102 The Tariff and the Farmer. 



decades, and less than 26 per cent, on the average in the 

 last three, the ratio being as 4 to 1. 



Glancing now at the average value per acre of farm 

 lands with buildings, it is seen that from 1850-60 the per- 

 centage of gain was over 46 per cent., while from 1890- 

 1900 there was not only no gain but a loss of 7 per cent. 



• 



The Story Told by Mortgaged Property. 



In the political campaign of 1900 Eepublican papers 

 and orators affirmed that so prosperous had been the 

 three last years under President McKinley that the farm- 

 ers had paid off their mortgages. The data concerning 

 indebtedness had been collected the previous year, 1899, 

 but we think were not published till 1902 or 1903. 



There had been abundant crops* at the West and South 

 in the three years mentioned, 1897-99. But in spite of a 

 large foreign demand, prices were low. Still the large 

 quantities when disposed of returned vast sums of 

 money, so that it was thought likely that there might be 

 considerable truth in the statements of partisan journals 

 and speakers. If so, the number of farmers previously 

 bearing burdens must have been great indeed. Here is 

 a partial list of the columns of figures showing how 

 many farmers owned their farms, and how many of the 

 owned farms were mortgaged. The part given comprises 

 the returns for the nation, for the grand divisions, and 

 for fourteen of the more prosperous states. 



The last column shows what per cent, of the owned 

 farms were mortgaged, does not include farms carried 

 on bv ^'Farmers' Families" who are tenants. 



