FARM CREDITS 225 



surroundings of a seed time and harvest that sel- 

 dom failed. So with these conditions obtaining, 

 the man with the qualities named back of him, 

 seldom failed to make good. And the business of 

 farming was regarded as the safest and best 

 credit, and it is so regarded in this day, notwith- 

 standing much of our soils are passing to an un- 

 profitable condition. 



There have been times in our country when no 

 farmer could borrow money, or if he could, he 

 was compelled to pay an exorbitant interest. 



During the panic of 1903, in the rich corn belt 

 there were scores of farmers who lost their farms 

 now valued at $150 to $200 per acre, because of 

 their inability to get their mortgages extended, and 

 the author personally knows of instances where 

 mortgages as small as $3000 upon 160 acres of the 

 best land ever subjected to cultivation, were fore- 

 closed because banks would not extend credit. 

 But corn was selling for 15c. per bushel and other 

 farm products at like prices. And all business 

 was in the throes of a bitter, galling money panic, 

 and every business man was being touched with 

 its blight. 



During the period extending from 1881 to 1903, 

 it came under the personal observation of the au- 

 thor that vast sums of money had been loaned to 

 farmers upon mortgage security at rates of in- 

 terest which were criminal usury, but these un- 

 fortunate farmers had gotten deeply in debt be- 

 cause of the fact that they were either pioneers or 

 direct descendants of pioneers, and their lands 

 were new and it was necessary they should be 

 cleared, ditched, fenced and improved. Improved 



