REPORT OF THE STATISTICIAN. 419 



purchased a few years ago and mortgaged, which now would not sell for more than 

 the face of the mortgages, owing to the depreciation of the farming lands, which 

 on an average is fully 33 per cent, in ten years. Probably one-third of the farms 

 in the State would not sell for more than the cost of the buildings and other im- 

 provements, owing to this shrinkage. Real estate in New York is burdened with an 

 undue share of taxation, while personal property escapes almost entirely. The 

 farmer pays the tax on the property represented or covered by the mortgage held 

 by the capitalist, which is a great wrong. The average income from farms over 

 and above expenses will not exceed S^ per cent, on the capital invested. The wages 

 for farm heli> have been for several years 33 per cent. , more than the business could 

 bear. In many instances the employes make all there is made on the farm. The 

 current rate of wages asked by common farm help, by the day, for ten hours' 

 service, at any time during the year, is $1, with board. The diversified farm industries 

 in New York have prevented general disaster, and not more than 5 per cent, of the 

 farmers are insolvent. 



Thirty per cent, of the farms in the State are mortgaged, ranging from 2 per cent, 

 of their value to 100 per cent. ; average 661 per cent, of estimated value. These 

 . securities are held by retired or more successful farmers, merchants, savings banks, 

 and insurance companies. The latter, with long time and safe investments, will 

 loan moneys with 8 and 4 per cent. The rate for the others is mostly from 5 to 6 

 per cent. In some instances, under the requirements of former contracts, the old 

 legal rate of 7 per cent, is still paid. The average rate of interest is 5.5 per cent., 

 which is i per cent, less than the now legal rate. Twenty per cent, of the farmers 

 have property interests outside of their farms, mostly in the form of money de- 



Eosited in savings banks, mortgages, and notes. It is natural for a farmer to invest 

 is surpluses in lands, and not more than 5 per cent, have property as capital in 

 other forms of business. No class of people labor more hours in a day than farmers, 

 and none have the same opportunities for an independent, healthful, and happy life. 



PENNSYLVANIA. 



The indebtedness of farmers of Pennsylvania, it is believed, bas 

 decreased as compared with ten years ago. It is estimated that not 

 more than 15 per cent, of the farms are mortgaged. The average 

 interest rate is aboiit_ 5 per cent. Many farmers have property in 

 other branches of business and farmers themselves hold m part the 

 indebtedness of other farmers. With an average value of farms, 

 according to the last census, of almost $50 per acre — nearly $1,000,- 

 000,000, or about one-tenth of the farm valuation of the United 

 States — owned mainly by the farmers cultivating them, and yielding 

 a product worth $431 for each person engaged either as farmer or 

 laborer in agriculture, the agricultural interest in Pennsylvania may 

 be said to be prosperous, even in the present era of low prices. Of 

 course there are some who occupy positions of hardship and diffi- 

 culty. The source of this prosperity is found in the local markets 

 of the State, It is probable that no other State is more nearly self- 

 supporting, and perhaps none that depends on other States or other 

 countries so little either in buying or selling products of agriculture. 

 The State agent says: 



It is extremely difficult to ascertain the pecuniary condition of the farmers of this 

 State, for they are afraid that any statistical information they give will be used for 

 purposes of taxation. The tax law passed two years ago required a statement, on 

 oath, of all bonds, stocks, notes, and mortgages; and the amount of money so in- 

 vested by farmers caused great surprise; yet there was a great deal of evasion and ' 

 suppression, and no less than twelve counties failed to report any money at interest 

 when the triennial assessment was made in 1885. 



From Lawi-ence County I get the definite information that the condition of the 

 farmers is worse than at any time since the war; and that there are |300,0()0 of naort- 

 gages and $150,000 of judgments against the farmers of that county. I find that the 

 assessed value of the real estate outside of cities and boroughs is $"10,159 0G9- and it 

 IS probably assessed at less than half its value; but supposing it to be assessed at its 

 full value, the mdebtedness in the two forms is less than 4^ per cent, of the value of 

 the property. This is the worst report I have received. 



