
dollars an acre.
For taxes and interest the Martin county
farmer must raise in excess Of five dollars
acre He must raise and pay this or he will
lose his farm and his home. He must pay this
before there is dollar left for the labor of him.
SELF his wife and his family. He must pay this
and much more besides before there is dollar
of what may be termed profits" for his energy,
ability and investment.
Most Of the land of Martin county was TAX
en- by the settlers at $125 five or ten dollars
Toda tbo ic dOuhtpSc from EN-
to 40 times as much as the land cost to those who
plowed the first burrows and built the first
buildings.
The Herald Review does not live in Martin
county We cannot, with absolute assurance
give to you the cause of this condition. We will
venture, however, to state that most of this in
debtedness is the artificial product of the period
of initiation through which agriculture recently
passed Most lands that sold not only one but
two or three mortgages. Nobody really gained
anything. All that left the land and
all that either the purchaser or owner had was
mortgage to either pay collect.
Now for the remedy. If you think it lies in
politics and legislation, you wrong. The debt
is here. 1t must be removed by the same slow,
hard processes by which debts are always paid.
There must be industry, economy, intelligence APP
piled to the work and business of farming. Grad
ually these debts will be reduced and eliminated
and when the principal is reduced or gone the
interest burden, that fixed, oppressive, over
head of farming will be eliminated.
If there is anything that can be done to
stabilize markets, increase prices upon sound
basis, improve profits through sound state and
local action, let us do it. But agriculture must
pay it's war debts just as nations paying
their war debts.
Perhaps the Northwest will have had its
lesson Initiation of land values is the most
serious economic nfliction that be visited
upon farming section. When the history OF
Minnesota agriculture is written, the initiation OF
land values following the war will be properly
described as worse scourage than drought,
grasshoppers or rust.
A generation of time is required. The debts
of fathers will be visited upon children. We shall
learn that false values and speculative trading
in land yields no secure profits to anyone and its
burden upon these who bend their backs in toll.